Honesty strengthens any relationship, but there are common money secrets couples keep from each other. Some secrets are minor, but others can tear your relationship apart if revealed. So, if you want a healthy, long-term relationship, avoid selective omission. Here are seven common money secrets couples keep from each other.
1. How Much in Their Savings Account
There are many money secrets couples keep from each other, and one common secret is how much they have in a savings account. Couples share everything, and some even have a joint bank account. But often times, one or both will have a secret account with a private stash. There's nothing wrong with having your own money in your own account, but to avoid problems, you need to be upfront from the very start.
2. How Much They Earn
For the most part, couples are probably honest about how much they earn. But for whatever reason, you made hide your true earnings from your partner. You might say you earn more to impress a person you're dating, or you might say you earn less in order to receive financial support. Whatever the reason, lying about your earnings – or even slightly exaggerating the truth – is deceitful and problems can develop if your partner learns the truth.
3. How Much Credit Card Debt You Have
You might be embarrassed about your credit card debt, but lying about your actual balance doesn't help the situation. If your partner stumbles upon a credit card statement, and the balance is much higher than you said, this can cause tension in the relationship. Rather than hide your true balances, be honest and work with your partner to come up with a solution.
4. How Much You're Spending
If you earn your own money, you may feel you're able to spend as you like. However, if you're trying to keep your family's finances on track, you and your spouse may agree to spend a specific amount on extras. For that matter, don't agree to a budget, only to hide how much you're actually spending. Eventually, things won't add up and your partner will question where the money goes.
5. How Much You Owe on Student Loans
There's no reason for hiding student loan debt. It is what it is, and it's not going away anytime soon. However, student debt is considered a "good debt." So, even if you owe a lot and it takes years to knock down the balance, be honest with your partner.
6. How Much You Lend Friends or Relatives
Your spouse might not like the idea of lending money to friends or relatives, and you may hide any loans you give. But this is one situation that can blow up in your face. The person who borrowed the money might never repay, or your spouse may learn about the loan from another source. Before giving money to anyone, discuss it with your spouse.
7. How Much You're Spending on Purchases for Kids
It's a common dilemma – your spouse says you're spoiling the kids, but you just can't help yourself. There's nothing wrong with buying items for your kids, but moderation is key. And if your spouse feels you're going overboard, compromise and decide together a reasonable amount to spend on the kids. But whatever you do, don't lie about purchases.
Money is a touchy topic, and many couples fight about finances. Although money disagreements may occur, you can reduce the severity of these disagreements by being honest. What are other money issues couples fight about?