Who really wears the money pants?
My business partner and I were growing a business called Schoolrebates. We helped parents claim back a million dollars from the Government.
These parents didn’t know they were entitled to a third of their school donations back. We made it easy for them to do it online.
We noticed that 85% of the claims were completed by the woman of the relationship. We changed the targeting of our adverts to be seen by females only as we thought the blokes weren’t interested.
After a couple of months we checked the website data and it was 50/50 men/women.
But we’d spent thousands of dollars getting women to come to the site. What the?
We had it WRONG Luke! Men hunt and gather, women decide when the trigger gets pulled.
The majority of financial transactions in a household are decided by women. Sorry lads, you might think you were the pants but you probably didn’t even choose the pair you are wearing.
Every car yard has two sales people, the first one works for the yard, the second one is the male trying to convince the partner that the vehicle is the right one.
If 75% to 80% of financial transactions in a household are decided by the women, what do we need to think about?
Getting on the same page. This is bloody tough as we come from different money upbringings with different beliefs and ways of thinking.
They end up colliding in a relationship and turn into arguments the car dealer knows you have in your sh*tty car on the drive home.
Talking about money with your loved one is tough. Foolishly we tie so much emotion to money. These conversations need to be transactional and unemotional.
You know what makes them easier? Having a plan that you BOTH agree on and work towards. Financial goals, what life looks like in 5 years, how you’d navigate a big bill, who’s spending beyond the budget.
This is one of the exercises in KTC Night School that users have found useful.
All this good stuff that will help you have a road map to work toward when things get shaky. Or when impulse purchases tempt you both.
What did you just learn?
If you’re a lady you’re probably gearing up to make 8/10 financial decisions this weekend and probably didn't even know it.
There is nothing wrong with this statistic but there is if it leads to problems in a relationship so getting on the same page with a plan that you build together can help to avoid this.
Activity
- Have a chat around money with your better half, do it regularly
- Don’t have one? Sending hugs. Think about the conversation you will need to have
- Build a plan - map out 5 year goals and how you’ll get there. Set a calendar reminder quarterly to review it together
Finally, lads, step up and pick a pair of pants for yourself for once would ya. Ladies, let them decide for themselves every now and then aye? If they look like a dickhead, its character building.
Luke
P.s. You are one of 1,878 recipients. There are 21 people working through KTC Night School.
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Did you know: How classic is this: Nearly a third of women said they had primary responsibility for household saving & investing decisions, but only 5% of men agreed...
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