Smart savings: what type of saver are you?
05 Jan 2016
Posted in: Savings and Deposits
Good intentions or not, saving money is one of those things that sometimes runs away from us. Even with a budget, an event or bill might pop up and then the monthly saving plan goes flying out the window.
And that’s before we consider saver types: some people will swear that they’re just not set out for saving money while we all have that friend who’s so prepared he’s got monthly saving plans in place until 2018. He’s definitely a Super Saver and while we can’t all be one of those, we do all belong to a type. Of the six types of savers, which one are you?
1. The Magician
The magician is the envy of all their friends. Even on big months, they seem to be able to tuck money away for a rainy day. They pay rent, bills, even splash out on nice things – and they still manage to put money aside for their savings account. As if by magic!
Saving tip: Properly track your outgoing and incoming cash. While your current method is effective, you might decide to apply for a mortgage and have to account for your savings. Hold onto any receipts, and start keeping a record of your savings and spending.
It gets even easier if you’ve got a current account with AIB and are registered for AIB Internet Banking as you can use the Money Manager to see how you’ve been spending your money. Once you know how you’re spending your money, you can budget accordingly. Make sure to tuck away the ‘extra’ money from careful budgeting into your savings account.
2. The Squirrel
Like the animal that gives this saver type their name, the Squirrel is really good at hoarding away their reserves. They are in constant pursuit of nuts – or money in this case, and are very careful savers. The Squirrel is often so good at hoarding that there’s a huge possibility they still have their confirmation money in a jar in their room.
Saving tip: Frugality is good, but being a smart saver doesn’t have to mean watching every single penny. Going eco-friendly with a programmable thermostat or energy-efficient lightbulbs is far more effective than holding onto the birthday money you got when you were 12.
3. The Procrasti-saver
The poor Procrasti-saver is the opposite of the Squirrel. While the Squirrel is all about careful habits, the Procrasti-saver is attracted to bright things. They always have the best intentions, but try as they might they just haven’t quite gotten around to saving.
Saving tip: It’s time to buckle down, Procrasti-saver, and get to know your finances.
Break out Excel or a notepad and write down all your expenses and outgoing and incoming money. Once you know where you stand, you can adopt good habits like avoiding ‘boredom buys’ or following a shopping list instead of purchasing on the fly.
For the lost causes, your phone or laptop is about to save the day. With a regular savings account like the AIB Saver or Online Saver, you can set up a standing order to easily add funds to your account. Certain deposit accounts even require that you give notice to access your funds, so impulse buying is much less likely. Life-saver!
Of course, there’s always the option of starting tomorrow…
4. The Super Saver
The Super Saver has a regular savings account and is forever checking the prices of the essentials so they know they’re getting the best deal going.
They have a firm grip on their ingoing and outgoing cash flow as they have spreadsheets set up so they know when the big bills are due so they can properly plan for them.
Saving tip: As you’re already a master at saving, why not let your money do the hard work for you by putting it into a savings account with great rates?
5. The Sprinter
The Sprinter is the Usain Bolt of saving: very successful, but only ever in bursts. The Sprinter will often make a concentrated effort, splash out, and then save some more in another burst. While their bank balance might sometimes take a dip, the Sprinter is a solid saver.
Saving tip: A little planning goes a long way! Sites like consumerhelp.ie and bonkers.ie are great for comparing the prices of essentials like electricity, broadband, and gas. Consider cooking in batches or ditching the morning latte. Small changes can make a big difference to your saving habits!
6. The Irish Mammy
The Irish Mammy approaches saving with military precision. She is the hero of this piece and watches every penny so there’s always enough left over to keep the house stocked with treats.
Saving tip: Be sure to pass your knowledge onto your family and get them to open a savings account of their own, so they can continue on the habit of savvy saving.
Want to become a better saver?
AIB has a savings account to suit every type of saver. Whatever you’re saving for, we can help. We’ll put together a savings plan that’s easily managed and that works for you.
Talk to us on 1890 724 724 or call into your local AIB branch to get started!
Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.