Your feelings towards money are shaped at a young age1 when you start understanding its value. Money then is either scarce or plentiful and this perception shapes your financial personality. 

Savers and spenders are however two extremes of a spectrum. One common misconception is that it is right to be a saver, and therefore wrong to be a spender. Your ability and motivation to spend or save is dependent on your finances, your goals, and the circumstances you are in. 

You know you are a saver if:

  • You try and live within your means and don’t make impulsive buys. If you cannot afford something, you save until you can, before buying it.
  • You have a habit of foregoing what you see as unnecessary luxuries.
  • When saving for something, you can easily trim your spending to save more.
  • You feel good about saving. Seeing your account grow is a source of pride and a motivator to contribute more.
  • You think and plan a lot about the future.

Being a saver is a good thing. However, savers tend to be misers and often tend to live life passively. If you focus too much on saving forgo a few indulgences, you put yourself up for stress. 

Talk to a CalPATH loan program advisor on how you can use your mortgage to save for your retirement.

Tips on being a wise saver

  1. Rather than being so strict in your budget, try to incorporate a little flexibility. Spend some money on luxuries once in a while. 
  2. When considering a purchase, try and also think of its value. Value, in this case, should not be considered as purely financial but should also include the happiness that comes with it.
  3. In case of windfalls and other unexpected inflows of funds, spend a little part of it for something fun, and save the rest.

You know you are a spender if:

  • You are prone to impulse buying more often than not.
  • You are not too worried about putting things on credit. When short of cash, you apply the concept of ‘buy now, pay later’.
  • You focus more on what you want, and not on how much it costs.
  • You usually take more time than you anticipated to save for something.
  • When you get the money that you had not anticipated, you spend all or most of it and save none or very little.
  • You dip into your savings more than you contribute to them. Sometimes you have nothing saved up.

Spenders are the opposite of savers and focus more on living at the moment. 

Tips on being a wise spender

  1. Use automatic saving tools to move cash from your accessible bank accounts to more inaccessible accounts.
  2. Create budgets and plans for your finances. It is easier to stick to a plan than spending haphazardly.
  3. In case of unexpected cash, try and save a certain percentage of the money.
  4. Save before spending.

Spender Vs Saver: Which One Are You?

Being a strict saver prevents you from living and enjoying life as you should while being a spendthrift could jeopardize your future by having little or no savings. Find a balance between the two and this will guide you on your way to financial freedom. 

About Mountain West Financial and the CalPATH Home Loan Program

Mountain West Financial is the exclusive lender offering CalPATH, the #1 home loan program for Teachers, Police Officers, Firefighters, and other public employees who serve our local California communities.

You may contact our CalPATH Hotline @ 800-310-7577, seven days a week from (8:30 am to 8:00 pm). A CalPATH advisor will be standing by to answer (any & all) questions you may have about the home buying or refinance process.

We look forward to working with you soon!




Joe MooreBranch Manager


Links to sources used

  1. New Research Shows Children Form Attitudes About Money at Young Age-