Money Talks | Are you a spender or a saver?

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TEXAS, USA — Are you a spender or a saver? Only eight percent of consumers identify as being “Savers,” according to a recent survey by National Non-Profit American Consumer Credit Counseling. 

More than half of respondents, 58 percent, say they try to save but “splurge on the right thing,” and 34 percent admit to being “spenders.” 

So how do you make it all work especially in this economy?

Savers tend to be naturally patient and more responsible, but they can also become stingy and have trouble spending or giving up a dime. You don’t want to become an Ebenezer Scrooge, so what’s the solution?.

Our Resident Financial Planner says the answer is moderation my friends, you can’t save everything.

Telling 6 News, “There is a caveat to that. You want to enjoy yourself while you are young. You know, never get into a situation where you work your tail off and you just don’t enjoy it, I don’t like to preach but I’m like ‘hey enjoy yourself a little bit.’ Life is way too short, enjoy yourself.”

However, there can still be some danger.  You and your partner may make good money, and it’s easy to spend it all and get easy credit. Rojo says if that happens, someone needs to change their habits, saying, “But if you get into a situation where both of you are spenders, I’ve seen where you can run into some trouble. Because you are buying on a whim pretty much all the time just buying left and right. You see it, you want it, you want to go get it.”

Here’s the key, whether you are a sender or a saver. Clear your debts, then pay yourself first by investing between 12 percent and 15 percent of your salary. Then once your bills are met, it really doesn’t matter what you do with the rest. Rojo told 6 News, “I will tell you this and this is one of my favorite sayings in the world, ‘live like no one today so that you can live like no one tomorrow.’ It’s one of those things where if you save now, you might be known as the not fun couple, but we get down the road and guess what we’ve got tons of money to go do whatever we want to do.”

Rojo says as a couple you won’t get into trouble as long you set a budget and work together, it’s the dishonesty that creates the problems. “Oh year for sure, I have clients nowadays talking about it all of the time. It’s one of those things where there’s going to be sacrifice involved. And so long as you guys are talking and constantly having communication and setting up maybe like a plan or program where hey you bring in this much money, ok we’re going to spend xyz, so as long as you guys are open and communicative about it, usually I see it working out pretty well.”

According to Market Watch, nearly one in five Americans didn’t save any money saved in 2021. And according to CNBC 64% of Americans are living paycheck to paycheck right now!