Cheating With Money – Part 1
What does infidelity have to do with money management? Are you sneaking around on your spouse with your money or purchases? Do you lie to your spouse about money? Does your spouse know about all of your debts? Is gambling a secret that you keep from your spouse? All of these are signs of financial infidelity. Signs that you are “cheating” financially on your spouse!
Financial infidelity is when a couple with combined finances (with either one or two incomes), lie to each other about money. It is secretly spending money, having credit cards, having secret accounts or stashes of money, borrowing money, or building debt without the knowledge or willingness of your spouse or significant other.
Financial infidelity usually starts with one spouse making small money choices without the other spouse’s knowledge. There may have been one night of gambling losses or one impulsive purchase. Or a monetary gift or loan to friend or relative. There are so many possibilities. Before they realized it, this became a regular practice and built up over time.
Increased debt and decreased savings are two major results of financial infidelity. However, resentment and lack of trust are even bigger results that could lead to the end of the marriage and/or the relationship. Once the credit card(s), checking or savings account(s), stashed money, and/or hidden debt have been discovered, it is all but certain that the other spouse is going to feel betrayed.
Obviously, betrayal can lead to divorce. However, there are signs to look for to prevent financial infidelity from ever happening or getting too far. If it’s too late to prevent it, then let’s look at ways to heal the wounds. Learn more about financial infidelity, what to look for, how to prevent it, and how to resolve it in the next blog post.
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