All of us have habits - and this applies to how we manage our money too. Whether our relationship with money is something we've picked up from our parents, or it's been shaped more by our experiences in adulthood, attitudes to saving and spending differ writes Vicky Shaw.

TopCashback.co.uk has highlighted five different financial personality types. No one is perfect though - and even if you're generally on top of money issues, there may be some aspects of your financial personality you could consider changing.

Here's a look at the different personality types, along with some tips from Adam Bullock, UK director of TopCashback.co.uk...

 

Spenders

With household budgets currently under pressure, people who are inclined towards spending may be finding the temptation hard to resist. If you're a spender, not only will parting with your cash come easily, you will get deep satisfaction out of doing so.

You won't be too bothered about bargains or sales, but get excitement from having the latest gadget, car or clothes. It may not be just yourself you splash out on either - spenders can be generous with their money when buying for others.

If you're a spender:

Stop: Always looking for what's next. Appreciate what you already have.

Keep: Being generous with friends, family and charities. Many good causes need help right now - and you could help them without spending more of your own money than you can afford. Perhaps do a sponsored activity to raise money for charity or donate some of your time to helping a good cause.

Start: Hey big spender, spend a little time setting yourself a budget. Put money aside regularly so you can still make purchases while setting aside a nest egg for the future.

 

 

Savers

Savers search high and low for a good deal and haggle their way to the best price possible. Anything deemed a risky investment won't interest you, instead you prefer to watch your money build up.

If you're a saver:

Stop: Sacrificing too much fun for the sake of a few pennies. Consider what your time is worth, not just the eventual saving.

Keep: Being savvy, searching for the best deals and making savings.

Start: Loosening up a bit. Small treats now and then may give you a boost, and there are ways to keep the costs down. Try using cashback websites, discount codes and money-off coupons.

 

 

Investors

They like to keep on top of financial situations and make their money work hard. They try to make careful and considered decisions. Investors think and plan for the future and could be happy to take risks if it will eventually pay off.

If you're an investor:

Stop: Saving just 'for the future'. Set goals for the short, middle and long term so your investments can be aligned to these.

Keep: Educating yourself and treating money as an asset.

Start: Becoming aware of your behavioural bias that may be influencing your investment decisions - whether you're a risk-taker or more risk-averse.

 

 

Debtors

They often spend more than they have, borrow money they may not be able to repay, or be broke way before the end of the month.

Making savings or investments does not come naturally, or perhaps circumstances are difficult.

If you're a debtor:

Stop: Spending beyond your means.

Keep: Knowing that it's OK to borrow money, but only if you think you can pay it back comfortably, without making your situation worse. Get help from a debt charity if you need to.

Start: A plan to repay your debts. Many lenders are offering temporary payment freezes to people whose incomes have been hit by coronavirus. But if your money problems don't just relate to the coronavirus pandemic then you may need other forms of help. Contact your lender as soon as you realise you are struggling.

Set a monthly budget and see if you could save by switching energy providers. Cancel subscriptions you don't use or could do without.

 

Ostriches

Maybe you don't think about money or material objects much. But some ostriches bury their heads in the sand to avoid difficult financial decisions.

If you're an ostrich:

Stop: Avoiding the truth. Financial problems will get worse if ignored.

Keep: The attitude that money is not the be-all-and-end-all, but not if it's an excuse for not having a grip on your financial situation.

Start: Getting to know your finances - what you owe, what you can afford to repay, and what you can save each month.