Women vs Men when it comes to managing their Personal Finances

Some surveys such as the Bimbo Financial Group, HHO, LINRA, among others, suggest that men have much to learn from women in the following aspects:

Women are better at keeping track of their expenses

Women are better at keeping track of their expenses

Keeping track of expenses has to do with raising the awareness we have about how we invest our money (and our time). This is one of the best ways to make adjustments on time and raise the satisfaction of knowing that we do not neglect the things that are really important to us.

 

They prioritize saving much more and being prepared for tomorrow

Saving has to do with being clear about the challenges we face and preparing to minimize the impact that unforeseen events can have on us and our family. It is the best way to take care of ourselves and care for those we love most.

 

They are less impulsive

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Acting impulsively is a reflection of the tendency to seek an immediate benefit, consisting of a larger benefit in the future. It is one of the biggest impediments to saving and investment. Training self-control is a way to deal with the problem of instant gratification.

 

They are less likely to over-borrow

Prudence seems to be a constant and more common characteristic in women than in men. The same prudence with which the former seem to have better saving habits, makes them have a better debt management.

 

They are more prudent in spending

They are more prudent in spending

The awareness they have about family needs allows women to be excellent managers of the household budget. An essential requirement for this is to be clear about our priorities and act accordingly with our money.

 

They tend more to ask for help when they need it

Overconfidence is a double-edged sword in our personal finances, especially when in trouble. In these cases it is particularly important to have the courage that women seem to have to raise their hands and ask for help when they need it. Many of the most serious financial problems have a direct relationship with not having had this gesture in time.

 

They are better at setting goals

They are better at setting goals

Eisenhower said that in preparing for battle he always realized that planning was essential, even though the plans in the end were useless. An important component of planning is the ability we have to set a goal; Among the advantages of training this skill is to find intrinsic and extrinsic motivations to adopt good habits in our finances, or have a benchmark on which we can see if we are on the right track.

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