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Interview Patty

Why Women Budget Better Than Men

And What They Can Learn From Us

It’s a tale as old as time, men are from Mars and women are from Venus. Both are planets, but as beings we’re completely opposite. The saying not only applies to personalities and living habits, it also applies to money management. It’s no secret that women budget better than men – or maybe it’s a well kept secret from men.

Just take a quick minute to think about it. Do you have a higher net worth than your husband? And do you have a larger balance in your bank account after payday than your boyfriend? If you’re the female in the relationship your answer is probably yes.

It’s nothing personal, it’s just that female personality traits allow us to budget better than our counterparts. It’s probably rare that both people in a relationship are equally good at everything and in this particular circumstance men can stand to learn a thing or two about budgeting from their female friends.

Here are three reasons why women budget better than men:

Women Plan And Men Are Impulsive

Impulse purchases, especially large ones, can kill a budget. Although shopping is commonly associated with women, they actually seem to be more disciplined when it comes to spending, saving and budgeting says financial writer Suzanne Miller. ”Women tend to get a better handle on their spending habits once they identify their goals.”

Women Are More Conservative And Avoid Risk
If your retirement savings account balance is higher or your cash flow is better than your husband it’s probably because he takes more risk and invests for the short term. Women tend to be more conservative by nature (that’s why our car insurance premiums are lower), we’re in it for the long haul and can’t be too concerned about what happens in the short term.

Men can take a page from our rule book when it comes to both the relationship and our money management style.

Women Think It’s O.K. To Ask For Directions – And Help

If you’ve ever steered off course while driving with your man you may have wanted to stop and ask for directions while he insisted that he knew “exactly where we are”. The exact same thing is true for money. If your spouse needs help paying off debt, controlling your expenses or wanting to save more there’s no shame in asking for help.

In fact a little advice can go a long way when it comes to money says popular finance website Bankrate. ”Men tend to accumulate more debt than women and default on mortgages more often, while more females seek out help for debt problems than males.”

Your man may not want to seek professional help, but he can learn a lot from you. Sit down and try to help your husband or boyfriend learn to budget better by tracking expenses, setting goals and saving on a regular basis. Your household finances – and your relationship – will thank you for it.

Source: forbes

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

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