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Savers and spenders are two different breeds, but that doesn’t mean they can’t get along. Money can be a huge issue between partners, and some studies have found it to be the top reason for divorce. Despite the dangers, spenders and savers are not only able to live together, but their relationship can also thrive. Here are some ways that spenders and savers actually complement each other.
Spenders and savers are financial opposites who can, and do, attract. In fact, Northwestern University and the Wharton School of Business did a study that found big spenders and savers actually gravitate towards each other in marriage, even if most people tend to stick with someone whose financial inclinations match their own. Sometimes opposites simply make each other happy by showing each other something different, which can add a bit of excitement and novelty to a relationship.
If you’re a spender or a saver, it’s a good thing to show the other person the benefits of your viewpoint. The big difference between the two can actually balance both people out. Spenders can show savers how to have a good time, splurge a little bit and relax with a well-earned vacation. Savers can show spenders the benefits of saving over the years, the payoff of long-term investments and the well-being that can come with financial security. It’s all about considering your partner’s viewpoint and learning from it.
Many couples neglect to make a budget because they don’t think it’s necessary. However, savers and spenders are often forced into making one because of their differences, and that’s a good thing. By making a budget, you’ll be better able to understand what percentage of money you’re saving and spending, which will help you make wiser financial decisions and avoid debt. That doesn’t mean the spender in the relationship won’t be splurging from time to time, but at least with a budget in place, you’ll both know how much is being spent each week and month.
Spenders and savers often have separate accounts, while maintaining a main shared household account. This independence gives couples the breathing room they need to enjoy a certain percentage of their money as they see fit, and can actually make a relationship stronger.
Ultimately, not only does love take compromise, but financial decisions do, too. By working together, savers and spenders both grow and learn from each other, and enjoy life a little bit more in the process. Unsure how to broach the subject of money with your honey? Review our article Marriage and Finances: Best Ways to Talk about Money.