Every relationship experiences a rocky phase or two, but one major lie could cause irreparable damage and loss of trust. Financial infidelity, or lying to your significant other about money and finances, can poison a relationship.
According to the National Endowment for Financial Education, 42 percent of Americans confess to lying to their spouses, a nine percent increase from 2014 figures.
Julia Hartley Moore, one of the leading motivational speakers in Auckland, explores what constitutes as infidelity in financial terms in today’s relationships.
Hiding large purchases
This could be anything from deciding to purchase unilaterally or making and hiding large purchases. While it is usually acceptable for a partner to spend their money as they like, they should discuss and agree to huge expenses.
If you think or feel you have to conceal your accounts from your spouse or partner, then there is something eerily wrong on the relationship. Having secret credit cards and bank accounts could mean that there exists an overspending, which might hurt the whole household. Furthermore, sinister motives could be behind this behaviour, such as spending money on an addiction or affair.
Spending funds that are joint
Having a mutual fund is a commitment, and it is important to set guidelines on when you allow each other to pull out cash from the account. Valid expenditures are mutually-agreed upon, such as paying off debt or mortgage. If a partner uses a substantial amount of money on things not approved by the other, he or she is perpetrating financial infidelity.
Financial infidelity can easily lead to abuse. If you cannot get on the same page as your partner, it is better to consider alternatives and do not be afraid to walk away. After all, money is like a litmus test for your relationship. If you have money issues, then you certainly will have relationship issues.