Financial Infidelity and Your Marriage

By , Posted on Jul 26, 2010
credit card debt
credit card debt

Financial infidelity may be more of a problem than you think. A recent survey done by CESI Debt Solutions shed some light on what couples are hiding from each other, and it’s not only surprising, but may cause you to raise some questions of the financial honesty of your marriage.

Here are some of the facts they found: Of the people surveyed, 80% of married couples spent money that their spouse was unaware of. In addition, almost 18.5% of the people have secret credit cards!

The numbers are a little alarming, but don’t panic just yet.

If you are not married, sit down with your future spouse and talk to them about everything financial. Calculate how much debt you each have, your number of credit cards, how much is in savings, and how these costs stack up against your yearly salaries. Keep in mind that one of the most important elements to this conversation is understanding. Of the people surveyed, 43% said they kept their spending a secret because they wanted to avoid an argument.

If you are already married, have the same conversation but bring into account monthly expenses that you both share, such as utility bills, mortgage/rent and so on.

If you discover that you and your partner have drastically different spending and saving styles, make sure it doesn’t drive a wedge between you. Instead, work out a compromise so you can each spend without the guilt or secrecy and without getting into further debt.

For instance, talk over the idea of opening separate savings or checking accounts, as well as keeping a joint account. This allows you to both to have some freedom, and still be able to pay the bills through your joint account.

Also, keep having financial conversations on a weekly or bi weekly basis, and definitely talk and do your monthly calculations before the bills are due. This way, you know how much you need to save and are allowed to spend next month.

If you need help sorting through your debt, contact the debt counselors at DebtHelper.com or call 800-920-2262.

And to see more statistics that the survey found out visit the Forbes website.

Source:
Forebes.com

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