Interview with The Money Couple
Scott and Bethany Palmer discuss how they can teach you how to speak the same love and money language.
Every couple, at some point in their relationship, argues about money. Scott and Bethany Palmer in their book The 5 Money Personalities discuss how to have a healthy financial relationship with your significant other. The couple talks about what works, what doesn’t and educates their audience on the different money personalities that exist.
In your book you say, “Your money relationship is about the daily decisions you make as a couple in which money is involved.” Can you further explain this.
To explain it a little more in depth we find that it helps to differentiate between a Financial arrangement and a Money Relationship:
Financial Arrangement — all of the topics you discuss with your spouse around finances. Debt reduction, retirement planning, investment planning, insurance planning, tax planning and on and on.
Money Relationship — the day to day discussions you have where money is involved. Questions like, should we brew our coffee at home or indulge in a five dollar cup of Starbucks (some would argue that it is a necessity). Other examples would be, should we buy our school supplies at Target or Walmart, and should we buy our shoes at Nordstroms or Payless?
Financial Arrangements can be more black and white; a Money Relationship moves and grooves every day! As you navigate your discussions with your partner this week, notice how often you make decisions together and analyze how well you discuss the money component of those decisions. Ask yourself: “As for our Money Relationship, do we speak the same Love and Money Language?”
Can you briefly describe the 5 money personalities and why they are so important to know.
It is important to know BOTH your Primary AND your Secondary Money Personality. (The 5 Money Personalities should be identified with a TM behind it like this: The 5 Money Personalities™) Don’t stop at your Primary because it is the dynamic that works between both of them that causes the internal conflict that you may experience.
1. Saver - These are the penny pinchers of the world. Hate parting with their money and think everything is overpriced. Savers like to save money and also enjoy seeing others get a good deal too. If a saver finds a buck in their coat pocket she leaves it there.