Can cheapskates and big spenders coexist?

KERA's Think

KERA

Society & Culture, 071003, Kera, Think, Krysboyd

4.8 • 861 Ratings

🗓️ 5 September 2024

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

If one partner in a relationship holds the purse strings tightly, and the other wants to spend freely, can they co-exist? Scott Rick, marketing professor at the University of Michigan’s Ross School of Business, joins host Krys Boyd to discuss how money affects relationships, what happens when being frugal goes up against spending beyond one’s means, and how two people can get on the same page when it comes to money. His book is “Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships.”

Transcript

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0:00.0	We all know frugal people, the ones who demand you guess how much they paid for some nice thing and then delight in surprising you with the deal they scored.
0:18.8	These are people who could pay for lunch without the punch card
0:21.5	or afford purpose-made storage containers instead of old cottage cheese tubs. But for them,
0:27.4	exerting the time and effort to save money is a source of satisfaction. And then there are
0:32.9	the Titewads. From KERA in Dallas, this is think. I'm Chris Boyd. Tightwads may be pleased to find
0:40.5	bargains, but it's only because they find virtually all spending to be painful. Even when
0:45.8	they have enough income to cover life necessities and even some extras, they deny themselves
0:51.4	any of the pleasures that money can buy. The difference between frugal people and
0:56.1	tightwads, therefore, is that tightwads tend to make themselves miserable. This can be an issue
1:01.5	in relationships, especially with partners who love to shop till they drop, and we will be talking
1:06.6	about them, too. Scott Rick has studied the ways our money orientation can affect our well-being
1:11.9	and our life partnerships. He's a marketing professor at the University of Michigan's Ross School of
1:17.6	Business and author of Tightwads and Spent Thrifts, navigating the money minefield in real relationships.
1:24.5	Scott, welcome to think. Chris, thank you so much for having me. We should note at the
1:29.5	outset, calling somebody either a tightwad or a spendthrift can sound pejorative, like there's a way to be
1:35.8	with money and these folks are failing by spending too much or too little. But your concern here really
1:40.8	is about people who experience suffering because of their attitudes about
1:45.0	money. Is that right? That's right. And I mean these terms only with love and affection.
1:50.8	I myself and the spendthrift married to a tight wand. So it's all good from my perspective.
1:56.8	But yeah, I think being on one end or the other of this continuum can be, you know, there's some imperfections there.
2:05.9	And, you know, they're solvable problems.
2:09.1	But, you know, one extreme or the other can lead to some frustrations.
	...

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