MoneyCounts:

A Financial Literacy Series

Money and Relationships

11-A Grange Building

University Park, PA 16802
financialliteracy.psu.edu
finlit@psu.edu
814-863-0214
 • Money is a personal and an emotional
topic, thus you may be not comfortable
with discussing money situations.
• In your relationship, however, matters of
the wallet can be as important as matters
of the heart.
Description
• Money decisions impact every
relationship from newlywed days of
getting a joint bank account, sharing a
home, to the retirement phase.
• For successful relationship, it is critical
to have open, candid, and honest
conversations about relationships with
money (“money talk”).
 • Recognize money personalities
• Evaluate your relationship with money
Learning
• Identify “deal makers and deal
Outcome breakers”
• Tips and ways to discuss money matters
In the news!
Why discuss money?
Money Personality
• According to Scott & Bethany Palmer
• For 70% of divorced couples, financial issues caused
arguments
• 5 money personalities
• Each person has
• Primary and
• Secondary money personalities
Five Money Personalities

Risk
Spender Flyer
Taker

Security
Saver Seeker
 Five Money Personalities

Risk
Spender Flyer
Taker

Security
Saver Seeker

Who is very happy

Who has to spend
moneyWho money
loves
for Whoto day
ideas
a rainy enjoy
researches
that
thatmay opportunities
(ormay not) and possible
may(or
Who is happy to let someone else take the
life. Theremay
is nonot)
tomorrow and
make
happen, money
money,
hates to is
investments,
willing
accumulate tobut very
gamble
debt slow to take
butreaching for a dive
driver's seat and handle all financial matters.
made to bepays
spent. thetime
all bills on anddue
big score ininto fear of losing security.
life.
full.
Assess your relationship with money

Identify YOUR
relationship with
MONEY!

 What does money

mean to you?
 Tips for self-assessment
• What beliefs did you inherit from your parents in money matters?
• What do you remember the most from your childhood in regards to money?
• What is the first word that comes to your mind when you hear the word
"money"?
• How important is money in your life? Why do you feel that way?
• Would you take a job (you may or may not like) just for the money?
• Do you attach a monetary worth to your being? Why do you feel that way?
• Which do you value more, money or material things?
• How do you make decisions to spend money (spontaneous, careful, do not
care)?
• How do you feel about financially privileged people?
• How do you feel about financially deprived people?
 How to discuss money?
Decision
Additional
Personal Goals Financial Goals (Joint vs.
Topics
Individual)
 Let’s discuss
• Who would keep the budget?
• Who would handle the bills and bill payments?
• How would you make money decisions for common purchases?
• How would you handle personal spending?
• How would you share planning for financial goals?
• How do you decide on needs and wants?
• Who maintains saving and investing?
• How do you handle tax obligations and filing responsibility?
• How do you plan for emergencies?
• Who would carry the insurance responsibility?
• How would you plan for retirement?
• What financial wisdom do you plan to leave for your family?
Let’s negotiate
Should we
or divide tasks?
collaborate

Negotiable
Needs

Non-negotiable
Needs
 Let’s get to know each other
• What does money mean to you?
• What is your money personality?
• What are your financial priorities?
• How do you make financial decisions?
• What is your ideal financial life?
• What are your financial expectations for yourself?
• What are your financial expectations for your partner?
• How do you overcome financial hardships?
• What do you value most in financial life?
• How willing are you to adapt to make your relationship works?
Money secrets and Infidelity

• Stop behaviors that would not be acceptable

in your relationship
• Be Transparent
• Conduct a heart to heart conversation
• Reach consensus
• Expect resistance
• Respect mutual agreements
 • We all fear to lose a loving relationship
over money problems
What’s the
• What can you do to preserve your
plan? money and by doing so preserve your
relationships?
Tips for success

Family Emergency
meetings fund

Good
Insurance
documentation
A lean
budget with Debt free
no spending credit cards
leaks
 MoneyCounts:
A Financial Literacy Series
Comments and questions

11A Grange Building

University Park, PA 16802
financialliteracy.psu.edu
finlit@psu.edu
814-863-0214