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  • Writer's pictureStephen Boatman

Money Management With a Partner (Tightwads & Spendthrifts) - Podcast

I was recently listening to one of my favorite finance podcasts (Rational Reminder) and they had a guest author, Scott Rick, on who wrote a book called "Tightwads and Spendthrifts, Navigating The Money Minefield in Real Relationships". I enjoyed the podcast and thought you may as well.


Highlights

  • Getting tightwads to enjoy their money: If you are a tightwad then it may be helpful to set aside a certain amount of cash per month or year on fun items that aren't always an investment or run through the internal opportunity cost thought process. After all, you can't take it with you.

  • Should you keep accounts seperate or have a joint account: Partners who had joint bank accounts tended to be happier after the 2 year mark. It forces more communication and conversation that brought them closer.

  • Don't step over dimes to pick up pennies: Tightwads can sometimes be penny wise and pound foolish. Saving money in the short term could cost you more in the long term by trying to DIY everything or purchase the cheapest option.

  • Like Minded: Couples who marry like minded partners tend to have fewer money arguments.

  • Who is happier: If both partners were spendthrifts then they were equally as happy as both couples being tightwads although tightwads had larger net-worths.

  • Communication: Communicating spending tendencies and how those developed over your life is important for a good marriage.



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