“Are you burning your earnings?” asks MBNA in their new spending personality profiler. Nobody likes to be profiled but, trust us, this might be for a good cause. Many young people have enormous trouble saving, budgeting, spending and generally using their money correctly. This spending quiz might have come at just the right time for many of you.
The tool allows you to compare your income and spending with the rest of the UK based on ONS household spending for 2013. The speeding data has been calculated with inflation to create averages for 2015. Through this profile you can test whether you need to cut down on certain expenditures, move into a cheaper apartment or just give up and move to Nepal.
The quiz is split into five steps that eventually breaks your money down into a ‘spending profile’ that pits your financial state against the rest of the country. This will either be very encouraging or disheartening – so be prepared for that.
For the sake of explanation I will demonstrate the quiz on a fictional character (not based on me) called Benjamin Noodles.
Ben is on £26,000 as a chef (his namesake is just coincidence). He spends very little on food (he takes home leftovers), doesn’t smoke but has an expensive taste in clothes. His rent is the exceedingly expensive Central London price. I filled in the rest of the categories like ‘Household goods’ and ‘Transport’ based on rough average estimates.
The generated profile revealed some interesting things. Paying about £680 a month on rent puts Benjamin spending 116% more than the national average of rent. Luckily, because of his low food expenditures, at £30 a week, Ben is spending 47.36% less than the national average!
The last step of the quiz distills all your information down into one aspect of your outgoings to that you need to work on. For Ben it was clothes. For you it could be cigarettes or beauty products – you’ll have to answer the quiz honestly to find out.