Women are better than men at saving for a house deposit

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Men may whinge about how their partner’s shopping addiction scuppers any attempts to raise a house deposit, but are women the real saving superheroes?

The results of one national survey certainly suggest that the stereotype of the frivolous big spending lady should be resigned to the scrap heap. According to the RAMS Savings Satisfaction Survey by Gender and Generation, 73% of women are willing to rein in their spending habits to hit savings goals, whereas only 68% of men are prepared to go to the same lengths.

According to the survey, 67% of female respondents would stop eating out to boost their savings, while 58% would stop buying clothes and shoes. Men are also willing to sacrifice eating out (68%), but were reluctant to put off alcohol purchases to beef up their savings account balance (36%).

As well as saving for a house deposit, other reasons that both sexes cited for bringing in personal austerity measures included saving for a rainy day and paying for a holiday.

RAMS Chief Executive, Melos Sulicich noted that around a third of men (31%) and women (43%) were looking to save for a house, which shows that “the great Australian dream of home ownership is still very much a big priority”.

Saving tips:

  • Keep savings separate and make sure you are getting the most out of your savings by putting them in a high Interest savings account.
  • Check the interest rate on your high interest savings account and make sure it is giving you a good interest rate to make sure you are saving your money more wisely, more efficiently and drive your dollar further so you get the most back in return.
  • Earn to save, not earn to spend. Your money is better off being put to work in order to make more money and increase your net worth.
  • Create a budget (and stick to it). It’s important to remember these three tips when sitting down to make a budget: use after tax income figures not your gross salary, do not include irregular income that may not be reliable and when calculating expenses, use consistent expense periods such as weekly, fortnightly or monthly.

Source: RAMS

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