Why Women’s Relationship with Money is Not the Same

Women’s relationship with money can differ from our friends and family, as we all have different personalities that control the way we have a relationship with money.

Do you know what type of personality you have that controls your relationship with money and how you spend and save and the value you hold on money in your life.

There are different money personalities that describe values that you hold.

1.The Freedom Lover Personality.

The Freedom money personality’s attitudes are “easy come, easy go”.

Don’t fence me in. Money is a means to an end. 

The end is often travel and mobility with a sense of adventure. 

Freedom people do not like the perceived restrictions of a budget.

A basic outline of the freedom lover personality and a women’s relationship with money to find out more take the quiz.

Freedom personalities enjoy living in the now moment.

2.The Status Image Personality.

The Status and Image personality is a classic spender. 

Status and Image personality prioritise money to look good and have the best house in the best street. 

A wealthy partner as a good catch helps to fund the Status and Image lifestyle.  Their friends are most often in the same money bracket.

Social media tends to also become especially important to share this lifestyle with others. 

The typical capital city socialite A-Lister photographed and reported in the social pages fits into this category.

Ambitious to have a very well-paid job creating wealth and enjoy being seen as wealthy. 

Take note this is just a glimpse into this personality, if this resonates with you take the free money personality quiz to see.

3.The Saver Money Personality.

For the Saver money personality, saving money is essential to their emotional wellbeing.  Money saved represents safety and security.  

Opening a bank statement or savings passbook and seeing the amount of money increasing is very comforting.

This nest-egg money is the Saver’s buffer in case of emergencies or unexpected events.  It also represents their sense of wealth. 

The savings account is not the best investment option but it feels safer so they leave it there.

For the Saver, there is also a sense of pride in frugality. 

Getting the best deal, saving money on every item purchased and taking pride in getting the best deal on any larger purchase is very important. 

Telling people about it reinforces their sense of achievement.

Which one are you?

Take The Quiz to find out In more detail…

Women’s relationship with money are changing

Women face adversity when it comes to their financial well-being.

As women struggle with retirement savings, they’re more likely to live in poverty than men, especially the elderly.

Women earn 80.5 cents on the dollar compared with their male counterparts. At current rates, it will take until 2059 for women to earn as much as men.

But the aspect that’s not often discussed?

As the wage gap lowers women’s earning potential, women are simultaneously becoming more responsible for their household finances.

Recent research finds that women are increasingly becoming the breadwinners.

Today, 42 percent of women with children under age 18 are the primary or majority source of income for their household.

Women are juggling more financial and social responsibility than they have in the past, and it’s leading to increased pressure, stress and anxiety.

Women deal with more financial stress than men

Suicide rates among women are increasing.

Researchers haven’t identified a major cause, but speculate that the increasing stress of finances, children, marriage and elderly parents could be the culprits.

It is a daunting reality that can’t be ignored.

A recent Bankrate survey found that most women are losing sleep because of financial stress, they accounted for 57 percent of the population.

Women will worry more, or not talk about it but think about it over and over, because they are worried about upsetting the people around them.

“So, they just keep it to themselves.”

Women are more communal and tend to prioritize giving back and taking care of those closest to them, whereas men often seek out advancements to their own status.

Primarily, I’ve seen men view money as a measure of their power, while women associate finances as a means of saving for their family and their security.

Because of this, women tend to have difficulty planning for their financial futures, like retirement.

5 Tips to Change Your Relationship with Money

1. Be willing to have money around your personality

When you are willing to have money, you stop being focused on “not enough” or just getting by or spending it all.

Start keeping 10 percent of every dollar you earn and keep it in a savings account.

This starts training you to have money.

People who absolutely love money are willing to have it and spend it without guilt.

If you overdo it with spending it too often, and you start to resent money.

2. Use your money to make money with your personality

Do you have a hobby or passion that has the potential to become a profitable side business?

 You could make extra money while doing something that brings you a lot of joy.

Or would rather invest in something?

Learn about the stock market, try your hand at investing and see if it’s something you enjoy doing.

3. Commit to creating wealth your personality style

Look at your finances. And be brutally honest with what’s actually going on.

Figure out exactly how much you owe, the income you have each month and all your monthly expenses, down to the cent.

After committing to keeping track of my money, I found myself making wiser choices about my money.

When I started setting aside that 10% of my income, I was surprised by how much money I really earned.

4. Ask for the money

If you think you deserve a raise, ask for it.

If someone owes you money, ask for it back even if they can pay you off it they can’t afford in a lump sum.

You might fear them thinking you are greedy but having the willingness to receive money is just as important as giving.

5. Educate yourself about money

I used to think that learning about money was the most boring thing in the world.

But when you love something, you want to know all about it right?

Fun and free training courses online are a great place to start and you can build up your knowledge, so you can understand more about money and managing your finances.

While some may still find it boring, you will find that building this knowledge will pay off in the future, and you’ll reap the rewards sooner than you think.