Finance | Our Family Budget

What Kind Of Spender Are You?

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When I first started to think about certain types of spenders I could only think of a few until I realized the buck didn’t stop there. We all spend money for reasons that are personal and “in the moment” and even I have had the tendency to be a spender of  all the below categories (except the hot chick phone calling.. not this guy). Although I have to admit I have been seduced by some pretty good marketing schemes and no not Sham Wow!

Although we are what I like to call “savvy shoppers” in the Canadian Budget Binder household we aren’t perfect, no one is and we fall off track once in a while. There’s nothing wrong with that as long as we recognize that we aren’t going overboard with what we are spending our money on. I know that without our budget it would be very easy to justify spending in these ways but we don’t really give in. I’m not saying that we don’t try to justify buying something when we are shopping because that would be a straight up lie. We are always throwing ideas back and forth at each other even if it is in the grocery store. We also find we are under alot more pressure around the holiday season.

Here’s a classic scenario:

Mrs. CBB– Oh honey, look it’s on sale and I’m in the mood for it….

Mr. CBB– Is it on the list? (ha, this is my famous line although she uses it on me)

Mrs. CBB- “Shakes head” and smiles because she realizes that she really didn’t need it. We know now to stop, think and ask ourselves questions.

We do this to each other because it’s about “giving your head a shake” and  asking yourself  “Why”. Why do you need to purchase the item and can we afford it in the budget? Often people who fall prey and become a “shopping addict” don’t see the overall big picture right away, if ever. A credit card feels like free money to them but it’s really only a piece of plastic. They simply keep on shopping with no real consequences as each shop can easily be justified. Nothing comes to a halt until they either stop shopping and get a grip, their credit score is ruined, creditors are calling or they have to begin a debt repayment plan or worse, bankruptcy.

Types Of Spenders- Can you think of any others?

  • The “Sentimental” Spender- You see items that remind you of someone, a lost love, an ex, a time or a moment that was special. You may also shop simply because it makes you feel better so you are all cheery and smiles. It defines you.
  • The “Bargain Basement” Spender- Always looking for a deal or to save a buck with a sale, coupon, or haggling the best deal.
  • The “Obsessive” Spender- Can’t say no and keep on buying and stockpiling more and more. You get excited easily and drawn in by amazing sales.
  • The “Dreamy” Spender- Shops with no thought to money or budget just a fluffy shopper who will worry about the bill when it comes in. You tend to have your head in the clouds dreaming and spending like an A-lister instead of spending what you actually can afford.
  • The “Hospitable” Spender- You see items that are good for others and that you know they will like so you buy it for them.
  • The “Seduced Spender”– You are seduced by marketing ploys or by what others tell you about products or schemes so you buy them. You trust without doing your homework first. Example: One that comes to mind are those late night “Call me now baby” television ads. They have hot, sexy women/men in the commercial visually seducing men and women into spending $4.99 a minute to call them. But is it really them you are calling? If you believe that you or chose to fantasize that it is then you are exactly the type of person they love. This seduction plays with our mind and emotions, be careful.. recognize what is real and what is a money grab.
  • The “Influenced Spender” -When you are hanging out with your friends, family or co-workers you buy more than you need to or are easily influenced by them.
  • The “Need It” Spender- You only buy something when you need it and keeps the budget in check. You stick to the list.
  • The “Online” Spender- You scan the internet on your computer looking for deals that you can buy from the comfort of your own space.
  • The “Second-Hand” Spender- You buy second-hand and ravage through thrift shops and consignment stores looking for that special item sometimes buying more than you need.

Ways you can control your spending style?

If your find that your spending habits are way out of whack and you are either spending more money than you earn or more that you designated in your budget. If it were me than I would ask myself these four questions.

  1. Why am I this type of spender and what are my triggers?
  2. What can I do instead of shopping when I feel a certain way?
  3. How can I say no I am on a budget and walk away?
  4. What kind of spender do I really want or need to be?

We have a mate who is so skint (broke) that she literally lives pay cheque to pay cheque. She can’t afford to shop for anything new and everything she owns is falling apart as she can’t afford to maintain it. She never goes to the dentist or to get her eyes checked because she says it costs too much money.

She is everything above but the “On-line” and “Need it” spender. Mrs. CBB has been best friends with her a long time and although she wants to help she understands that you can’t help those that don’t want the help or aren’t motivated to change. Yes she has had some rough times but you just have to believe and slowly she tries to motivate her.

I can count on 2 hands how many times she has moved since I’ve known her in the past 5 years. She always gets kicked out or owes back rent so she has to move. It’s always been that she can’t afford the rent because her car broke down and needed money for repairs or her adult kids need cash as they are following in her footsteps and have nothing.

  • Does she budget no?
  • Does she have savings, no?
  • Does she have debt, yes?
  • Does she make decent money? Over $18 an hour.

Where does all the money go?

She goes to singles parties, relationships, buying crap she doesn’t really need at second-hand shops (tonnes of clothes and ornamental stuff),Tim Hortons, Dollarama, garage sales and kijiji as she is an emotional spender.

Her life didn’t turn out the way she wanted it to so she spends until she has no more. She feels that it will never get better so she blames the world and her past mistakes and problems and has given up. She buys about 3 extra-large Tim Horton’s coffee’s a day and goes to bingo on occasion. She smokes over a pack of cigarettes a day, yet.. she complains she is always broke. She should be retiring in about 19 years but will have nothing but government pension as she blew her RRSP’s on items she no longer even owns pool, motor cycle, gear and a dog etc.

What would you say to motivate this person if she asked your for advice?

We have to start owning up to our spending habits and the debt we are creating and become smart spenders. There is no room for whiners because we all have to take responsibility for our financial health whether we make $500 a month or $10,000 a month, whether we are in debt up to our eye balls or are living debt free. We all have limits and to stay afloat we have to live with-in our means even if that means we have to alter the budget to get us out of debt until we can stand on our own 2 feet again. Easier said then done, you bet but wasting time complaining isn’t going to get you very far.  So, I ask you… what kind of spender are you?

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  1. Definetly a need it buyer and bargain basement buyer! I never buy unless it is on sale! I have even been known to ask for the last sale price on larger items!!!

  2. I like to think I’m a combination of the bargain basement and the smart spender. Other people may view me as cheap because I may not go out as often, eat out or spend money on new clothes. I try to be careful with my money because I know how hard I worked to earn it and sometimes it can be harder to save it when you have a lot of expenses. Certain things I will spend more money on, if I know quality will play a big factor, like shoes. I initially scoffed at the idea of buying Birkenstocks because I thought they were overpriced, but they are really great for my feet ( I have mild plantar fascitis in one of my feet) and are comfortable. I save the cheap-o flip flops for the grungy showers.

    1. Our family think we are cheap and we sure are when it comes to some things but not when it comes to quality which is something we won’t sacrifice. We are a mix of a few of them but recognize that. Thanks for dropping in mate.. much appreciated. Mr.CBB

  3. I work with a woman that is obsessed with winning the lottery. She reads articles about others who have won and talks about it constantly. I don’t think she does any saving or investing, but spends lots of money on lottery tickets.

    Not the best retirement plan in my mind…

    1. Yes there are many people who are “sure” they WILL win the lottery and spend hundreds a week on tickets. I know you have to play to win but all you need is one line. I spend $3 a week on lotto in a pool with family and that’s it. We play one line and encore. I’m sure we will have better luck in our savings account than dreaming about the big win. One of my fans used to spend quite a bit each month but she has now since stopped playing after she realized she needed to put that money towards paying off debt rather than dreaming. What is for sure is debt.. what is not is winning the lottery. Cheers mate.. Mr.CBB

      1. I’m reading Dave Ramsey’s Total Money Makeover right now and just got through the part about how basically only poor people buy lottery tickets, and there is no chance to win. It’s pretty sad but there is not much you can do to help people, unless they want the help !!

        1. I guess I’m one of those “poor people” Dave talks about as I buy $3 in lottery tickets every week. Our mate won 4.5 million so it can’t be all that bad. The problem is when people believe that they will win bet more money than they should. There’s no reason people can’t play in moderation, I play 1 line per week that’s all.

  4. im a splurger n if its on sale and a good deal ill buy 2 sometimes 3 or more i hate haveing a empty shelf i have enuff canned stuff to survive the holocast for a whole country. prob y i have no $$ but i wont starve! lol

  5. Hmmm great article and I would have to say I am an obsessive dreamy spender……….haha really need to get a budget set up! Thanks again for the great article Mr. CBB!

  6. I am a big bargain shopper. I hate to pay retail or regular price. However, I had to learn that just because it is an incredible deal I don’t always need them, money wasted is money wasted, no matter the amount.

  7. I’m a combination “need it” and “bargain basement” spender will just a dash of “sentimental” spender thrown in. I don’t particularly like to shop so I really only do it when I need something.

    1. Ha! I like how you explained it to me as if you were making a cake. I’m just like you a splash of a few of them. I think for the most part everyone will have more than one….we are all human after all. Cheers Mr.CBB

  8. I am a bargain shopper for sure! I love to get clearance items and use coupons to make them practically free! It is very rare for me to buy something that isnt discounted in some way! Thanks and LOVE your blog 🙂

  9. I am a combination of bargain spender, emotional spender (not so much now). I love to coupon, and get good deals. I think the biggest thing I’ve ever wasted money on is cigarettes. Been smoke free now for 5+ months;)
    I hope Mrs. CBB’s friend gets her life together soon!

  10. I’d say I’m a need spender and a little bit hospitable. I hate paying full price if I can avoid it. If it’s on sale and it’s something we use … OK like TP… I’ll buy it on sale.. how much depends on how good the sale is.The better the sale the more I try to get. I also buy for the rest of the family and usually it gets stashed for birthdays or Christmas which ever comes next. Thankfully my boys are not fussy about the clothes. Both are a long cool drink of water and it’s murder to find their size in jeans!! Try to find jeans in a 28-29 waist with a 34 inseam, especially at a reasonable price, like $30.00-$40.00….. Good luck there!! As for kids clothes when ours were small we had quite the hand-me-down trail going with my sisters-in-law. Between the three families we had 7 kids in as many years so stuff went back and forth between kids at a good clip. Toss in a cousin or two with kids in the same age brackets and you’re good to go…….

    1. Yes I’m definitely that type of spender as well as a few others. We all have tendencies depending on our mood, time of day etc… it’s the control we need and again asking ourselves ‘why’ we want to buy something. Thanks for your comment. Mr.CBB

  11. We’re probably both “Need It” spenders, but Mr. PoP might even be in a category of his own which I’ll call the “Model Number” spender. If it’s not the EXACT model number he wants, he won’t buy it. And he’ll refuse to wear it if someone else buys it! Thank god levis still carries the same model number jeans that he has been wearing for the last decade or I don’t know how we’d ever replace the old ones!

    1. Ha! I was the exact same way when I moved to Canada. I had to find the exact model number Levis lol… I’ve now since retired my search as there is so much to offer here and I’m super picky about clothes.

  12. Your wife’s friend sounds like a mess. It reminds me of my neighbors: a young couple with a brand new baby that moved in three months ago, we don’t even know them and they asked us for our internet passcode! I couldn’t believe it! I see they smoking their cigarettes all the time outside, so if they can afford cigarettes they can definitely afford their own internet!

    1. OH MY GOD.. are you serious. I would never in a million years ask a neighbour for something like that. Yes.. they need to prioritize. We quit smoking end of Jan not only to free up cash the main reason was for our health but 2 great reasons that we are thankful for. Going on 8 months smoke free!

  13. i tend to be a bargain basement spender, the need it spender and a second hand spender all rolled into one… oh and the price of toilet paper makes me shudder too! i always have a back-up stockpile for when my Costco Kirkland paper runs low lol

  14. Wow! It must be hard for you guys to bite your tongue around your friend! 🙂
    My advice to her would be to follow you on fb and your blog. To start tracking her receipts and see where money is being spent that could be saved or spent better elsewhere. Start budgeting. Keep track of your feelings when you shop. Ask yourself if you’re buying something because you need it or have an emotional need for it.
    I think I tend to be a combination of different spenders. I do like bargains, I have emotionally spent in the past, I like to stock up on needs so I don’t have to pay full price for them, ever. I am trying to get better 🙂

    1. Sounds good but none of our mates know about our blog or our families for that matter lol.. but maybe following it would be good for her BUT only if she is ready to make the changes. Many fans follow but are not ready to commit to making a change or feel they can’t or it’ too hard, they have too much debt etc…. They have to change their mindset first an foremost. It’s good to see that you recognize what type of spender you are and that next time you might ask yourself some questions. It’s no different than the grocery game Jen… stop and ask yourself why? Cheers Mr.CBB

  15. I am a second-hand spender … Especially when it comes to my sons clothes. He grows out of them SO fast I just can’t spend $30.00 on one outfit when I can get them second-hand (and still practically new) for a 1/3 of the price 🙂

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