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The five financial languages

There is a theory that relationships are coloured by the 5 ‘love languages’. According to this theory, the way you show love to others is the way that you like to be loved and constitutes your primary ‘love language’. But did you know that you also have a primary ‘financial language’?

Below, we outline some common profiles we found in our research conducted in 2017 into the behaviours of our customers and the following personalities were clear. Could you identify which ones best represent your partner and yourself?

The cautious saver

This person is financially secure, detailed and rigid with finances. They are not comfortable spending frivolously. They have a considerable amount of savings and do it well. This person may be more conservative because of a previous disadvantaged or unfortunate financial experience.  Despite being abreast of the finances and the accounts, this person could benefit from having a vision and long-term plan. Set a budget for lifestyle, splurging and having fun. This person could seek to become more flexible when sharing with another person.

A proactive planner would be an ideal person to learn to budget and save from. This person may benefit by being challenged to dream bigger and recognize potentially overlooked opportunities. A financial advisor may be helpful with their savings to make it work hard for them.

The rebuilder

This person may have suffered a life change or downturn in their financial standing. This person is re-establishing themselves financially by using a plan and a budget. The changes are slow and incremental. They may be upskilling and are certainly paying off debt but not currently at the point of saving.  Rebuilders have a vision and a plan, and will be somewhat inflexible until they achieve the goal. This person may consider small celebrations (or splurges) as milestones are achieved.  Consolidating the existing debt may be helpful.

The enthusiastic saver

This person finds a financial trend, applies it to their lifestyle, makes a plan and sticks to it. They follow the trends and switches from one trend to another. This person may not be as money savvy, even though they may be great at following a plan.

Following trends may not always be the best way to get ahead. It’s best to identifying the best out of several different methods and apply them into one system which works best across all financial goals, set dates and review at the end. A financial planner or advisor may be able to assist.

The expressive spender

An expressive spender’s wage is spent almost as quickly as it is earned and may sometimes be considered 'one pay-check away from poverty.' They know what they should do with money but not necessarily how. This person doesn’t have excessive debt and also doesn't have much in the way of savings. The way they spend money reflects how they feel.

A strict budget and plan would be helpful good here. Perhaps removing the temptation credit card spending and swap to cash only spending. If this is a visual person, literally putting the budget into dedicated jars for weekly spending may assist with sticking to the plan. This person may not always make the connection between small actions today which become big rewards tomorrow. This person also could look for more positive ways better was to channel their feelings without spending money.

The lavish spender

This person spends lavishly and tends to be financially generous. They aren't overly disciplined with money, may not have a budget and may have a significant amount of debt. The lavish spender often relies upon credit to pay bills and fund their lifestyle.

The financial details are not a high priority to this person. Lavish spenders could look to better understand what their lifestyle costs, how to budget, reduce debt and plan for the future. If their partner is better managing finances, then this person could learn good financial habits from their partner. The partner of a lavish spender needs to offer this person space to grow and learn.

It's ok for partners to approach finances differently - you will each have your own financial strengths and weaknesses. Ideally, you will both have an equal say in decisions, including those that involve money. Where you need to, engaging the assistance of your accountant, financial adviser or financial planner may be incredibly helpful to get you on track to where you would like to be financially.