Spender VS Saver: How Your Money Personality Affects Your Relationship
Your personality refers to your way of behaving and what makes you stand apart. Your MONEY personality is how you behave with money. — Click To Tweet
In our book, ‘Let’s Fight About Money’, we discuss different money personalities from a couples approach.
How do you behave around money?
Does retail therapy and spending make you feel better when you’re having a tough day?
Or, do you feel better when you’re storing money up versus spending it?
We discuss five different money personalities in our book: Saver/Hoarder, Spender, Avoider, Money Monk, Amasser. (See the end of this article for a description of each personality)
With several different money personalities, it’s common for couples to have different behaviors around money. For example my wife Chelsea is a Saver/Hoarder of money and I’m a Spender. Watch the clip below for her view on being married to a spender.
Savers see money as a form of control and view savings as building up a buffer of protection. — Click To Tweet
But, they can also live in fear of not having money, which can limit their financial beliefs.
Spenders use money as an emotional scapegoat. It’s often about the good feelings that come with spending money that they enjoy. — Click To Tweet
But they are often the ones willing to take chances to expand and grow, yet need to be careful to not squander their resources.
Conflicts happen when two people with different money personalities and beliefs start a relationship without understanding their different personalities or how to handle them.
Start by understanding your money personality. We’ve discussed Spenders and Savers. Here are the others:
Avoiders tend to avoid dealing with financial issues. They often don’t open their bills and sometimes just hope the issue will go away.
Money Monks typically believe money and spirituality don’t mix and that money is beneath them. They’re fond of saying how little they care about money.
Amassers are happiest when they have large amounts of money at their disposal to spend, save and invest. If they’re not doing those things, they may feel empty or not fully alive. They also tend to equate money with self worth and lack of money can lead to feelings of failure.
It’s possible to have more than one of these personality traits, but one is typically more dominant. You’ll know which one fits closest to you.
As financial professionals, we work with couples and their money all the time. Many of our high net worth clients have complex needs and that creates many opportunities for disagreement and conflict.
We believe in addressing financial conflicts in order to resolve them. Our book ‘Let’s Fight About Money’ discusses some questions to ask yourself about your money personality:
- What is your money personality?
- How has it served you in a positive way?
- How has it affected you in a negative way?
Once we asked ourselves those questions, we started to understand how we we impacting each other. We want to help you handle this area of your life and for a limited time, send you a free copy of our book.
CLICK HERE to get a FREE* copy of our book where we discuss a simple approach communicating about money, handling conflict and building an unbreakable financial house. *(just cover shipping)