Spenders and Savers: When Money Opposites Attract

You’ve heard it before in love, but it’s true in money as well: opposites attract. In a recent study done by Capital One Canada and Credit Canada 86% of couples disagree about money and almost 50% say they have extremely different financial philosophies!

While it’s not surprising to hear that money issues produce fights, it is interesting that nearly half of partnerships think so differently about money. In the examples given by the study, it seemed that ‘savers’ often pair up with ‘spenders’.

Is this the case for you? We want to hear about it!

When a ‘saver’ and a ‘spender’ get together, there are very obvious issues that could come up: cost of items, savings goals, allocation of money, etc. It’s really up to you to decide whether these differences of opinion provide variety or ignite debates.

Why Opposites Can Work

To really simplify things, if two ‘spenders’ get together, there will rarely be money left over for emergencies or savings. When two ‘savers’ hook up, can they even go out to have fun?

Variety, with appropriate checks and balances, can keep a union happy and healthy – in the kitchen and the bank.

Switch it Up

If you’re in a relationship where one person handles the bulk of the finances, the other does not, and you still fight about cash… try switching roles. For at least two months, let the other partner see what it’s like to set budgets, pay bills and distribute ‘fun cash’. The perspective on the change will be valuable for the both of you.

We think that a spender and saver can make beautiful financial music, but like all things, it can take some work. Feel free to share your stories in the comment box below or on our Facebook Wall.