Saving is the more mature thing to do when you begin to earn money. Many just spend the money they have earned and years later realise that the only benefit of the work was the work experience.
Men are from Mars, women are from Venus. And this plays out in all aspects including finance and saving.
Of course, not all men are similar, but here’s what we think they do when they think about saving.
1. Only start saving a little late in their lives
Ok, don’t get too worked up if this doesn’t apply to you. But based on anecdotal evidence, few men start a plan to save from their first job. Most of them get serious about savings fairly late in life. Sometimes, it is only after their first serious relationship! Needless to say, it is prudent to start much earlier. Planning savings and expenditure should be more of a habit than something that needs to be learnt or adopted later.
Read more: Best Savings Accounts in Singapore
2. Analyse returns and then invest
We may be stereotyping here, but men tend to analyse a whole lot more when choosing their saving instruments. Be it bonds, ETFs, stocks or real estate, most tend to draw up comparisons of returns and check long-term or short-term viability for their investments. Again, the trend is to be more numbers-focused, than be influenced by what their colleagues or friends do.
Read more: Which Regular Savings Plan is the Cheapest?
3. Are prudent with their credit card usage
Most responsible men (and there are many!) tend to be very careful and analytical with their credit card usage. They choose the right cards for their air miles, and the right one for their dinner expenses. Men are also conscious about cashback benefits that cards and sites may offer. This awareness is all the more important in a world with endless choices!
4. Spend in spurts and see high-end tech buys as ‘investments’
We don’t talk for all men here, but spending patterns for most men show that they club their buys together, spending at one go, rather than heading out every week or month. Of course, they try convincing themselves and their brethren, that their latest tech acquisition, be it in the form of the speakers or a laptop, are ‘long-term investments’ too!
Read more: How to Save Money on Gadgets in Singapore
5. Budget hacking isn’t easy for them
Saving hacks like bringing down grocery bills or living well within a budget aren’t skills men pick up easily. Buying healthy but cheaper ingredients one month to managing school expenses another month, planning it out does not come too intuitively. If you’re the better half reading this, it’s prudent to train ‘em early!
6. Weddings tend to be their first big expense, one they save and plan for
Weddings are a big expense these days as they are a lot more elaborate than before, what with pre-wedding shoots and marriage parties. Even the honeymoon (and mini-moon) to an exotic destination requires sizeable funding and that is when serious financing usually comes into the picture. This is usually the first big expense that men start planning for.
7. Buying a home is usually their first major investment
This is an important financial milestone and a crucial element of finance and saving. With the HDB board providing affordable housing to nearly 90% of Singaporeans, it usually become the first financial goal of an earning man. In time with more experience and a better take-home, men invest in more property for business or a second home.
8. Plan insurance systematically
A smart man usually safeguards his hard-earned money. And planning for family insurance needs is serious business, one that most men take seriously. This isn’t a decision one can take spontaneously and just as they do with cars, men tend to compare, compare, and compare before they arrive at a decision! And that’s a wise thing to do when it comes to something as serious and mandatory as insurance.
Does this relate to you? How are you like when it comes to finance and saving? Let us know on Facebook!