RateCity looks at whether men are really better at saving money in comparison to women and shows you tips on how to save no matter what you earn.
June 16, 2010
Are money and your savings a regular topic of discussion with your partner? Do you and your friends continually debate about which sex saves more? RateCity settles this battle for you with a report from AMP.NATSEM.
According to AMP.NATSEM’s Income and Wealth Report, neither men nor women are exceptionally good at saving. However, it finds the typical male is a slightly better saver than a typical female. Overall, even though both sexes do manage to save some money, a typical man will save approximately $620 each year while a typical woman will save about $150.
The research examined the savings between men and women from different age groups, which showed some interesting patterns. A typical woman between the ages of 25 and 34 years of age saves $380 more than men per year, who only save $240.
A typical woman in the 55 to 64 year age group saves $1660 per year while men only save $1130, that’s a difference of $530 more. The five remaining age groups; 15 to 24, 35 to 44, 45 to 54 65 to 74 and 75 and older, showed that men saved more than women.
The reasons for these differences in savings are due to a number of factors according to the report, mainly because women often take time out of the workforce to give birth and raise a family. When and if they do return to work, they may work part-time while the children are young, while at the same time men usually continue to work full-time and so they have the opportunity to save more.
Another major factor is that the average full-time working woman earns less than average full-time working male. According to recent statistics from the Australian Bureau of Statistics (ABS), males earn on average $1178.70 per week, which is approximately $415 per week more than females at $763.80 per week. Obviously this difference per week will affect the amount that women are able to save if they are earning less.
Whether you earn more than your partner or much at all, here are some tips that may help you save a little more for you:
Budget. Calculate your incomings as well as your major outgoings and then you can work out a budget and see where you are overspending and how much you can put into your savings account each month.
Invest. Transfer your savings from an everyday transaction account into an online savings account to earn more interest. Compare online to find an online savings account that earns a higher interest rate and see your money grow.
Cut back on expenses. Look at ways in which you can cut back your spending, especially with things that you do regularly. For instance, if you visit the hairdresser each month for a colour why not consider doing it yourself at home. Hairdressers can charge more than $100 for a colour, whereas a DIY kit is about $15 from the supermarket, that’s a saving of at least $85 right there.
Reduce going out. Limit the amount of times you go out, whether it is dinners, drinks or catching up for a coffee. Why not invite your mates around to yours instead or try and cook at home more often, it is cheaper, healthier and better for you all-round.
Avoid impulsive purchases. Think twice before making a big purchase on something that you don’t really need. If you don’t think you really need it, don’t get it and put that money into your savings instead.
Look for alternatives. There are always less-expensive alternatives to almost everything, including groceries, clothes, house items and make-up. Shop around to find a bargain and save more money. Try shopping online or at factory outlets so you don’t pay full price.