7 Savvy Ways To Be A Financial Asset In Your Relationship
When talking about women and money, we are often portrayed as financial risks. This is because of the perception that we we either shop too much or know little when it comes to utilizing money to create long term wealth and security. So today I’d like to discuss the issue of being a financial asset in your relationship. No partner wants a woman who shops too much and isn’t financially responsible with bad credit. You’re as much of a risk as the man with a bankruptcy and continued financial irresponsibility if those are your cards. So how do we become a financial asset?
[Edit] Some of you have already commented that you are surprised by the gender assumptions made by the article. It is based on this Bankrate.com article which I found pretty eye-opening in that they specifically indicate the differences in approach to money by men and women. I don’t want you to think that I am using this article to paint all women with one brush, just understand that not all of us are working towards financial freedom because we havent been taught how to do so as the article implies.
Men and women spend and save differently:
- Women, trained to nurture and seek acceptance, view money as a means to create a lifestyle. Women spend on things that enhance day-to-day living. Theirs is a now-money orientation.
- Men, trained to fix and provide, view money as a means to capture and accumulate value. Men don’t spend, they invest. Men don’t want something, they need it. Theirs is a future-money orientation.
Embrace The Frugal Lifestyle
Before you turn your nose up at the idea, this isn’t about being cheap. This is about getting the best price you can for whatever you buy, remember, if it isnt free then it isnt on sale. It is also about figuring out your needs vs. wants, do you need that pretty fuschia sweater at Bluefly? Your partner will be able to appreciate this quality because you won’t present as a spendthrift, but as a woman informed about her buying power and not at all dedicated to buying crap and coming home with nothing to show for it. Believe me, I know 
Invest In your Career and Education
I don’t care what your life plans are. Some of us want to stay home and take care of our children and some of us want to run out and conquer the world, whatever you decide, invest in your education and/or something that you are able to do in the event that you have to earn a living on your own. A man is not a financial plan and prince charming doesn’t exist. Sh*t happens. Be smart and protect your self. Having an education even if you don’t pursue the corresponding career (English major becoming and English teacher), shows your partner that you are invested in yourself and that is the best investment that you could EVAH make.
If you’re a career woman, map out a 1-3-5-7-10 year plan and revise it yearly as it is a working document. You’ll be a better woman for it because now you’re bringing to the table a woman who is focused and intent on her success.
Keep Up To Date On The Latest Financial News
Read and be informed around current and ongoing financial issues. I’m not at all asking you to go out and subscribe to Barron’s but reading sites like Girls Just Wanna Have Funds (shameless plug), Consumerism Commentary, CNN Money, MSN Money MasterYourCard and others will give you both an insiders and main stream media view of what’s going on with your wallet. Be aware of current savings and loan interest rates, take an active interest in making the most of your money no matter where it is. A financially motivated woman is a woman who is in control of her destiny.
Engage Your Partner On Financial Issues
How much does your partner understand about the current bailout drama? Do you meet regularly to discuss house finances such as your household budget and current debt load? Make these conversations a regular part of relationship to ensure that you remain on the same page.
Maintain An Open Door Policy: Communication
Need I really say this ladies? Communication is key. Don’t haul off and buy that $400 dress without talking to your spouse if your rules dictate as such. Some people need to consult for a $7 purchase and others a $200 purchase, different strokes for different folks. Whatever yours may be, keep the lines of communication open.
I’m the shopaholic in my relationship but I make sure to tell the husband unit of any purchases over $300 that sits outside of our regular budgetary items.
Be Financially Responsible Around Debts And Money Habits
Cut that shat out! No partner wants a woman who is irresponsible around her debts and overall money habits. In his/her eyes you become more of a financial risk, especially if you have no idea on how or if you’ll pay it all back. Debt is slavery and we really don’t want to be enslaved to a perpetual debt now do we? Get a plan, read a book like The Automatic Millionaire, Young Fabulous and Broke, Smart Women Finish Rich or Total Money Makeover.
I’m not saying that you have to go into your relationship or marriage, debt free but the first step is a change in mindset and a plan to make it happen. A woman with a plan makes for a happy man. Cheesy, I know but true.
Be Charitable By Giving To Others
Give and ye shall receive. You can do through tithing, charitable work/donations and/or community service. Any service given to those who have less than you is an indication of the quality of your character. This tells your partner you are willing to part with your time and money in the service of others, can’t go wrong with that!
Question: Have I missed anything? How do you think a woman can be a financial asset in her relationship?
Okay what if the woman is a financial asset – how does she deal with the financial ass in the relationship…. especially if he’s the major breadwinner and she’s responsible to pay the bills and make sure ends meet? I could have used THAT advice 18 years ago!
Pat Williams’s last blog post..I’m wondering how you remember…
I guess I’ve spent a lifetime turning stereotypes on their head, I’m the main breadwinner, I’m the financial planner, I’m the saver, not the other way around. But I think your advice works equally well if it’s gender neutral, men can be just as big of spenders, uninterested in finance and get themselves in debt. The whole issue is partnership, be a good partner whatever your role is. Good advice.
Miss M’s last blog post..Money Saving Tip – Shop Less Often
I have to agree with Miss M – I am the main breadwinner, the financial planner, the saver and anything else that might be missed. I will admit that I am also the shop-a-holic but I share that with mu hubby!
In any case – this really is great advice for man or woman. No one should ever be dependent on their partner for financial freedome. Get it done yourself and enjoy your partner as a companion instead of a bank! Money is one of the top reasons people get divorced – don’t let it be one of yours…
Count me in as another who was surprised to click on a gender-neutral link to get a presumptive article.
That said, all 7 make good sense regardless of gender or relationship. Ramsey’s Total Money Makeover, found in the summer of ‘07, put me and my family in good stead for today’s economy.
I’m now working on “Invest In your Career and Education” and the 1-3-5-7-10 approach looks very interesting indeed!
I know that most of you are savers but look at this article from Bankrate.com:
http://www.bankrate.com/brm/news/credit-management/men-women-money.asp?cartitle=No%20debt&thisponsor=NDMGMT
“From birth, American women and men are raised to view and spend money quite differently. Our socialization, a trained behavior, is primarily modeled after our same-sex parent. While experts agree these generalizations are breaking down, here’s the money paradigm most of us have been dealt:
“Women, trained to nurture and seek acceptance, view money as a means to create a lifestyle. Women spend on things that enhance day-to-day living. Theirs is a now-money orientation.
· Men, trained to fix and provide, view money as a means to capture and accumulate value. Men don’t spend, they invest. Men don’t want something, they need it. Theirs is a future-money orientation.”
I’ll add and edit the article for clarification. But I would concur that this is a pretty general view that is held of women when it comes to money.
Ginger’s last blog post..7 Savvy Ways To Be A Financial Asset In Your Relationship
For (most of) the ladies of my generation (I’m 24), having the ability to bring in the dough yourself is a given. I would like to think we will see that as young women invest more in their career security, they will want to see the fruits of their labors in their bank statements as much as in their closets, and they will learn to take ownership of their financial health, no longer expecting to rely on Daddy and Prince Charming to bail them out.
That said, I can’t count on one hand the number of peers I’ve heard state aloud their need to meet a sugar daddy who can pay off their credit cards. Or the number of jobless peers I know who somehow manage to carry $700 purses. And while we may be willing to push ourselves through grad school, I wonder if our compulsion to have expensive shoes and clothes (thankyouverymuch, formative teen years watching Sex & the City, pre-teen years of 90210), has condemned us to never keep our spending within the confines of our salaries and always think that plastic is the answer.
Holly’s last blog post..Here comes the bride, all dressed in… diapers, because she’s too wayyyyyy too young for this crap
I think both articles are full of assumptions. I am a bank marketer and look at the research daily. Young women are actually showing trends of greater financial responsibility then men. Women are out-saving men. More single women buy homes than men. Women are the more frugal budgeters. Men may invest more in the markets, but they also tend to take bigger risks and lose more. Women may celebrate with a shopping splurge, but they are spending less then most men are in fulfilling more costly and perceived “needs.” We are a consumer culture, and entertainment caters to these financial gender stereotypes, but the reality is, we women deserve a lot more credit than we get.
This is so true! perfect example: My mom and dad receive about a $30,000 windfall
They decided to split the money my mom had $15K to spend as she please same as dad
My mom immediately spruce up the house buying new furniture (nothing was wrong with the old furniture) brought more clothes. I mean everyday she was busy going out buying stuff.
My dad bought little things he needed.
Long story short, my mom was asking my dad for money 3-4 months later, LOL
He had $14K saved in his account. He only spent about 1K on stuff he needed, for as living expenses he had cash flowed it through his paychecks.
My mom has no bills however she spent her half very quickly on stuff.
Good thing my dad is not like my mom with money.
Moneymonk’s last blog post..Is being frugal attractive?
great site beautiful design! neat and readable
[...] Ginger at Girls Just Wanna Have Funds gives readers 7 savvy ways to be a financial asset in a relationship. Now, the article is based on [...]
[...] Ginger at Girls Just Wanna Have Funds gives readers 7 savvy ways to be a financial asset in a relationship. Now, the article is based on [...]
[...] Ginger at Girls Just Wanna Have Funds gives readers 7 savvy ways to be a financial asset in a relationship. Now, the article is based on [...]
[...] Ginger at Girls Just Wanna Have Funds gives readers 7 savvy ways to be a financial asset in a relationship. Now, the article is based on [...]
I book marked the site i never seen so many good resources in one place and free.
Thanks, that must have taken a loads of work to put that together. This is a great summary.