Not everyone views money in the same way. Some think it is for spending while others prefer to save.
Research has shown five spending personality categories (although people are often a mix of more than one). If their’s clashes with their spouses, it could make divorce more likely, as money is one of the principal reasons for divorce. The five categories include:
1. Big spenders
While people who spend big may well earn big, their need to constantly upgrade things can cause tension with a spouse who does not see the need to spend money on something when the one they have is fine. Big spenders tend to have a high-risk threshold when it comes to investments which could cause a lot of stress for a partner with a lower tolerance for risk.
2. Shoppers
Shopping gives some people a buzz. It’s not that shoppers don’t save. Many do. It’s just that the urge to spend can sometimes be irresistible for them, meaning their good intentions to save can go out the window.
3. Debtors
If you constantly spend more than you bring in, you will soon fall into debt. That debt can accrue fees and interests, making it even harder to pay off. This can all bring a huge amount of stress to a relationship, especially if the other person has always been careful to stay out of debt and feels the debt is all their spouse’s doing.
4. Savers
Savers tend not to take risks with their money. They prefer to live frugally, considering money as a finite resource. Imagine if they are married to someone who will spend big on the spur of the moment on the assumption that there is always more money to be made.
5. Investors
People have different reasons for investing, but the commonality is they think long-term about their finances. That might lead them to veto plans by their spouse for a purchase that satisfies a more short-term need, such as a holiday but will leave less money put aside for the future.
If your money differences lead to a divorce then you may want help to try and get the settlement you feel you deserve.
