What is your

Colour of Money?

Before making financial plans together for the future, first use the Colour of Money checklist to discover what each of you thinks about money – where it comes from, what's it for, and how it's best used.

The Colour of Money checklist is perfect for couples who want to discover and share their attitudes towards money and finances.

Colour of Money Checklist (PDF, 2 pages, 57 KB)

What is the Colour of Money?

The Colour of Money checklist contains 50 questions grouped in five colour-coded categories. It takes about 15-20 minutes to answer the questions and total the results.

The checklist is created by two family economists, Dr Dena Wise and Celvia Stovall, for the Tennessee Saves project at the University of Tennessee Extension.

 

The Colour of Money – how it works

Print out two copies of the downloaded Colour of Money checklist.

Find some quiet time with your partner when the two of you can work through your copy of the checklist.

Briefly read each of the 50 statements, and check the ones you agree with.

As you complete each coloured section, total the number of statements that you have checked.

Finally, copy each section's total to the last page, and then adds the totals to see your overall score.

Well done! Now you ready to discover what your money colours say about your money values.

Some points to note when you learn and share your results:

Most people will check at least one question under each of the five colours.

Some may respond to an equal number of questions under each colour..

All your responses are important – not just the ones in your dominant colour.

Take the time to discuss your responses with your partner.

Click a tab above to view your money colour.

No peeking!

Please complete the Colour of Money checklist with your partner before viewing the guide to money colours and money values.

Yellow: Money is not very important to you and you seldom worry about it all.

You are less likely to:

Use a spending plan or a budget

Save for emergencies

Have options if financial situations occur in the family


More likely to:

Expect others to come to your rescue when faced with a financial problem

Think problems will work themselves out

Not see the value in planning ahead

Green: You value money for the status it provides.

You are less likely to:

Shop for sales, compare prices or look for bargains.

Consider the cost of an item as long as it is the right name brand

Be concerned about the price, especially if it is an investment


More likely to:

Be attracted to prestige items, brand names and upmarket locations

Over-use credit and over-spend

Impulse shop for a rare item

Red: You value money for the fulfilment it contributes to your life.

You are less likely to:

Check and update financial plans and goals as needed

Know how much has accumulated in investments and savings

Know values of life insurances and etc.


More likely to:

Have financial goals and plan spending

Have good insurance, and save and invest

Compare prices and shop for the best deals

Blue: You value money as a means to pamper or treat yourself.

You are less likely to:

Say 'no' to treating yourself, especially when sad or depressed

Have a reason for spending

Have a spending plan and savings you can stick-tight to


More likely to:

Shop when stressed or unhappy

Justify why it's OK to go shopping instead of paying bills

Spend savings on what is wanted over what is needed

Pink: You value money for the security it provides.

You are less likely to:

Make any purchase before shopping for the best deal

Impulse shop

Shop just for the fun of it


More likely to:

Have family members and friends to come to you for loans

Have a 10 or 20 note hidden in wallet for emergencies

Get frustrated with others your consider to be careless spenders

The Colour of Money and your Cohabitation Agreement

Your Cohabitation Agreement expresses your shared vision of your life together in a legal document.

Ensure your Cohabitation Agreement is based on a solid foundation of open and honest sharing of all relevant information by:

Each completing the Colour of Money financial values assessment.

Attaching your completed Colour of Money checklists as exhibits to your Cohabitation Agreement.

Taking the Colour of Money questionnaire demonstrates that you have each taken the time to understand each other's attitudes towards money and finances.

Also, your completed checklists will be an excellent starting point for your consultation with your financial advisor about setting goals for your shared future as a couple.

 

 

4.3: Financial Values and Aspirations

4.2.1 [Romeo] and [Juliet] have reflected on and shared their financial values and aspirations. Each has completed and shared with the other the Colour of Money Questionnaire, copies which are attached to this Agreement as part of Exhibit Set C.