Lending Club Blog

Conflicting Financial Philosophies

One of the subjects I touched on in my post about spousal influence on personal finance was the fact that family members often have conflicting financial philosophies.

The reasons why spouses may have different financial philosophies are widespread, but a major factor is the upbringing of each person. We all tend to see the way our parents do things as “normal” since we don’t have many other data points. Conflicts arise when each spouse follows a similar financial philosophy as their parents, which may be at odds with one another.

Consider the example of one spouse who lives well within his or her means and another who spends all (or more) than he or she earns. While living within your means is certainly advisable, it’s hard to say which spouse is “right” and whose habits are “normal.” Each spouse probably thinks the other’s habits are rather strange.

The potential for conflict exists not only between savers and spenders but also spouses who earn much different amounts, cases where one spouse is salaried and the other works hourly, or where one wants to retire early and the other plans to work until the day he or she dies. Even something as subtle as a preference for living cash-based or cashless could lead to trouble. Cashing a paycheck may seem smart to the cash-based spouse and foolish to the cashless one.

Conflicting financial philosophies can cause trouble but also presents a growth opportunity. Considering each other’s philosophies, and the origins of each, may help you to find some common ground. If most of what we learned about money came from our parents, it’s unlikely that they were entirely correct. That means that borrowing from other philosophies could improve our overall finances.

Communication is key to many aspects of a successful marriage, and family finances are no exception. If you are able to have open, honest discussions that go both ways, each spouse stands to gain. Talking about your savings, investment, spending, and retirement philosophies will help you to better understand your spouse, as well as yourself.

Thursday, August 14th, 2008 at 9:17 am

Comments (0)

Recommended

Types of Loans 101

Growing Your Business By Using Capital

9 Reasons to Open an IRA

6 Reasons to Get a Personal Loan

See more
Lending Club Awards
  • Archives z

Recent Posts

Types of Loans 101

There are many types of loans out there and… Read More »
September 16, 2016

Meet Patrick Dunne — Lending Club’s Chief Capital Officer

Patrick Dunne, Chief Capital Officer,… Read More »
September 8, 2016

Growing Your Business By Using Capital

Smart small business owners don’t wait to consider borrowing… Read More »
August 19, 2016

9 Reasons to Open an IRA

Retirement: a word that often comes with many connotations.… Read More »
August 5, 2016

6 Reasons to Get a Personal Loan

While it would be great if we all had enough… Read More »
July 29, 2016

Lending Club and the Marketplace Model

Some of our investors have observed the funding environment… Read More »
July 28, 2016

A Recap: Credit Strength on the Lending Club Platform

We are proud of our… Read More »
July 14, 2016

A Message to Investors from our President and Acting CEO

Today, our President and acting… Read More »
May 19, 2016

Lending Club Receives Tribeca Disruptive Innovation Award

Disruptive innovation comes in many… Read More »
April 29, 2016

Lending Club Business Financing Review

One of the biggest challenges of owning a small… Read More »
April 27, 2016

2014

We went public today!

Ringing the bell this morning at the New York… Read More »
December 11, 2014

New and Improved Statistics Page

We recently redesigned our Loan Statistics page to make… Read More »
November 13, 2014

Lending Club Honored with Economist Innovation Award

This month I was honored… Read More »
October 15, 2014

Welcome Vermont Investors!

Today, we’re thrilled to welcome residents of the state… Read More »
September 4, 2014

We filed to go public today

We filed a registration statement with the SEC today… Read More »
August 27, 2014

Our Billion Dollar Quarter

We’re excited to announce  that we’ve facilitated over $5… Read More »
July 8, 2014

Is Lending Club Available in My State?

Is Lending Club available in my state? That is… Read More »
July 7, 2014

Lending Club Joins Senator Cory Booker to Discuss Improving Access to Capital for Small Businesses

Read More »
June 20, 2014

Lending Club Named a CNBC Top 50 Disruptor for a Second Year

For the second year in… Read More »
June 17, 2014

PRIME is now Automated Investing

Lending Club is excited to announce that PRIME has… Read More »
May 14, 2014
View All w