budgeting tips

Budgeting tips and ego honesty on women

How women and men rank themselves when it comes to budgeting and some tips on doing better.

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Are women worse at budgeting than men or are we just more honest about our wins?

Well according to a new survey, women seem to don’t have a lot less ego about their money management skills.

A new Galaxy Research poll of 1,014 people nationwide, found that 44 per cent of women and men 41 per cent say they attempt to stick to a budget but are not always successful.

The survey, commissioned by debt solutions company Fox Symes, also found that 47 per cent of women, compared to 48 per cent of men admitted that they actually know how to budget and live within their means.

A further 36 per cent of women said they were better at saving then their partners, while 33 per cent of men thought that they were the better savers in their relationships.

Money is also proving to be a major source of tensions for couples.

More than half of all people with a partner are facing potential conflicts over finances with one admitting to being “more of a spender” and the other being “more of a saver”.

Unsurprisingly, 62 per cent of young Generation Y couples battle with money issues, saying they and their partner have different attitudes towards money and saving.

This figure was significantly higher compared to Gen X couples at 51 per cent and Baby Boomers at 45 per cent.

Meanwhile 50 per cent of Baby Boomers say both they and their partner are good savers in contrast to Gen X at 38 per cent and Gen Y at 29 per cent.

“Discussing money with your partner can be difficult especially if one person likes to spend more than the other,” says Fox Symes director Deborah Southon. “

“But it’s important to have open and honest discussions with your spouse about money and to share your financial goals.”

Ms Southon shares her tips on devising a budget and says it starts with commitment and honesty.

“Start by writing down your household income and then your primary expenses such as rent or mortgage, utilities, car costs, school fees, etc,” she suggests.

“Be realistic and look at how you spend your money and identify where you can cut down on your spending. If you want your budget to work you will need to regularly monitor your spending against it. By sticking to a budget you will begin to save.”

State by state Queenslanders performed the worse on money management. Some 51 per cent of Queenslanders say they attempt to stick to a budget but are not always successful.

This was followed by Victorian and Tasmania at 44 per cent, South Australia and Western Australia at both 40 per cent, and New South Wales at 36 per cent.

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