Five money personality types and the ‘savings hacks’ you should try to boost your pot

Britons can boost their savings pots with certain tips that match their unique money personality type, an expert has said.

According to Jason Higgs, senior deals strategist at Bountii, there are five personality types, each benefiting from different saving methods depending on their category.

Mr Higgs said: “Did you know you have a money personality type? With over 11 million Britons having under £1,000 in their savings accounts, learning how to save money has become more critical than ever.”

Identifying your money personality—whether you are a saver, spender, investor, giver, or drifter—is key to boosting your wealth.

Here, Mr Higgs delves into the personality types and shares a “clever hack” to increase savings for each.

Saver

According to Mr Higgs, “savers” prioritise financial security by saving money, and focusing on future goals and emergencies.

They are cautious with spending, budget carefully, and seek to maximise savings. People can likely class themselves as a saver if they always put money away for a rainy day.

Mr Higgs said to “maximise savings” people should explore cashback opportunities when shopping online. He explained: “Websites like Topcashback and Quidco offer rebates on purchases made through their links. Use discount codes to further reduce costs and earn cashback rewards.”

Spender

According to Mr Higgs, “spenders” prioritise enjoying the moment and spend on experiences, goods, and services that bring them joy. They often struggle with strict budgets and indulge in impulse purchases.

Before making a purchase, Mr Higgs said: “Save an equivalent amount by cutting back on small expenses. This not only bolsters savings but also encourages mindful spending and reassessment of impulse buys."

Investor

According to Mr Higgs, investors focus on making informed investment decisions to secure their financial future. They allocate resources strategically to generate returns and are willing to take calculated risks for long-term growth.

Explaining the savings “hack” for this type of money personality, Mr Higgs said: “Invest a fixed amount at regular intervals regardless of market conditions to mitigate short-term fluctuations and steadily build wealth. This approach averages the cost per share over time and leverages the compounding effect of returns.”

Giver

People who can relate to the “giver” usually use their financial resources to benefit others, often through charitable donations and supporting loved ones, according to Mr Higgs. They focus on making a positive impact rather than on their own financial security.

Mr Higgs suggested: “Taking advantage of employer matching programs for charitable contributions. These programs can double the impact of donations without additional cost, amplifying the reach of generosity.”

Drifter

Finally, “drifters” are considered to have a casual attitude towards money management and often lack clear financial goals or structured approaches, leading to inconsistent spending patterns and financial instability.

Mr Higgs said: “Use apps or tools that round up purchases to the nearest dollar and deposit the spare change into a savings account. This painless method helps build savings automatically without requiring significant effort.”

He added: “Understanding your money personality can help you implement tailored strategies to save effectively and achieve financial stability.”