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Do you consider yourself to be a ‘spender’ or a ‘saver’?

save money on home loanAre you paid weekly, fortnightly or monthly? New findings from Xero indicates that how often you’re paid may influence whether you’re a saver or a spender.

Xero has gathered data to explore payday behaviours across the country, and revealed that rushes of ‘payphoria’ appear to sweep the nation each time we’re paid.


Spending big & the payday pinch

Xero’s findings revealed that one in three Australians spend more on payday than usual, because they believe they work hard and deserve to enjoy their money now in return.

This behaviour however, can also lead to the “payday pinch.” Many respondents also said they end up cutting back on expenses in the lead up to payday, because they’re reaching the end of their last wages payment.


Are you a saver or a spender?

Xero found that those identified as ‘savers’, tended to have the following characteristics.

‘Savers’ were:

  • More likely to be paid monthly
  • More likely to have a budget and keep track of expenses and spending habits
  • Worried if they don’t have enough savings
  • More likely to be married with no children
  • More likely to have financial management goals like: planning for retirement; having an emergency fund; and paying off mortgages.


Conversely, those identified as ‘spenders, tended to have the following characteristics.

‘Spenders’ were:

  • More likely to be paid weekly
  • Hesitant to give up luxuries in order to save money
  • Of the belief that lifestyle is more important than saving
  • More likely to use their income to pay off debts like credit card bills
  • More likely to have children


Final Word

Whilst there are many factors that can contribute to whether you’re more of a spender or a saver, we want to ensure you’re not spending more on your home loan than you need to.

If you’d like to see how much interest you could save on your home loan repayments, you can get started here.




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