When One Partner Isn't a Cheapskate

In a perfect world all parties in any relationship would be on the same page when it comes to living the Cheapskates way. In the real world however that just isn't the case.

Living with a spendaholic can be difficult. It can be even more difficult to get them to change their habits, often developed over a lifetime.

A small dose of reality will often be enough to change their attitude towards money.

Often people don’t like to take advice from their spouses, and it may be difficult to “make” him or her change.  However, you can do some things that might help him/her see the reality of the situation.

Sometimes, meeting with a professional can really help put financial realities into focus.  Preparing for this kind of consultation will force at least some tallying of financial resources. Also, it is helpful to decide on goals for the future (retirement, education funds for the kids, paying down debts).  A good financial advisor can give realistic tips on how to achieve these goals.

Eliminate credit cards. Credit cards make it way too easy to overspend.  Work on paying down the balances, and then cancel them.

If frivolous spending is a problem, agree on a fixed amount of “mad money” for any extras each month.  Each person can spend it how he or she wishes, but can’t go over that amount.  Pretty soon, it will be clear how quickly taxis and lunches out can make that money disappear.

Don't give up. Continue to lead by example. It can’t hurt to model the behavior you would like to see emulated.  Continue to demonstrate thoughtful spending.  Suggest eating at home sometimes to save some extra cash, for instance.

And lastly don’t forget the value of an honest, heart-to-heart conversation.  Try to get at the root of spending behaviors, and work together to find a solution.  Spending and budgeting are family issues.