February.14.16Personal Finance
Money Matters Feb 1st
Money Matters with Nimi
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Tough economic times can strain not only a couple’s finances, but their relationship as well. Indeed, financial concerns are one of the most common sources of tension in relationships.

For many men in particular, February has become a time of immense financial pressure. According to the Huffington Post, a survey estimated that this year, Americans will spend an estimated $17.6 billion on Valentine’s Day which comes second only to Christmas, and ahead of Mother’s Day and Easter.

Of the expenses, 89% are gifts for spouses and partners, the rest being for children, parents, siblings, friends and colleagues. I wonder what statistics would show in Nigeria as the pressure of Valentine’s Day looms. How do I cope with this? You may be asking.

Don’t Feel Pressured – If you are not a millionaire, you cannot afford to fly your loved one away to a wonderful five star resort for the weekend, or buy her some fine jewelry. If you are earning N200,000 a month and your girlfriend expects and insists upon an authentic Hermes bag for Valentine’s Day, perhaps you need to find a new girlfriend who will be more than satisfied with a lovely hand written card, and a good movie followed by a quiet dinner for two in a nice restaurant.

Five Money Personalities

According to “The 5 Money Personalities: Speaking the Same Love and Money Language” by Bethany and Scott Palmer, there are five major personality types. Most people have already established their own money personality and preferences well before they become part of a couple.

 

Spenders simply wish to spend with reckless abandon using even credit cards if they are short of cash. They tend to live way above their means and are often broke. They tend to be generous with friends and family.

Savers have great difficulty parting with money and are always in search of bargains. They can sometimes be regarded as stingy scrooges. The good thing is that they live without the pressure of being broke.

Risk-Averse personalities are very cautious and plan carefully for every eventuality. Their hesitation to part with money can be irritating but their families tend to be comfortable. Because they seek safe, secure investments however, they lose out on significant opportunities due to their risk aversion.

Gamblers will risk everything for a big payoff. They will mortgage even the family home for the prospect of a big deal. This means that whilst there is the possibility of significant wealth they can also lose literally everything.

Flyers don’t think about money at all. It just isn’t a priority and they really do not wish to be bothered about money matters or financial planning. They just coast along.

The Way Forward

What is your money personality and do you know that of your partners’? It is important that you and your partner are financially compatible and this is what we bring to the fore at the Romance & Finance Workshop on the 12th of February.

romance3 (4)More Details :

Fees: Singles – N35,000 // Couples – N60 ,000 only
Enquiries : 08091717381
INVEST IN YOUR RELATIONSHIP TODAY, REGISTER NOW!

Look out for NEXT POST : How to Have a Good Valentine Without Going Broke based on Gary Chapman’s book, The Five Languages of Love. 

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