Discovering your Money Personality will help you maintain a healthy relationship during a remodel.

Collaborating with your spouse on a remodel requires major financial mediation. 

If you and your spouse don’t understand each other’s Money Personality, tension and conflict will be inevitable. But, when you know and respect each other’s unique Money Personality, your renovation and relationship both get a major advantage. 

You and your spouse each have unique ideas and feelings about money. This is your Money Personality. These unique views and opinions impact every aspect of the life you’ve built together. From small things like what’s for dinner to big decisions like a major home remodel.  My husband and I spent decades teaching couples how to work with their Money Personalities for a healthier relationship, a happier marriage, and harmonious collaboration on projects like remodeling. 

Before I was a full-time interior designer, I spent 25 years working in the finance industry. 10 of those years were spent building a financial advisory company that supported thousands of clients. Another 10 years were spent building a retirement planning company that served non-profits. The final 5 years of that time were spent alongside my husband Scott, creating  The Money Couple, an education platform we developed to teach couples how to come together about money. We wrote 5 books on the subject and had several radio and TV appearances, including, Fox and Friends, CNN, and MSNBC.  In 2018, I was ready to pursue my passion for interior design full time, so we handed the business to Taylor and Megan Kavor, a delightful couple that has a passion for helping couples agree about money.  

During Mine and Scott’s time working with couples, we discovered the 5 Money Personalities. We also realized how difficult it is to maintain a healthy relationship when couples with different Money Personalities take on a big financial project like a home remodel. 

Budget size and style preference are irrelevant if you’re not on the same page about how each of you relates to money. Here’s how you can get your money  relationship in working condition before you start your remodel project. 

Knowing your’s and your spouse’s Money Personalities is essential for a remodel: 

The number of Money Decisions that need to be made while navigating a remodel is pretty massive. We’re talking about 30 different finishes, 30 different furniture selections, various living accommodations—all money decisions you and your spouse will need to agree upon.

A renovation already has the potential to be really stressful on your relationship. If there’s constant money tension between you and your spouse, the renovation and the relationship will suffer. 

Understanding each other’s Money Personalities helps you understand how your partner feels comfortable spending money. With that awareness, you’ll be able to make unified money decisions and prevent heated arguments that wear on your relationship and make the remodeling process stressful.  

Discover your’s and your spouse’s Money Personalities

There are 5 Money Personalities. Each person has a Primary and Secondary one. 

For now, let’s focus on getting familiar with the primary money personality.  

Saver- Someone who rarely spends their money without necessity. Savers enjoy saving money and when you do too! The Saver’s KEYWORD: SAVE

Spender- Someone who’s quick to spend all the money they have on the amenities, experiences, and conveniences they desire. The Spender’s KEYWORD: SPEND

Risk Taker- Someone who sees money as a catalyst for opportunities, making decisions that are “outside of the box”  and is quick to make “go for it ” investment decisions. The Risk Taker’s KEYWORD: RISK

Security Seeker- Someone who puts a lot of thought into their purchases and doesn’t seriously consider a purchase until they’ve weighed out all the pros and cons. Additionally, the Security Seeker is sure to have a well-thought-out plan in place. The Security Seeker’s KEYWORD: PLAN

Flyer- Someone who puts relationships first. Typically has an avoidant relationship with money and often has overdrawn bills and or late charges. The Flyer’s KEYWORD: RELATIONSHIPS

With each of the 5 Money Personalities come individual feeling and action patterns, and strengths and weaknesses that are all important aspects of understanding your spouse’s relationship with money.

Click this link to take The Money Personality Quiz and discover your type.

How to use the 5 Money Personalities to maintain a healthy relationship: 

Both of you will have to make accommodations for each other’s Money Personality.

It’s important to remember that money and renovations are material things that can easily be replaced, but your relationship is precious. Peace, compassion, and collaboration should always be a priority. Remember that you’ll both have to tread lightly with each other, depending on your individual Money Personalities. Here are my tips for how you can achieve that. 

If your spouse is a Saver: Make sure that the amount of money you’re going to spend is clear from the beginning. Your Saver spouse is going to get nervous every time a check is written. Volunteer to write the checks and commit to staying within the money limit.

If your spouse is a Spender:  Be willing to purchase quality finishes and furnishings. Your Spender spouse isn’t going to be worried about cost, so don’t harp on them and talk about cost all the time – it will drive them crazy.

If your spouse is a Risk Taker:  Find ways to step “outside of the box” a bit.  An example of this would be agreeing to get that “unusual” piece of furniture. Avoid  “what everyone else is doing”; this will drive your Risk Taker spouse nuts.

If your spouse is a Security Seeker: Remember your Security Seeker needs a PLAN.  Create a plan and try not to deviate from it. If you run into a challenge,  think about it as an opportunity to reassure them that they’re safe.  For example: “Hey hon, it looks like the flooring isn’t going in for 2 weeks, but that’s ok because….” – if you have to deviate from the plan, then make sure you affirm a new plan.

If your spouse is a Flyer: Remember that Flyers put relationships OVER money.  Spend extra time getting to know your contractors and interior designer. Be patient, letting your spouse get to know them. Let them have the freedom to build the relationships with your team, don’t ever rush them into leaving a conversation. 

Use both of your Money Personalities to define your investment numbers prior to the remodel.

The final piece of using your Money Personality to maintain a healthy relationship during your remodel is solidifying your investment numbers.  

It’s best practice to have the total amount of money you’ll spend on your remodel determined before you begin your remodel. Having a set budget is especially important for Security Seeker and Saver Money Personalities, but regardless of Money Personality, a remodel is a big investment in your family and future; you need to take ample time to consider how much money you want to put into it. Your interior designer should be able to walk you through the entire process and leave you feeling confident in your decision. Your interior designer should walk you through the following steps: 

1. Help you define all the renovations that you’d like to have done. For example, new cabinets or countertops, taking a wall down, refinishing the floors, etc.  
2. Outsource and bring in a trusted contractor for construction and finishing estimates. 
3. Provide you with a furniture investment estimate.
4. Hold a preliminary meeting with you to go over and confirm all project details and final investment numbers. 

Check out these before and after pictures from one of my Risk Taker Clients. 

Before: 

During: 

After: 

Maintaining a happy relationship and executing a successful design project is so much more than picking out furniture and tiles. This is one of the reasons why I am so passionate about my work and what I bring to the table. 

Scott and I created The Money Personalities as a direct remedy for the issues that we watched couples endure time and time again while going through a remodel. We made this platform with our clients in mind—and I’m extremely proud to offer this unique set of skills to you when you bring me on as your interior designer. 

My 25+ years of experience in financial advising and the development of The Money Couple Platform allows me to offer my clients trusted and expert advice on all the financial aspects that couples navigate through the remodeling process. 

When you choose to bring me into your remodeling journey, I’m more than just your interior designer. I’m your personal creative guide, an advocate for your vision, and a dependable ally in your remodeling journey. My number one goal is to get you the absolute most out of your investment all while making it as fun, exciting, and joyful as possible! 

My style is modern with a twist on traditional, functional and fabulous, and personality infused. Together we’ll uncover your home’s full potential and create a home you love. If you’re looking for a savvy, supportive, and experienced professional to help make your house your dream home, reach out to me today! Let’s talk about what I can do for you.

Interior Designer Bethany Palmer.