A spendthrift is someone who spends money in a recklessly wasteful, extravagant, or improvident manner, often spending beyond their means. This type of person frequently wastes their income or inheritance on unnecessary, impulsive purchases, often resulting in poor financial security. Key traits include a lack of savings, ignoring bills, and a tendency to prioritize immediate wants over long-term financial stability.
Historical figures who have been characterised as spendthrifts include George IV of the United Kingdom, King Ludwig II of Bavaria, and Marie Antoinette the Queen of France. The term is often used by news media as an adjective applied to governments who are thought to be wasting public money.
The term "spendthrift" originated around the early 1600s, combining "spend," meaning to pay out or use up money, and "thrift," which historically referred to prosperity or wealth rather than frugality. Thus, a spendthrift is someone who spends their wealth recklessly or wastefully.
: a person who spends improvidently or wastefully. Examples: David complained that his eldest son was quite the spendthrift, and was always writing home from college requesting more money. "
A spendthrift frequently engages in impulsive or excessive spending, often buying things they don't need and living beyond their financial means. They may disregard budgeting or saving, prioritizing immediate gratification over long-term financial stability.
Ignoring bills or payments: If you frequently miss or forget to pay bills because you've spent money elsewhere, it's a warning sign. Lack of savings: Failing to save for emergencies, retirement, or other financial goals is a sign that you may be overspending.
Five common money personalities are investors, savers, big spenders, debtors, and shoppers. Debtors and shoppers may tend to spend more money than is advisable. Investors and savers may overlap in personality traits when it comes to managing household money.
Deep-seated attitudes toward money internalized in childhood often influence spending decisions into adulthood. And the act of making a purchase, especially one that has strong emotional underpinnings, can trigger feelings of pleasure, which can be a motivator to spend more.
The popular image of a spendthrift is that of a person who is careless and wasteful with money. They are seen as someone who indulges in unnecessary purchases, lacks financial discipline, and often spends impulsively without concern for future consequences.
What is the difference between a miser and a spendthrift?
In summary, while a miser is characterized by hoarding and aversion to spending, a spendthrift is characterized by reckless expenditure and disregard for saving. Both represent extremes in money management, with one focusing on excessive saving and the other on excessive spending.
Synonyms of "spendthrift" include "prodigal," "waster," and "wastrel." "Prodigal" also has the suggestion of such enthusiastic waste that it would deplete even the most lavish resources, whereas both "waster" and "wastrel" imply that in addition to wastefulness, the person has such dramatic character flaws as to be a ...
What is the difference between thrifty and spendthrift?
While thrifty refers to being economical with money, spendthrift means the exact opposite—someone who spends money irresponsibly. Curzan explores the etymology of thrifty to get to the bottom of spendthrift. “Thrifty comes from the word thrive, meaning 'to prosper,'” Curzan explains.
A spendthrift person is reckless and wasteful with his money. If you're a spendthrift, you might find yourself in debt. However, it might be fun to have a spendthrift friend who likes to treat you to expensive lunches and lavish gifts.
During a manic episode, many people with bipolar disorder tend to make poor financial decisions – overspending, impulsive buying, or excessive generosity. Not only do these decisions lead to harsh financial consequences, but they can also leave you feeling guilty and remorseful, and put a strain on your loved ones.
A major psychological factor behind stinginess is the fear of future financial instability. Past experiences with financial hardship or uncertainty can drive individuals to tightly hold onto their resources. The anxiety of not having enough for future needs can overshadow the desire to be generous.
Research has identified seven distinct money personality types: the Compulsive Saver, the Gambler, the Compulsive Moneymaker, the Indifferent-to-Money, the Worrier, the Saver-Splurger, and the Compulsive Spender. Most people exhibit a combination of these traits.
Based on the above four dimensions, extroverts, sensors, thinkers, and judgers tend to be the most financially successful. Diving into specific personality characteristics, certain traits are more closely correlated with higher income.
With good money habits, they empower you to make informed decisions, prepare you to better handle emergencies, help you to work towards your financial goals and achieve sustainable financial wellness. At DBS, we encourage you to inculcate 4 money habits in your financial journey: Save, Protect, Grow, and Retire.
