What Kind Of A Spender Are You?

We are at the Mall of America for the Annual Shoppers Debate. Let me introduce our panelists in order of appearance. On the far right is Tightwad Miser. Next to Mr. Miser is Poor Churchmouse, then Ima Collector and Eureka Bargain-Hunter. On the far left is Bigtime Spender. In the middle is Mr. Price Neutral. Mr. Miser, we are ready for your statement.

Mr. Tightwad Miser: Me, I could care less. I don't need anything. I watch my nickels and dimes. I live in a modest house and believe in saving for a rainy day. It gives me a good feeling to know that the money is there if I need it. I have self-control. I feel anxious and out of control when I have to make a major purchase.

Some of you extravagant, impulsive, self-indulgent wastrels accuse me of living life with my brakes on and as if I have a limited bank account. All I know is that when the bad times come, I'm going to be ready. I go for the lowest price regardless of quality. Besides, it is all advertising hooey. My push lawn mower serves me fine. The fact is, if I don't have it, I don't need it.

Poor Churchmouse: I'm not much of a shopper. How can I shop for quality when I can barely pay my bills. Every month is a juggling act. I'm always having to cut corners and buy poor quality.

You have no idea how stressful it is to be poor. If I had the money I'd shop around, but right now I have to pay the lowest price regardless. Sure I'm a little envious and jealous. You would be too. I get angry with people who have more than enough and could care less about the people around them. You have no idea how much pressure my kids feel because they can't afford to keep up with their peers.

Ima Collector: I am careful with my money. I take great pleasure in my home and the things I have. I always have my eye out for "treasures," great or small.

Of course I want value for my money but I am not afraid to spend to get what I want. I'll poke around until I see the right thing and then I get it. I can wait and I certainly live within my budget. My house looks like a museum and the garage is full of stuff. I can't part with any of it.

Eureka Bargain-Hunter: I learned to be an expert shopper as a survival strategy for our family. I use coupons, shop clearance sales, garage sales and go to discount stores and factory outlets. I can spot value at a low price. I look at catalogs and check things out thoroughly before I make a purchase.

I've become quite good at shopping and although the financial pressures aren't as great, I'm still quite price conscious. It has almost become a game with me. If the price isn't right, I wait until the store has a sale and then I get it. If it is gone, it doesn't bother me. I see myself as shrewd, knowledgeable, thrifty and self-controlled.

Bigtime Spender: I know there is a relation between price and quality. I cut through all the hullabaloo and buy the most expensive item. I don't have time to mess around. I pay attention to upscale advertising and am sensitive to prestige pitches. I go "first class." That way I know I've got the best.

I care about my image. I want people to look at me, my wife, my clothes, my house, my car and know that I have made it. I always want more. I am an optimist and believe in enjoying my money. Hey, if I run into tough times, I'll get it back. The person with the most toys wins.

Price Neutral: You're right Mr. Bigtime Spender, money is to enjoy but not for having or displaying possessions. I spend my money on experiences like vacations, entertainment and self-improvement workshops. When I buy something, it is to use, enjoy or to keep for its sentimental value. I spend money to strengthen my bonds with my friends and loved ones. I don't worry about price, either way.

There are other things in life besides going to the mall. Things like relationships, self-improvement, community participation, and spiritual pursuits. I’m not saying that money doesn't help. I think I enjoy it as much or more than the next fellow. We need to be as concerned about the quality of life as we are about the quality of the purchases we make.

Who won the debate? You decide.

A research study supports Mr. Price Neutral. Money spent on experiences is associated with more happiness than money spent on possessions. Too many people realize too late that everything they ever did, they did for money. Money is only a tool. If people value money or possessions over more important things in life, they will be more selfish, have less vitality, be more controlling and experience more distress in their lives.

This column was based on a review on the psychological aspects of money by psychologist Miriam Tatzel of Empire State College, State University of New York.