January 17, 2013

The 5 Money Personalities: Book Review

Every year, as part of our annual financial kickoff and January purge, we try to do something better with our money. It's an annual tradition where we reevaluate our savings, our spending, and our investments. With two high school aged children who will be in college soon, it's very important for my husband and I to maximize how our money works for us. When I had the opportunity to review The 5 Money Personalities book, I hoped to glean some tips and additional advice. 

The timing of the book's publication was perfectly aligned with our goals, as it was just released on January 1, 2013. According to the publisher, 
Every couple argues about money. It doesn't matter if you've been married for 40 years or dating for 4 months, money touches every decision you make as a couple—from the $5 cup of coffee to the $50,000 car. And when the two of you don’t see eye-to-eye on how much to spend or how much to save, that’s when arguments turn into ugly toxic fights that leave both persons feeling hurt and angry. 
The website has several free tools, including a Money Personality Profile. I plan to have our teenagers take the test because I think knowing your money personality is a valuable step in the start of any personal financial management plan. According the authors, the different money personalities are Saver, Spender, Security Seeker, Risk Taker, and Flyer. Every person has a primary personality and a secondary one. Marriages run into trouble when the core personality types are at odds which is quite common in couples. 

I did not realize that this book was more of a couple's class and needed to be read together when I wanted to review it. That said, I am not able to offer my husband's opinion or input because he does not have the time or inclination to read the book. However, I also can say that for our personal case, the book didn't contain any particularly enlightening information, but he and I are also very closely aligned in our approach to money. We both are motivated by savings and security. The book addresses how couples with different money personalities can find ways to communicate better, which simply isn't an issue in our home. While we certainly have our disagreements, rarely are they about money. We just are very similar in how we like to handle it. 

After reading the book, I can see that it would be useful for couples who do not see eye to eye about money, although I found the advice at times a little simplistic. However, that would probably be the first step in understanding different approaches. It is not a budget planning book or filled with tips to save money. It is a way to stop arguing about money as a couple. Best of luck! 
Disclosure: I received a free copy of this eBook in exchange for my honest opinion. My honest opinion is that getting something for free is pretty much in line with my Money Personality of a Saver. 



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