Confessions of a current account
Charlie and Charlotte from The Wanderlovers
Charlie and Charlotte are a couple in their twenties who run The Wanderlovers. It's a hugely successful travel blog, where they log their globetrotting adventures, ticking off as many bucket-list items as possible.
The project came about after the pair became disillusioned with the daily grind of working life in London. Having been bitten by the travel bug on trips to Europe and the USA while at university, they knew exactly what they wanted to do.
However, in order to follow their dream of travelling the world, they had to make some major lifestyle changes to save up the £24k required for the trip, sacrificing meals out in exchange for inviting friends over, as well as giving up football season tickets and expensive mobile phone contracts.
Now they have realised their dream, they must always have funds set aside for the many unexpected costs travelling brings, such as vaccinations and accommodation.
But are they as good with money as it seems? We had celebrity psychologist Jo Hemmings take a closer look at Charlie and Charlotte's relationship with money to determine their spending personas. Jo has appeared on ITV's Good Morning Britain and This Morning, and written for Cosmopolitan and Grazia magazines.
Psychologist Jo Hemmings on Charlie and Charlotte
"Charlotte and her boyfriend are very good examples of liberty spenders, where having money enables their freedom. Liberty spenders are adventurous people; often very careful with any available income, stretching it as far as it will go in their pursuit of adventure."
"They realise that money is liberating, but are also aware that it can disappear fast, so they're particularly cautious with anything that could be considered an unnecessary spend."
"Liberty spenders may become bored in routine jobs, feeling they are not ready for family commitments, or simply have wanderlust. Some may find that the travelling life isn't for them, or they may get homesick. Sometimes their adventures don't pan out as they had dreamed and they need to come home."
"Charlie and Charlotte made big changes to their lifestyle to enable them to have the freedom that they need. From gym memberships and TV subscriptions to eating out three times a week and attending football games, they have been really practical and focused on changing their lifestyle to suit their current needs."
"They managed to stop paying out large sums of money on rent and bills by moving in with Charlotte's parents. They also changed to a pay as you go mobile, rather than be tied into an expensive contract, and sold one of their two cars to reduce their bills on petrol and insurance."
"They shopped around for the best return on cash ISAs and are doing well with those. Other than an unexpected expenditure on the vaccinations that they needed to travel, they are now fully aware of their finances and how best to invest them."
"They are a really practical couple, even reducing their socialising - which they enjoy and don't want to give up - by inviting people over rather than going out for the evening."
"By careful research and having a targeted reason for changing their spending habits, they have learnt a lot, seeing exactly where they were over-indulging, and are now enjoying the freedom that goes with making those changes."