One of the most common causes of disagreement and discord within a relationship is money, leading many women to ask the question: How do guys save money?
Why Women Need to Know: How Do Guys Save Money?
One of the major obstacles in a relationship is how to acknowledge and overcome basic differences between men and women when it comes to financial planning. A primary cause to that obstacle is the tendency of both genders to generalize, downplay, and stereotype characteristics about the other gender.
How Men and Women Handle Money Differently
A 2007 study by the Desjardins Group, a Canadian financial organization, found the following gender differences related to financial planning.
- Women prioritize finances according to family well-being. Men prioritize based on family objectives.
- Women are generally more concerned about funding the children's education. Men are generally more concerned about planning for retirement.
- Women prefer establishing a budget. Men are more concerned about tax consequences.
- Women prefer short-term investments. Men prefer long-term gains.
The Desjardin Group also pointed out the differences between answers by men and women provided were by a very narrow margin. This means that men and women generally both make the right financial decisions, but the subtle differences listed above cause disagreement when goals and objectives are discussed. The truth is, all of these priorities are important, so no one is right or wrong. But when you are on a common financial path as a family, you have to agree on the goals and priorities that are most important for the family as a whole.
What Saving Means to Men
Pick a financial issue, any issue, and watch the reaction from two people in a relationship. Whether it's shopping (many men roll their eyes and point a thumb to the woman), or impulse buying ( a lot of women laugh and point at men), each gender has its financial strengths and weaknesses. Most of these can be blamed on generations of cultural training that have become almost genetically ingrained and culturally encouraged. The following tips are intended to help men overcome those cultural obstacles, and to help women understand how guys save money. Doing so will not only help you achieve financial independence, but also help you communicate with your wife or significant other about financial matters.
How to Save Like a Rich Guy
Men tend to connect their financial status to their identity. Some men refuse to date for years because they feel as though they "can't afford it." Your first order of business is to chuck that outdated concept out the window. You can live, date, marry and retire feeling like a rich guy without having an income over $100,000. The following savings tips will help you to live your life comfortably while saving a fortune over the long term.
Money Saving Tips for Men
- Date on a Dime: Men spend a fortune on a date only because they fail to creatively think outside the box. You can capture the attention of any woman with a single $3 rose, a $6.99 bottle of wine, and the dinner-for-two special from KFC. Just strategically place the rose in a glass vase, unpackage the meal onto classy serving plates, and voila!
- Offer Time Instead: Most women would much rather have your time than your money. It's true. Leave from work early, go home, and spend the afternoon and evening with her watching an old classic film on television. This type of date once in a while is romantic and doesn't cost anything.
- Shop Online: You may need tools to finish a weekend project, but if you buy them online, you stand to save at least half the cost of buying new.
- Clip Coupons: Think only women clip coupons? Don't believe the hype. Many of the leading manufacturers offer significant coupons off of things men need, like shaving gel, shampoo, and deodorant.
- Rent Out The Camp: If you have purchased or inherited a hunting camp, consider renting it out. The IRS allows rental income, tax-free, for up to 14 days. Invest that income into a CD or mutual fund every year and watch your retirement fund grow.
- Buy Late, Save Money: Take it from a technology insider: the first year new technology hits the market, prices immediately peak. Within about 12 months, prices drop. Resist the urge to purchase the latest gadget. If you really want that toy, just wait at least 12 months and you'll pay at least 40 percent less for it.
- Do-It-Yourself: When you're tasked with adding on a deck or finishing the basement, consider doing most of it yourself. The cost of materials alone is less than half what you'd pay if you hired out the work. Not a handyman? Take out a few library books on carpentry and start reading!
- Buy Last Year's Model: You've been eyeing a sweet, sporty new car, but the price tag is just too high to justify. Here's the good news: you can own that sporty car and feel financially savvy at the same time. Auto manufacturers always offer steep rebates on last year's model. Find the best rebates, and you stand to save $2,000 to $6,000 off your next car.
Additional Resources
"How do guys save money" is an important question, and most men and women will continue to answer it differently. However, one thing is certain: finances form the backbone of every family. A healthy attitude toward each other and a mutual respect for your individual goals will help you achieve the family financial success that you long for. For additional help with saving money, visit the following valuable resources:
