Spender married to a saver – can it work?

THE MONEY GAME: HOW TO HANDLE IT WHEN YOU AND YOUR PARTNER AREN'T FINANCIAL SOULMATES

If you’ve read our articles before, you know we’re not just here to talk about the boring stuff like investing and saving. We dive into the real-life money drama because, let’s face it, money is personal. It’s emotional. And it can mess with every part of your life. At ARC Wealth we’re all about getting real on topics like who should pick up the check on a date, how to have those cringe-worthy money talks with your parents, and how to dodge the most common financial fights.

So, what happens when your financial priorities just don’t match up with your partner’s? You’re a saver, but they’re a spender—sound familiar?

FIGURING OUT YOUR FINANCIAL PERSONALITY

Let’s set the scene. You’re planning your financial future together, and here’s what usually happens:

Partner 1: “I’m a hardcore saver. I don’t blow my money on just anything. Our financial goals are everything to me, so I stash cash away because I want our future to be amazing.”

Partner 2: “Yeah, I save too, but come on, what’s the point of earning if you can’t enjoy life? I’m all for saving, but I also want us to go out, see some games, and actually live.”

Partner 1 is proudly waving the saver flag, while Partner 2 is cool being labeled the spender. But here’s the kicker—when we dig deeper, it turns out both partners are a mix of saver and spender. And guess what? You probably are too, whether you’re coupled up or flying solo.

Hey savers, brace yourselves: You might be more of a spender than you think. #Ouch

SETTING SHARED FINANCIAL GOALS: THE SECRET SAUCE

It all comes down to priorities.

That Uber ride home after a brutal day at your downtown office might seem like a no-brainer to you, but your partner might see it as a splurge, especially if your company already covers your SkyTrain pass. Meanwhile, their habit of ordering in three nights a week might drive you up the wall, but maybe they’re just too swamped to cook, and you’re wasting cash on groceries that go bad anyway. Sound familiar?

If your #relationshipgoals include not wanting to strangle each other over money, you’ve got to set financial goals together. Especially the big ones.

Shared financial goals help keep the peace when it feels like your partner is overspending or tightening the purse strings too much. You’re building a future together, so you need to know which financial milestones will get you there. And be specific—figure out how much that dream trip to Tulum is really going to cost. Know what a blowout wedding looks like versus a more intimate elopement. (Spoiler: Even elopements can get pricey these days.)

OVERCOMING FINANCIAL CONFLICT: IT'S NOT ALL DOOM AND GLOOM

If you’re the saver in the relationship and feel like your S.O. is blowing through your hard-earned cash, here’s a hack you might not have considered—unless you’ve been following our blog, in which case, you’re probably all over it already. It’s called a reverse budget, and it’s all about automation.

Communication is key.

When it comes to savings, the best way to crush your goals is to automate them. We know, we sound like a broken record (if that analogy even still makes sense in 2024), but it’s true. Want to level up your savings? Automate. Want to level up your relationship? Communicate.

Money therapy, anyone?

Full disclosure: We’re not relationship gurus, but we’ve seen hundreds of couples go through this. If you can talk to your partner about what you value and what’s worth spending on, you’re more likely to align your financial goals. Bonus: Once you get why your partner is pinching pennies or splurging, you’ll be way less likely to resent them. After all, that Tulum trip could be at stake! Suddenly, their frugality doesn’t seem so ridiculous, right?

COMPROMISE IS KING

Savers and spenders can totally make it work—it’s all about navigating your financial priorities together and finding that sweet spot where you both can be happy.

Here’s the twist: You won’t know who’s really messing up the financial vibe until you set your goals and check if you’re on track to hit them. Once you figure out how much you actually need to save, you’ll know who needs to chill out. Don’t just assume the spender is wrecking your future; it might be the saver who’s killing your present!