What’s Your Honey’s Money Personality?

Money can be a huge divider in a marriage. The discussion of it is uncomfortable enough and then, of course, there’s the supply (or lack thereof).

Couple must learn to at least find a way to communicate about their finances in a calm, healthy and productive manner. An important book by Colorado Springs, Colorado-based Bethany and Scott Palmer can help get the conversation going.

In their book “FIRST COMES LOVE THEN COMES MONEY: A Couple’s Guide to Financial Communication” (Harper One, March 10, 2009, ISBN 0061649910), The Palmers profile the four types of money personalities so you can decide which one best describes your spouse, then together you can start your discussion of how to manage your combined assets.

• Saver – Hates spending money. They describe him/her as someone who finds money in their coat pocket and leaves it in there.
• Spender – How fast can money leave the wallet? They say this person finds money in his/her coat pocket and immediately heads to Starbucks to spend it on something, anything!
• Risk-Taker – These are the entrepreneurs, inventors and trail-blazers within us. They are willing to risk it all to have it all.
• Security Seeker – These folks have their future planned and paid for. They have their ducks in a row and all things thought out.
• Flyer – Money, what’s that? These people simply fly by the seat of their pants and don’t really think much about money.

So which one describes your spouse? Which one describes you?

If you are on different pages, maybe you can find productive ways to work together. If one of you is a planner, maybe you take charge of the retirement fund and if another is Risk-Taker, he or she can be in charge of your “special projects” fund. Just make sure you are on the same page as to how much is going into each place.

Bethany and Scott Palmer, otherwise known as “The Money Couple,” are love and money experts with 35-years of combined financial planning experience. They are also the authors of Cents and Sensibility. Visit the authors online at www.themoneycouple.com.