When it comes to finding a romantic partner we all have an unwritten checklist that usually includes attributes such as like-mindedness, sense of humor, shared goals, similar sex drives, and common cultural or religious affiliations – all hot topics when determining a good match.
Not such a hot topic is personal financial style or money style. But it should be. A mismatch in this area can spark unhappiness and frustration while deeply diminishing relationship satisfaction.
So what’s your money style, what’s your partner’s, and can a credit card-wielding shoe fiend live in peace and harmony with a frugal, financial forward-thinker?
Financial experts have defined three main categories that relate to a person’s spending and saving habits. Identifying your personal money style — and understanding your partner’s — gives you insight into this often neglected area of compatibility. And it could save you from some serious gnashing of teeth when the bills come in.
Money Type: The Saver
How to spot one: The Saver exhibits an uncanny ability to recall the balance of their bank account to the nearest cent. They are deeply in touch with their money and assets, and usually live life according to a strict personal budget. Naturally, saving is a top priority for this money type, as they have their sights set firmly on the future, ongoing financial security and wealth.
How to date one: This money type can be quite thrifty when it comes to dating, preferring low-cost dates like watching DVDs and eating take-out at home. For those seeking a stable outlook, The Saver is a great catch; they have their eyes on the prize, and their focus on the future.
Lesson to learn: The Saver needs to learn to let go of their strict saving objectives once in a while and live a little. The odd splurge, a bit of spontaneous spending or a cheeky indulgence is not going to break the bank… and it might just win them a heart.
Money Type: The Savvy
How to spot one: The Savvy money type is moderation personified, happy to allocate a portion of their income to saving, while at the same time rewarding themselves with luxury treats and good times. This money type has the most realistic view on the world of finances; they know that hard work brings with it good money, and the ability to indulge in life’s pleasures at the end of a long day.
How to date one: Living in the present means that The Savvy has a balanced approach to relationships too; they understand that hard work means great rewards, in money and in love. The Savvy type offers spontaneity and fun with a sense of responsibility that’s hard to resist.
Lesson to learn: The Savvy money type needs to ensure they preserve the balance between earning, spending and saving, as this moderate approach to money (and love) is one of their most attractive characteristics.
Money Type: The Spender
How to spot one: You can spot The Spender at 50 paces — they’re the one with the funky threads, the designer haircut, and the latest accessories and gadgets. In short, The Spender loves to, well, spend. Sometimes this money type can feasibly furnish themselves with all the trappings of modern life, but more often than not, The Spender has wildly unrealistic views of their own finances and often uses credit to boost their spending power.
How to date one: The Spender is great fun to be around, lavishing drinks, fancy dinners and other treats on their dates. But hey, big spender — spend a little time with me. The Spender’s unrealistic view of the financial world means that they can at times be superficial, or at least blissfully unaware of their excessive spending and its impact on their broader goals.
Lesson to learn: The Spender needs to learn that while living in the moment is thrilling, having something to look forward to in the future is just as exciting. Taking stock of their spending and having a basic financial plan gets them back on the road to future security, and makes them all the more attractive to someone seeking same.