Financial Infidelity: How to Have the Difficult Money Talks in Your Relationship
Discussing money can be a delicate issue, even when it is with your partner. Recently, you and your partner have been facing the same money-related problems and you are uncertain of how to resolve them. But you are far from alone on this issue. The GOBankingRates survey revealed that 19% of Americans aged 18 and above stated they sometimes quarrel with their partner over financial issues, while 13% stated they often have such arguments.
These points of view may be causing secret-keeping. 21% of people have confessed to concealing purchases from their significant other; this percentage increases to 28% among those aged 45-54. 20% of people suspect that their partner is being untruthful about their finances, which corresponds to the same figure. Thirteen percent of people have debt that they are not disclosing to their partners.
Money issues and tensions are widely known to be major sources of conflict in relationships and leads to divorce. Financial infidelity is a real issue, and it can cause deep resentments in a relationship if it is not addressed. Consider a partner who hides debt or isn’t honest about the extent of their assets. When a couple is attempting to save up for a large purchase such as a down payment on a house, one partner's reluctance to communicate can impede the progress of their goal and adversely impact the other partner's finances. Money experts refer to these types of habits as “financial infidelity.”
What is the best way to begin a potentially difficult conversation? No matter what stage of the relationship you are in, these are some tips to help you approach “money talk”. In order to start the often “uncomfortable” conversations around money, young couples should be open and candid regarding their financial situation, objectives, attitude, and plans for the future. Engaging in dialogue around finances can be advantageous in that it facilitates the process of formulating sound decisions and creating a strategy for achieving both parties' financial objectives with little to no modifications to their respective lifestyles or ambitions.
Discussing finances early on in a relationship is vital, as failing to do so can lead to money becoming a source of tension and potentially cause serious damage. It is important to be upfront and honest about financial matters, as this can prevent any issues arising later on. These conversations can be hard to have, but it’s important to make sure both parties are on the same page about money and that both parties feel respected and heard.
One way to tackle the problem is to establish a joint account.
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