If you've ever wondered about the feelings you or your partner have when spending money, listen to this episode with Scott Rick, Associate Professor of Marketing from the University of Michigan, and author of the book Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships.
In our conversation, Scott explains his definition of a tightwad and spendthrift before we move on to discuss:
- Dating advice in the context of spending types
- Attraction tendencies between spending types
- Spending on engagement rings and weddings
We move on to the issue of combining money in relationships and a discussion of the study Prof. Rick co-authored exploring using joint vs separate bank accounts. Listen to learn which option led to greater happiness, and why complete financial transparency can be problematic.
Another tricky financial topic for couples to navigate is purchasing gifts, so we dive into how spending types impact the way you and your partner select gifts, and we provide some gift-giving advice.
Lastly, we wrap up our conversation with a great practical piece of advice from Prof. Rick on how to navigate spending disagreements between tightwads and spendthrifts.
If you like what you heard...
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Edited by Veronica Gruba
Music by Sage Holt-Hall
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