Experts say that the majority of people today fall into one of two categories – they are either a spender or a saver. Savers may on occasion be known to spend a little however it is much rarer to find a spender who also saves! So which one are you and what do your money habits hold for the future?

The Spenders
Spenders enjoy living for today and most believe that tomorrow will sort itself out. This isn’t necessarily a bad thing and the millions of spenders help to keep the economy running. Spenders see something they want and they buy it, either with cash or on credit, and they generally have very happy lives in the present. Providing they can afford to do this and pay their bills every month then what’s the harm – they lead the life they want and have all the luxuries a man could desire.

What does the future hold for Spenders though? Well they could happily carry on with their current lifestyle indefinitely providing a major catastrophe doesn’t befall them. However, should they lose their source of income through redundancy or illness they would have nothing to fall back on except loads of posh gadgets that have probably lost the majority of their value. And in today’s shaky economic climate the threat of redundancy might not be far away for some.

Should the worst happen then Spenders may be reliant on government benefits until they can either find new employment or they return to work after an illness. Long term, Spenders have very insecure lifestyles and if things go wrong then they could end up working way past the normal age of retirement.

The Savers
Savers tend to think long term rather than in the here and now. They may not have all the things they want right now but that doesn’t mean they don’t have the things they need. Savers prefer to watch their money build up in a suitable bank account and in extreme cases they hate the idea of having to spend their hard earned money on non-essential items.

So, even though Savers don’t have all the mod-cons of the moment they do generally have very rosy futures. This is especially true if they keep an eye on the financial markets so they always get the best interest rates on savings. Many savers have a long term money goal with regards to their savings and some even manage to retire early on their nest egg.

The way to be?
Those who enjoy saving but also like to spend a little occasionally have the best of both worlds. They get the thrill of watching their savings grow but they also get the added buzz of buying something new occasionally. Unfortunately not many Spenders like to save and vice versa so it’s understandable that most of the population are one or the other.

At the end of the day everybody is different and accordingly everybody will have different views with regards to money and their future. It’s hard to change from being one to the other so why not make the most of the one you are and enjoy life – whether it be now or in the future.