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Here’s What To Do When A Spender And Saver Marry

Here’s What To Do When A Spender And Saver Marry

I’m a big saver; always have been, always will be. It’s how I was raised, it’s how I was able to be unemployed for six months and travel continuously, then come back to my hometown and buy a house. My fiance got out of the service and had to start from the ground up. In a way, it was nice that he had to start from scratch because my money mindset influenced him greatly – I’m not being big-headed, he’s said this himself, along with a thank you! After being steadily employed for six months, he’s now started putting money away in a savings account as well as helping out with household bills and prepping for our upcoming baby! I’m immensely proud of him and can tell he’s proud of himself, but it wasn’t an easy road getting to this point… Here are some tips on what you can do when a spender and saver marry.

First, we had to set budgets.

I was handling a bunch of bills on my own, but after my fiance moved in, we split everything. That means we both had to budget for shared expenses like the house payment, groceries, utilities, and surprise household purchases that pop up. We each had to think of what we needed, like paying our cell phone bills, car insurance, and gas. You’d think that splitting bills would mean there’s even more money to spend on fun and entertainment, but that wasn’t the case!

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We were also paying for a midwife and all the things that a new baby will need, while putting aside money for savings. That means we had to think long and hard about what we “needed” outside of the real necessities. We love just being together, so going out wasn’t something we felt we needed to spend money on. Every once in awhile we’d splurge at the grocery store to make a gourmet meal at home, but that was basically it.

We borrow library books and movies instead of buying them new, go for walks around the neighborhood instead of window shopping in a mall, and shop at thrift stores for the things we need. You’ll find that, if you really think about it, you don’t truly need much – society and expendable income just make you think you do.

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Secondly, we rewarded our progress.

It may make me sound big-headed and condescending, but it’s not meant to – every time my fiance puts money in his savings account or makes a smart spending choice, I praise him. I do it genuinely, not sarcastically, because I’m so proud of how far he’s come so quickly. I know how hard it is to change your mindset on something as serious as money, and I love that he’s putting away savings for himself and our family.

We also reward ourselves every month or so by doing something fun, if we’ve kept our bills down and already put something aside. Like I said above, we splurge with nice food from the grocery and enjoy a good meal together. Sometimes we’ll buy fun art supplies and make something together, because we get to spend that time together and then have something gorgeous to display in our home. After we got our tax refund, we splurged on a luxurious trip, since we’re usually such homebodies. You have to be careful with rewards because it’s so easy to overspend, so make sure you’re still keeping a budget even for the fun side of things!

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We continuously set purchase goals.

As homeowners, we have unexpected major expenses. We had to get a new refrigerator a couple months ago, and we’re not entirely sure how much longer our rickety old washer and dryer will hold out. We’re both healthy and don’t require much medically, but we know with a new baby, we’re going to have some medical expenses we haven’t thought of. We’ve been putting money into savings to have “just in case”, but we also realize that this money might have to be used for more boring – uh, I mean practical – expenses. We keep an eye on the numbers in our savings accounts and make sure we have enough to buy what we might need, without splurging on the coolest washer and dryer (is there such thing??) and blowing too much money.

Featured photo credit: 401(K) 2012 via flickr.com

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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