Marriage Finances and Money Personalities
Along with their other personality traits, newlyweds come pre-wired with views and behaviors toward money. Because of temperament, the way they were raised, and/or situations that may have occurred in the past, individuals end up with different financial personalities, including savers, spenders, risk takers, and avoiders. Each personality type interacts with the almighty dollar in unique ways. The more open that a couple can be about their marriage finances from the start, the happier their financial lives will probably be.
Savers
Savers don't feel safe unless they have a large balance in their bank accounts. A couple's comfort level regarding joint account balances should be discussed upfront. If one person can't sleep at night without a healthy reserve and the other couldn't care less about saving, problems are likely to occur. This is the time for compromise and open communication.
Spenders
Spenders love to buy things and often show their affection by bestowing pricey gifts on loved ones. The individuals in this category are often well acquainted with the term "burning a hole in one's pocket." These men and women often find comfort in shopping. If they're not careful, spenders can wind up in debt.
Risk Takers
Risk taking personalities can make or break the bank on a regular basis. These partners might invest in crazy schemes, gamble, or play the stock market. On one hand, they might be quite wealthy, because they play the odds, and sometimes win. But, on the flip side of that coin, they can create havoc with their marriage finances, especially if they are married to savers.
Avoiders
Avoiders just don't feel comfortable talking about or thinking about budgets, income, or outgo of funds. They may break into cold sweats, leave the room when the subject comes up, or simply clam up and go silent. If either partner falls into this category, he or she will need to loosen up a bit, or there could be some sticky situations ahead.
Marriage finances can be rosiest when each partner understands the other's money personality. Open communication, trust, and acceptance will go a long way towards marital harmony for savers, spenders, risk takers, and avoiders.
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