Which financial spirit animal are YOU?

With the cost of living crisis affecting much of the UK, many may feel at a loss when it comes to money.

Thousands will have noticed that their pockets are tightening every day, which calls for a strict reassessment of our spending habits.

speaking to comparethemarket.com, Money guru Emmanuel Asuquo and psychologist Hope Bastine told FEMAIL the seven “common money personalities”, represented by a selection of animals.

These archetypes are intended to help consumers spot their tendencies and work towards what they need to correct.

From the risk-taking wolf to the overwhelmed ostrich and even the overwrought pup, there’s a financial wildlife out there for everyone.

“Becoming more aware of your ‘financial spirit animal’ could be a great tool for improving your financial well-being by recognizing your strengths and weaknesses in managing your money,” Emmanuel added.

One in three Britons have made “silly and preventable” mistakes with their cash in the last 12 months, according to new research, involving 2,000 adults, from the price comparison site. .

But more than half are determined to plan better in 2023, and a quarter believe they have learned from past financial mistakes.

WOLF

You will most likely reside in Northern Ireland and London

True to the fearsome denizens of the forest, ‘wolves’ tend to take risks when it comes to money.

“There is an excitement associated with the promise of significant rewards,” Hope said. “You can go from cash rich to cash poor.”

The psychologist added that this also leads to enjoying the high moments when things bear fruit, but equally, the low moments if they do not bear fruit.

Financial expert Emmanuel advised wolves to make their money “harder to come by” to avoid the “urge to splurge.”

“For example, notice savings accounts require you to keep your money under lock and key for a certain period,” he explained.

‘Require you to ‘notify’ the savings provider each time you want to make a withdrawal, typically 30 to 180 days.’

OSTRICH

Hope explained that those who associate with ostriches may be more inclined to bury their heads in the sand than deal with nerve-wracking ‘money-related tasks’ (file image used)

You are most likely from Wales and between the ages of 18-24.

For ‘ostriches’, money management can be ‘overwhelming and daunting’.

Hope explained that these flightless birds may be more inclined to bury their heads in the sand than deal with nerve-wracking ‘money-related tasks’.

Remembering to pay bills, keep an eye on insurance renewals, and meet tax deadlines can be difficult for these financial animals.

They are also less likely to budget or control their spending.

“Making an intimidating topic feel more fun and accessible is key,” Emmanuel said. “Look for money apps, services, savings accounts and cards that use rewards to help encourage positive spending habits.”

The expert even suggested setting up a positive reinforcement system.

“One of the keys to habit-forming learning is to make it fast and fun,” he added.

“Start a ‘snack’ approach and set aside 15-minute windows, once or twice a week, and build up. Check one thing in each session.’

WOMBAT

Despite good intentions, wombats have a habit of getting themselves into situations that don’t have the best financial outcome (stock image used)

They are likely to be in London and the South East, ranging in age from 18 to 34.

Despite good intentions, wombats have a habit of getting themselves into situations that don’t have the best financial outcome, even though they can see the funny side of their downfalls.

Although they can take falls, these clumsy mammals struggle with their finances, but a lack of information or too much enthusiasm can land them in trouble.

Emmanuel revealed that the key is to ‘slow everything down’.

“As an exam question, read through the whole thing one, two, or even a third time just in case,” he explained.

“If you’re buying tickets for a group, have everyone check the details right away, as you’ll likely have more resources within 48 hours than later.”

Stop subscription failures by setting a reminder without even touching your phone.

Take advantage of your phone’s built-in voice assistance, like the ‘Hey Siri’ feature to lock you into your journal.

PUPPY

Hope explained that ‘cubs’ tend to be people who spend money on things they don’t necessarily need. Stock image used

Most likely to be between the ages of 25-34 and from the Northeast

CAMEL

Dealers are much more likely to save than to splurge. They may start the month with good intentions to save and then spend big halfway through. Stock image used

Most likely from London, aged 25-34.

Dealers are much more likely to save than to splurge.

They may start the month with good intentions to save and then spend big halfway through, or save for a longer period and then splurge on more expensive items, say vacations or home renovations.

Emmanuel advised these humpbacked beasts to try the ‘5 Needs Technique’.

“Whether it’s a new pair of sneakers or a newly renovated kitchen, it can be easy to think that we really need something,” she said.

‘Write down every time you say ‘I really need an item’.’

He added: ‘Before you splurge, if you haven’t written it down at least five times before, don’t buy it.

“If it’s come up more than a handful of times, there’s more justification for it.”

Excited ‘cubs’ enjoy a ‘good old shopping spree’ and get a kick out of some good old-fashioned retail therapy, experts say.

Hope revealed that these spenders tend to spend money on things they don’t necessarily need, and may find themselves craving immediate gratification when emotionally distressed, even if they’re in debt.

Emmanuel said the key is to stop and think about your purchases before you splurge.

‘Impulse purchases can give you a high, for a second!’ he warned. “Over time, his brain can associate shopping with short-term pleasure, which motivates him to buy again.”

He suggested a “cooling off period” to stagger the purchase.

“Stop checking when you shop online,” he said. Keep it there for 24 hours.

‘Evaluate how you feel? Do I really need it now? Will it make me happy?

The expert also said that it may be good to rethink the purchase by Transfer what you would have spent to a savings account.

“Retrain your brain to get your dopamine kicks in by seeing money piling up instead of trickling down,” he said.

SQUIRREL

Just like this little rodent likes to save treats for later, financial ‘squirrels’ are ‘eager lifesavers’.

They get a sense of security from saving money and are very focused on trying to save as much money as possible.

This means that splurging on entertainment or gifts could be difficult.

Emmanuel said that while “financial discipline is really commendable,” going too far to the other extreme can be just as bad.

“Compulsive saving can be just as unhealthy as overspending,” he advised. “Especially if you develop irrational fear and guilt when you spend money, even when you can afford it.”

The expert encouraged the squirrels to occasionally try to buy something small that they wouldn’t normally buy, which can help eliminate fear and habit.

Just like this little rodent likes to save treats for later, financial ‘squirrels’ are ‘eager lifesavers’. Stock image used

SURICA

He is most likely from the east of England, aged between 55 and 64, according to the study.

Meerkats are skilled money managers, always looking for better deals and discounts.

They want their hard-earned money to go as far as possible and get excited about making big deals.

Meerkats also love to share their money knowledge and advice with those around them, but they are less comfortable with risk and debt.

Emmanuel explained that there is little more a ‘meerkat’ can do in the market, other than ‘keep up the good work’!

Meerkats are skilled money managers, always looking for better deals and discounts. Stock image used