Beating the Financial 'Battle of the Sexes'
Analaura Luna
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Who’s better at money management, men or women? It’s the fight of the century – but a look at the way household expenses are divided up suggest that ‘who’s better’ might not matter, and working together is the key to financial security.
In the blue corner, our contender has slick bill-paying skills and an eye on the big ticket items and investments – he’s got a strong chance of being the one to keep the family’s long-term finances on track! And in the pink corner our contender floats like a butterfly and stings like a bee! She’s a pro at managing the weekly budget and getting the best deals on grocery and clothing items for the family. In the latest issue of the Economic Vitality Report we match up the different money skills and preferences of the sexes. Are you ready for the knock-down, drag-em-out fight of the century to determine who’s REALLY better at managing money? All right! Let’s RUMBLE!
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Whoa! Hang on a minute. Before we step into the ring, let’s take a closer look at that report! It reveals that men and women generally tend to focus on different areas of money management and household spending, and it’s easy to see how this could contribute toward money becoming a cause of contention in many families. But managing your finances shouldn’t be a fight – it should be about working together to create a better future. So how about we take the gloves off and find out how couples can work together to make the most of their finances rather than turning this into a battle of the sexes?
According to the report, men are more likely to be in charge of spending on fuel, utilities, telecommunications, recreation and ‘big ticket’ items, whereas women are more likely to take control of ‘everyday’ spending for items like groceries, clothing and household expenses. When it comes to managing money it isn’t a question of gender inequality, it’s expense inequality. Understanding the imbalance in expenses could be the key to solving the money squabbles that are hurting so many relationships.
If you’re ready to call a truce and start working together to get ahead, try these simple tips for getting on the same team when it comes to managing money:
Understand the imbalance
According to the report, women are likely to be responsible for more regularly occurring expenses; men, on the other hand, are taking control of the larger, less regular expenses. When different expenses are skewed toward different genders, communication is going to be essential for defusing misunderstandings and confusion about what needs to be spent where. It’s easy to see how arguments can start – and that’s why it’s so vital that each partner knows everything about the household’s finances, even if they each control different expenses.
Play to your strengths
While both partners should have the ability to manage all areas of the household finances, you should also make the most of your individual strengths. And that doesn’t mean you have to do things according to the ‘norm’. While 53 per cent of women say they handle grocery spending and 52 per cent of men handle the utilities, if he’s better at sticking to a budget while shopping, he should do the groceries; if she’s better at hunting down the best saving options on insurances and utilities, then that should be her job. The most successful businesses work on the principle of using the best person for the job – and so should you.
Be transparent
One in ten people with a partner confess to having a clandestine credit card, and six per cent have a secret bank account. Financial infidelity can be just as emotionally damaging as the other kind – and far more expensive. Call an ‘amnesty’ and get any financial secrets out in the open so you can start working together with a fresh slate.
People can get very distracted worrying about which gender is ‘better’ at doing something – how often have you seen a ‘battle of the sexes’ for everything from race-car driving to home renovation on TV? But when it comes to good money management, if you’re part of a couple, the only way to truly be the best is to work together and start getting the most out of what you have. And if you and your partner can become successful wealth builders together, you’ll be able to say, without doubt, that YOU ARE THE GREATEST!
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Tags: money management, best saving, wealth builders
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Analaura Luna is an author, wealth adviser and founder of Your Family Your Money. Your Family Your Money’s goal is to simplify traditionally complex financial strategies, demystify financial jargon and debunk common financial myths, becoming every family’s first stop for financial advice, information and inspiration.
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