Fred Harteis News Articles - Saving A Marriage: Spend, Save Or Give?

Fred Harteis News Articles - Money in the bank gives you the warm fuzzies, but money in your spouse's pocket creates an insatiable urge to spend.

The marriage needn't tumble off the personal finance precipice if you understand each other's response to money and learn how to accommodate it.

"Our attitudes toward money are so deeply embedded that we tend to believe we are right and our partner is wrong," says Diane McCurdy, author of How Much Is Enough? Balancing Today's Needs With Tomorrow's Retirement Goals. "Typical responses are: 'I'm a responsible adult and you're a spoiled child,' or 'I like to have some fun and you're a miserly killjoy.' If more couples understood how their partner feels about money, fewer would end up in divorce court."

McCurdy says there are four basic attitudes toward handling money: saver, spender, builder and giver.

Saver: Who would the rest of the world hit up for a loan without savers? It's not unusual for savers to build a substantial savings account on a tight salary. Savers are organized and don't buy impulsively. They abhor risk, and a savings account is more than security for a rainy day--money socked away provides peace of mind, even contentment. However, savers can be too conservative and may avoid investments that would make their money grow faster. Some wait too long to enjoy their money and a few never learn how to enjoy it.

Spenders: Money equals things, lots of things, right now. Spiffy cars and the latest gizmos are tangible and can create fun and status, unlike what spenders see as an abstract and generally useless savings account. Spending $100 on a midweek meal is nothing--make it $200 if friends are involved. In some cases, spenders are the Joneses others want to emulate. But many spenders are eaten alive by interest payments because they don't pay the credit card bill in full each month.

Builders: Think Bill Gates and Microsoft, or other successful entrepreneurs who see money as a tool to turn their dreams into reality. Some builders are close to maniacal in pursuit of their dream and may overlook the basics of money management. They may misjudge the amount of money they need to cover their losses if something goes wrong. If so, it's on to the next project. Builders are filled with ideas.

Givers: Such people routinely buy extravagant gifts for friends, usually things they'd never consider buying for themselves. They also volunteer in great numbers, giving time, money and energy to a cause they believe in. Deep down, many feel money is close to a sin and giving it away is the only proper thing to do with it. They also derive pleasure in making others happy or in doing good deeds. Givers often ignore their own needs and may hurt their children by not teaching them how to handle money.
Source: Forbes.com

About Fred Harteis: Fred Harteis leads Harteis International. With a background in Agriculture Fred Harteis has lead many successful business ventures.