It is not a good idea to tell fibs about your financial situation. In point of fact, nine out of ten partners in relationships that ended in the preceding two years admitted to having committed some form of financial infidelity toward their former partner by purchasing items without their knowledge. Many people in the United States believe that it is acceptable to have a credit card or savings account that your partner is not aware of. But keeping these secrets could end up being quite expensive.
When they get married, millennials keep their money separate
It’s important to talk about money, whether you’re dating someone or getting married. This includes what you owe on your credit cards. Since interest rates are high, a lot of people in the U.S. are taking steps to pay down their debts. But it’s not rare for people to keep their money separate even after they get married.
Keeping your finances separate can make giving gifts less awkward and help you avoid credit card fees if you keep your bills in your own account. But it can also make it harder to handle money together.
In the end, it’s up to you whether or not to keep your earnings separate. It depends on your situation, like whether you have a mixed family or different ways of spending money. A new study, on the other hand, found that couples who share their money are happier than those who don’t. You might want to have an honest talk with your partner about what’s best for you. Some important things to think about are:
Your relationship can suffer if you keep secrets
A secret in a relationship gets in the way of getting close. It can make you hide parts of who you are or build walls around you. It can also make people feel defensive and angry. It is important to only keep secrets when they are important and necessary.
If you think your partner is hiding something about money, it’s important to talk about it. It could be as easy as each getting their own credit card or savings account. But it could be something worse, like a secret drug habit.
It is important to talk honestly with your partner about money and anything else that is making you worried. This lets you find out what’s going on and plan how to deal with the problem. Also, it helps to build trust. Positive psychology says that trust is what makes a friendship strong and healthy.
Keeping secrets can cause a couple to split up
One study found that keeping bad news from your partner makes them lose faith in you. This can lead to a bad cycle that makes it hard for you and your partner to talk about problems and find solutions.
Your credit score can also go down if you keep lying. Many financial secrets can hurt your credit, like having an unnamed credit card account, buying things with your debit or credit card without telling your partner, or changing your passwords without telling your partner.
Infidelity about money, which is also called “financial cheating,” is another big lie that can hurt a marriage or other important relationship. According to a study by NerdWallet, people think their partners are cheating on them financially if they hide $15,050 or more in debt.
Keeping family secrets can cause stress, resentment, depression, and sometimes even physical signs like stomach problems or headaches. In the worst case, it can lead to divorce or other legal problems within the family.
Your credit score can go down if you keep secrets
People keep secrets from their loved ones for many reasons, such as fear of being judged and shame. But keeping secrets can lead to bad things, like health problems, financial stress, and relationships that are less rewarding. Your credit score can also go down if you keep lying.
If you have a low credit score, it could make it harder for you to get a mortgage or car loan. It could also make your home and car insurance rates more expensive, as well as the amount you pay for credit cards and loans. Also, having a bad credit score can make it harder to find a job.
Nearly 2 out of 5 Americans who are in a relationship say they have kept financial information from their partner or lied about it. If you don’t want your partner to find out, you could put the money in an account that only you can access. Credible lets you compare savings account rates for free and won’t hurt your credit score in the process. This way, you can save money for emergencies and be ready for costs that come up out of the blue.
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