The Money Couple Minute:
More Money or More Love?
More money does not equal more happiness in your relationship as stated in a recent study. It is important to look at the bigger picture when it comes to your relationship and money. Most of us assume that our budget, retirement plan, and cash flow work sheet will give us a happy relationship when in order and plenty. However, we have found this is clearly not the case.
Your views on money impact every decision you make as a couple from the big stuff like houses and cars to the mundane details like the kind of coffee you drink and the brand of shoes you wear. If you communicate about these decisions well, you have a good “Money Relationship”. If you argue and bicker about these decisions, you have a bad “Money Relationship”. We’re talking about something that goes far beyond your checkbook or bank balance. We’re talking about the way each of you think about and deal with money. Every person has a distinct way of thinking about and dealing with money. And in a relationship, those distinctions can be the difference between being on the same page about financial issues and having money be a constant source of conflict. That’s why when couples ask us how to build a strong “Money Relationship”, the first thing we tell them is to figure out their Money Personalities.
In our book, First Comes Love, Then Comes Money, we have identified five money personalities: the Saver, the Spender, the Risk Taker, the Security Seeker, and the Flyer. We have learned that each person has two of the five Money Personalities, a Primary and a Secondary. So keep that in mind as you identify what you and your spouse are.
We are excited to be introducing a brand new Money Personality quiz in January. Stay tuned!!
A strong “Money Relationship” will help you approach everyday money decisions in a way that will bring you closer, keep the love alive, and give you the relationship you always dreamed of.
Make It Happen!Scott and Bethany Palmer
The Money Couple
Money Huddle Tip: Take a day and make a small money decision as if you were your spouse's money personality. If you are married to a saver, try using a coupon. If you are married to a spender, try buying something at full price. At your next Money Huddle talk about it, what made you excited about trying something new and what made you nervous. Have fun!!
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