Spouses tend to have a lot in common. This is usually one of the main reasons for getting married in the first place. However, that doesn’t mean they are identical in every area.
Broadly speaking, there are five money personality types. Spouses may fit into one of these or be a mixture of several money personality types. What are the different money personality types and can they cause issues in a marriage?
Spenders, shoppers and savers
Spenders and savers are two money personality types that sit at opposite ends of the spectrum. A spender will usually work hard so that they can buy new items. This is something that they enjoy doing. They may be more prone to taking risks and have a lax attitude toward creating debt. Shoppers also follow these patterns closely but tend to think a little more about making sound investments occasionally.
Savers, on the other hand, are very careful. A saver will not take risks and will constantly think about saving money and buying on a budget. When spouses sit somewhere in between, the relationship usually works well. However, when spouses sit at opposite ends of the spectrum, disputes can arise.
Debtors and investors
Debtors tend to be in the habit of spending more than they earn. They are not conscious of income and outgoings, because it doesn’t matter to them. This can cause serious issues in a marriage because it often leads to dishonesty and undisclosed debts.
Investors are very conscious of income, outgoings and debt. They see money as an opportunity to build a better life. Investors are constantly thinking about their next move and how that can bring improvements to their overall financial standing.
Spouses with different money personalities can certainly work well together, as long as there is compromise. Without honesty and compromise, disputes are inevitable. If money issues are putting a strain on your marriage, it may be time to start thinking about your legal options.