Money Talks – Love & Money: Can Savers and Spenders Make It Work?
Want the latest tips on getting your finances in order? Join our financial capability experts for our new series, Money Talks. In our first installment, you'll hear from Ellenor Simmons Director of Financial Capability at United Way of Southeast Louisiana.
Ellenor is here to help you understand your money personality type and learn how financial opposites can thrive—just in time for Valentine's Day. According to Fidelity's 2024 Couples & Money study, 45% of partners argue about finances at least occasionally, and one in four couples say money is their greatest relationship challenge.
Sooner or later, every relationship involves a conversation about money. It can be awkward and deeply personal. But the more you understand your money personality types, the more productive your financial discussions will be. So this Valentine's Day, cuddle up on the couch and have the money talk.
Savers vs. Spenders: Which One Are You?
Most people naturally lean toward being either a saver or a spender. Rachel Cruze of Ramsey Solutions defines both types:
Spenders
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Love shopping
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Give generously
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Budget creatively
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Challenge: Can accumulate too much debt
Savers
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Prioritize saving
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Wait patiently
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Prepare for a rainy day
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Challenge: Can be overly frugal and struggle to enjoy their earnings
One personality type isn't better than the other, but what if you're a saver and your partner is a spender? Are you financially incompatible and doomed to failure? Psychology Today states that "marriages between 'tightwads' and 'spendthrifts' tend to suffer from financial disagreement." The good news? Your relationship can still thrive if you're willing to put in the work.
How Financial Opposites Can Thrive
Forbes recommends three key strategies for good financial communication:
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Hold regular financial meetings – Get together regularly to discuss where you are and where you want to be. This keeps you on the same page.
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Team up on finances – When you're a couple, money is a team sport. It's you and your partner against the world, so act like it. Budget together, invest together, and plan together.
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Celebrate financial milestones – Acknowledge when you've paid down debt or saved enough for a car or vacation. Achieving financial goals feels good—don't just move on to the next one without celebrating.
When you work together, money doesn't have to drive you apart—it can bring you closer than ever.
Want More Money Tips?
Our Prosperity Centers offer free, expert financial coaching. Whether you're looking to pay off debt, boost your credit score, save for a home, or plan for retirement, our financial capability specialists are here to help. Turn your money goals into reality by visiting a Prosperity Center near you or attending a virtual workshop.unitedwaysela.org/calendar
Living United,
Ellenor Simmons
Director of Financial Capability
United Way of Southeast Louisiana