Money Personalities: The Spender (aka the Debt Desperado, the Pleaser-Accommodator)

General characteristics of a Spender:

 

  • Loves to buy, buy, and buy. Gets a thrill from the purchase
  • Money never sticks around too long for a spender
  • Loves fun, spontaneity. Great to be around. Life of the party. The person who picks up the tab.
  • May live on excessive debt or hide debt.

 

I am sure you all have met, or know (or are) a spender. It is a common money personality that is often maligned. Spenders bring joy and spontaneity into our lives but the shadow side – see Challenges below. As with all money personalities, the spender is not good or bad – he/she just is.

Let’s take a look….

 

Strengths of a Spender / Debt Desperado / Pleaser-Accommodator

 

  • These people are great fun to be around – they enjoy the moment and, in public, do not worry about money – they’re here for a good time.
  • They bring joy and enthusiasm to the moment.
  • Many desperados need to bottom out before turning themselves around financially but then have the ability to rally from the painful relationship with debt and money and maintain a renewed sense of financial security.
  • Giver – likes to take “care” of others.
  • Usually picks up the tab for meals, hotels, vacations etc.
  • Often very social with lots of personality

 

Challenges of a Spender / Debt Desperado / Pleaser-Accommodator

 

  • Non communicative: deny how they’re dealing with money or if there is a problem. May “hide” financial spending, statements or actions.
  • Can overspend as a way to feel better about themselves – a form of self-medication or addiction
  • Filled with regret when they do not consider the future and a challenge of life occurs:
    • job loss with no savings cushion to keep them afloat
    • divorce
    • death of a spouse, or
    • large uninsured expenses (disability?)
  • Impractical: Some will accept under par earnings due to lower confidence, “it is easier”, want time off etc., etc.
  • Lack of financial education can result in getting into debt (not knowing options for balancing one’s financial life)
  • A budget breaker

 

Want to learn more? Contact Wendy at info@nextstepfs.com

Sign up to receive our monthly newsletter and upcoming workshops.

Want to hear from us?

Would like to get updates via email from us at Next Step Financial? You can sign up for our newsletter and get exclusive information about mediation and our financial services!