Confessions of a current account
Laura from Tiny Twisst
Laura is a self-employed blogger and photographer, and is behind one of the UK's most established fashion and beauty blogs, Tiny Twisst. She spends a lot of time commuting to London for work and running her YouTube channel.
We quizzed her about her finances, and Laura confessed that she probably spends most of her money on food, clothing and train tickets, all while trying to save up for her wedding. Something she does look forward to is treating her friends, especially her mum, whom she takes out for coffee regularly.
We asked celebrity psychologist Jo Hemmings to assess Laura's money habits to see if she can make any changes, Jo has appeared on ITV's Good Morning Britain and This Morning, and written for Cosmopolitan and Grazia magazines. Here's what she had to say about Laura's spending persona:
Psychologist Jo Hemmings on Laura
"Laura is both a spender and a saver - admitting to spending a fair bit on going out and clothes, but is also saving for her forthcoming wedding. She assesses her income as 50% saving and 50% spending."
"She admits her food spend each month is 'crazy' and there seems to be food bills from a large number of different supermarkets, so she may actually be spending even more than she thinks."
"Laura is self-employed, so while she makes an effort to ensure that she sets enough aside to pay for what she needs during leaner months, she doesn't actually have a payday."
"My opinion would be for her to put all her earnings into a business account and pay herself a regular salary at the end of each month, so that she isn't tempted to overspend when she's had a bumper month!"
"She has no debt, other than a small amount on a credit card and her student loan. She's fairly shrewd about her finances, but she could be even more careful, especially with her food spend - she needs to create a budget for that."
"She tends to look back at her spending rather than look ahead to what might happen and she enjoys the odd splurge, whether it's coffees with her mum, little treats for friends or going out for dinner. And while she doesn't have any expected outgoings, I think that may be more luck than judgement."
"Laura falls into the category of a carer sharer - they like to treat people and enjoy their earnings with others. Carer sharers are people pleasers - they are motivated by other people's enjoyment and are always there to help out a friend."
"This is all very well, but any unexpected costs or changes in their income could throw them off balance and leave them potentially in debt, if they don't keep on top of it."
"Laura's doing fine with her spending at the moment, but probably needs to keep a better track of exactly what she's earning and spending, so that she doesn't get caught out in the future."