The Money Couple Minute:
Your Money Personality: The Spender

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.  After all isn’t there a money component to just about every decision we make as a couple?  That’s why when couples ask us how they can stop fighting about money, the first thing we tell them is to figure out their Money Personalities.

We’re using the next few Money Couple Minutes to dig in to each of the five Money Personalities we identify in our book, First Comes Love, Then Comes Money: 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 partner are.

As you learn more about your Money Personalities, you’ll gain invaluable insight into the ways you and your spouse handle finances and find ways to stop fighting and start working together.

This week, we focus on the Spender.

Spenders are carefree with their money.  They care less about how much they spend or who they spend on.  They aren’t necessarily rich - we know Spenders who can do some serious shopping at the dollar store.  Spenders just like spending.  You’re a Spender if you:

• Live in the moment.  Spenders are focused on what’s happening right now and they are willing to spend money to make life a blast.  They might have less money down the road, but for the Spender it’s all about making great memories today.
• Love to buy things for other people.  Spenders get a lot of joy out of giving gifts, helping out, and treating other people.
• Get a thrill from the purchase.  It doesn’t matter if you’re shopping at Saks or at the Salvation Army thrift store.  The price doesn’t matter.  It’s the fun of buying that counts.

Every Money Personality has some challenges.  If you’re a Spender, be aware that you can be:

• Impractical.  Spenders are often impulse buyers.  A Spender walks into a store without lists, without limits.  We don’t do research to find a good deal, we don’t wait for a sale.  If we want something, we get it - and Spenders don’t differentiate between wants and needs.
• Non-communicative.  All that impractical impulse buying means that Spenders don’t think - much less talk - through purchases with their partners.  This lack of communication can come across as secretive and sneaky to the Spender’s partner.
• Filled with regret.  We’re both Spenders, so Christmas is a blast!  But January 15th is never pretty.  We don’t regret the purchases or the fun we had buying them and giving them, but we regret getting carried away.
• A budget breaker.  A Spender can put together a mean budget.  And he can have great intentions of sticking to it.  But Spenders rarely do.  That can lead them - and their unwitting partners - into serious, life-altering debt.  Spenders might even feel bad about overspending, but they have a hard time stopping themselves.  This can be unbearably frustrating to the Spender’s spouse.

A Spender can be a great partner because she will never let finances get in the way of truly living life to its fullest.  The challenge for the Spender is to respect the financial expectations of her partner, particularly if that person is a Saver.

Make It Happen!

Scott and Bethany Palmer
The Money Couple

Money Huddle Tip:If one of you is a Spender, take some time to talk about the impact this Money Personality has on your relationship.  What are the strengths the Spender brings?  What are some of the challenges?

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