Do you know the difference between a spender vs a saver? Which one are you? A spender or a saver. Personally, I’m a saver. Hubby used to be a spender. Now, he’s a saver.

What are the characteristics of a spender? Spenders love to live in the now and use their money to enrich their lives in the moment. They buy things spontaneously and consider if it’s a need or a want. They often purchase things they want and are bighearted with their money. In other words, they buy things for others or treat them to gifts, restaurants, etc. But they struggle with living on a budget and building wealth for the future. They often have more credit card debt and barely make ends meet. They’re more interested in maintaining a great lifestyle over sacrificing for their future.

On the other hand, savers tend to be more financially secure. They avoid debt like the plague. When they do use debt, it’s for large purchases like a home or car. They save for large purchases such as a home remodel. Savers are debt adverse and hate paying interest. They focus on savings, investments, and developing long-term wealth. Savers are usually very disciplined when it comes to their money and they plan purchases judiciously. They are also usually goal oriented. Savers are usually very goal oriented. On the flip side, savers sometimes miss out on life because they are too careful or nervous to spend their money.

A spender vs. saver in a relationship is usually problematic. I like to use the example of two horses hitched to a wagon. If one is tending to go right and the other is going left, the wagon isn’t going to go very far. However, if both horses are pulling in the same direction, the partnership will move forward.

Moral of the story:

In a relationship between spender vs. saver, find common ground. Monitor your spending. Use a budget on paper, app, or spreadsheet and document everything you spend and on what. If you want to purchase a large item, wait 30 days. That can help you determine if the item is a want or a need. It also helps to stop retail therapy. Change your mindset with regards to money. If you can afford something, then great. But saving for your wants is a better way to achieve contentment.