Sounds chauvinistic, but unfortunately studies prove it’s true, men manage money better than women. If you’ve resolved to be more fiscally responsible this year you’re not alone. Thousands of people resolve to be better with their money each year, only to quit a month later.
Make 2016 the year you conquer personal finance and get financially healthy. Here are five ways men manage their money successfully, and how you can to:
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Having a plan
When you don’t have a plan or set of financial goals it’s easy to burn through your paycheck. Don’t waste your hard heard funds, establish a plan and put that cash to work. Establish and prioritize financial goals. If you have debt – a mortgage, car payments, student loans, credit cards etc. – it’s a good idea to prioritize paying it off. Credit cards are often the easiest to pay off and have the highest interest. Pay them off first then tackle that student loan or mortgage which should take longer to pay down.
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Get automated
Setting up auto bill payments is one way to make managing your finances easier, but there’s even more you can do to get on track. Use your employer’s direct deposit service to automatically deposit funds into savings accounts. It’s harder to spend money you don’t see or have easy access to.
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Let go of that baggage
Don’t let your emotions rule your financial decisions. You may have grown up in a home or in a relationship where you were unable to buy what you wanted. That may cause you to overspend once you gain financial freedom. Don’t let the past govern your future. Whether you made bad money decisions in the past is irrelevant, you can correct your finances now and build a strong financial future.
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Face the facts
If you’ve avoided looking at your finances for fear of what you might see, now is the time to face that fear. Avoiding your debt can only make it worse. The longer you let debt linger the more you’ll owe in late fees and interest. Face your debt head on, start making payments and clean up that mess while it’s still manageable.
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Seek therapy that doesn’t come with a price tag
Women and men can use shopping as a form of therapy. Stress can cause you to over-shop which leads to poor finances and more stress. If you’re feeling stressed get active, take a staycation, read a book or take part in other healthy activities that enrich your mind and spirit and not your closet.
You can get better at money management. Resolve to make this year the year you conquer your finances and then the world.
How do you stay on top of your personal finances? Who’s the better banker you or your spouse? Let us know your thoughts in the comment section below.
