Think you know your spouse? More specifically: think you know how your spouse handles finances? A survey reveals (via CNN.com) that you might not. Harris Interactive polled to find that 26% of men and 33% of women in committed relationships admitted
to hiding their spending habits from their spouses.
Just like the immortal words of Hank Williams, Sr., "Your cheatin’ heart will tell on you"––financial statements keep no secrets. If you think that your significant other won’t eventually notice that you’ve wagered your retirement fund at the races, or that your shoe collection has grown in inverse proportion to your nest egg, it might be time for a reality check.
No matter what lengths you go to conceal your spending habits from your spouse, the details of your covert spending will eventually emerge. So here’s bit of advice: the sooner you come clean, the better. Easier said than done to be sure, especially if you’ve racked up a fair amount of debt, but this is a "pay now, or pay later" situation. (In case you’re wondering, "pay later" is the uglier option in which you’ll have less control. Go with "pay now." Trust us on this one.)
The CNN article notes that some "cheaters" may not even be aware that they’re spending in a less than forthcoming manner. So this is where everyone should ask themselves, whether or not they’re indulging in clandestine sprees: Am I routinely blowing our monthly budget with my spending habits? Am I eroding our long-term goals?
Note to the spouses who discover their beloveds’ fiscal infidelities: Diplomacy, diplomacy, diplomacy is key. An emotional reaction may not solve your financial problems, but a good financial plan can.