(NC) When it comes to romantic relationships, the traditional thought is that opposites attract. But personal finance experts say that couples with different attitudes towards money need to find a middle ground to achieve financial bliss.
“Many couples include a spender and a saver. The spender is the one who sees a sale and thinks they can buy more; whereas the saver thinks they will save more,” explains Wade Stayzer, vice president of retail at Meridian, Ontario’s largest credit union. “While there appears to be a big divide between the spender and saver mind-sets, these couples can still be successful with their family finances if they find and agree to ways that will align their approaches to money. Financial planning is key.”
Stayzer offers advice on how spender/saver couples can get on the path to financial success.
Sort out your differences. Talk, don’t fight, about your different approaches to money. Figure out how much you spend and where the money is going. Acknowledge who’s spender and who’s the saver, and agree to compromise.
Get involved. There is often one member of the family who regularly handles the finances. Having both partners involved can be a major breakthrough and also makes sure the responsibility is being shared.
Set goals. Find common objectives and discuss your individual goals. Whether it’s getting out of debt or saving for retirement and the children’s education, setting goals will help you prioritize and focus on what’s really important.
Get a personalized financial plan. To meet your established goals, you need to set up a budget and a financial plan. Consider seeking expert advice. Working with a trusted financial advisor to develop a personalized financial plan is like driving with a GPS system — you’ll reach your end goal faster and with less stress.
Find more information at www.meridiancu.ca.