Are You Hiding Debt From Your Spouse?
According to a recent survey, about half of people in serious relationships have committed financial deception. Hiding money can often be a symptom of an underlying problem. A major lifestyle change, like children, can have a huge impact on the family finances. It is important to adjust, and often sacrifice one’s own impulses to avoid financial problems.
Openness is often the key to a healthy financial relationship. There will always be some disagreements over spending decisions, but it is absolutely crucial that each partner knows exactly where they stand with the family finances. I recommend a software program like Microsoft Money that makes it easy to keep track of every account and every financial transaction. That way, each partner can get an up to the minute financial picture at any time. It is also important that both partners sit down once a month and talk about finances. Review where you are financially and what your goals are.
Finally, it is important to set down ground rules. A budget is a great way of doing this. Each partner should get a personal budget each month that they are free to use for whatever they want. If there is something that is more expensive than the budget allows, then they need to save up for it. Another way to handle this is through extra income. If you can’t afford your new toy, maybe its time to sell some old toys on ebay in order to raise some money. In my house, any income earned by a partner outside of their “normal” income can be used for personal spending.
The problem of financial deception can be solved with openness, ground rules, and a little creativity. As long as a couple is open about their finances and willing to work together, these problems can be avoided.
