Finance Tips For Men
It’s interesting, researching financial tips for men after doing a similar search for women. In women, there are dozens of tailored websites on just this issue. When researching men, websites that address personal finance for everyone show up and very little is tailored exclusively. So is there anything just for guys when it comes to finances?
Different Needs
Men stereotypically are the breadwinners, and the ones expected to deal with investments, while delegating the day-to-day of their finances to their partners, if they are in a relationship. This gives life to one of the stereotypes I hate most; that of the providing partner and the spendthrift, usually with women in the latter role. So get across it all; sit down with your partner whenever finances need to be discussed, split the bills down the middle so you are as involved, and think about keeping a discretionary spending fund each if that’s important to you.
Saving Like A Man
One article suggests ‘manly’ ways of saving money. These include becoming your own butcher, where you use every part of the meat you buy as you know how to carve it properly. Also on the list is keeping your car spending to within 15% of your budget, scheduling contractors off-season, taking cheap road trips and buying cheap meds. All of it perfectly feasible, yet nothing that I would say was particularly indicative of male finance, as opposed to frugal suggestions that could go across both genders.
Sleepwalker, Status Spender, Scrimper
Another article looking at male finance, suggests three types. The Sleepwalker, who has little attachment to money, is slightly impulsive and is a bit vague about the whole financial bizzo. The Status Spender is someone who has to flash it around, at the risk of flashing to the point where it exceeds actual reality. The Scrimper is someone who is very careful with his money. The downside is, of course, it can hinder making wise investments or having much fun in the meantime. The article, from Men’s Health, had some great suggestions for each type. Sleepwalkers should set up direct debit to avoid forgetting bills, increase their super contributions and postpone all gadget purchases for three months. Status Spenders need to decrease the amount they carry in their wallet and balance their spending to see where it’s all actually going. Tips for Scrimpers include using the envelope method, and actually spending the ‘discretionary spending’ envelope on something they enjoy. Rewards are okay too, when deserved.
Man VS Woman
So is there much to be said for gendered financial advice? The jury is still out for me. I think advising women to take their statistically lower earnings into account is a wise move, though I think there are moves that could be made on a governmental level to lessen the financial loss. Advice to men often seems to tend more towards the jocular, despite the fact that consumer debt and unconscious spending can be as big a problem for men. Overall, I think good financial advice works across the genders. Save. Spend less than you earn. Invest, and have some long-term goals. The rest is really more about what works for you when it comes to saving strategies.
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