While there are certainly more important things in life, money is a key factor. Money is something that all married couples have to think about in one way or another. Often, couples are compatible in terms of spending and saving habits, but that’s not always the case.
When couples have different spending and saving habits, it’s important that a compromise can be reached. The truth is that there are different types of spending personalities, and vast differences have the potential to cause marital issues.
Outlined below are some of the most prominent types of spending personalities.
Extravagant shoppers
Most people work extremely hard for their money, and some like to spend every penny of it on luxuries like the latest cell phones, jewelry and vehicles. There is nothing wrong with this whatsoever. Issues can arise, however, when the other partner in a marriage does not share these spending habits. They may see their spouse’s spending habits as unnecessary and risky.
Cautious spenders
On the opposite end of the scale from extravagant spenders are cautious spenders. Cautious spenders don’t take risks with their money. Instead, every purchase is carefully thought through. Cautious spenders are much less likely to run into financial trouble or debt.
The downside of this is that careful spenders can be overly cautious. They may prioritize saving money over enjoying life. Over time, this approach can become draining on a marriage.
Entrepreneurs
Being entrepreneurial is a good thing. Entrepreneurs are constantly looking to invest their money and reinvest profits. When balanced, this approach can work well in a relationship. Nonetheless, there can be drawbacks. An entrepreneur may end up prioritizing their work over the relationship, with the next big venture always being their first thought.
Incompatible spending habits have the potential to place a marriage in jeopardy. If you find yourself in this situation, it’s best to seek some legal guidance.
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