In this series I am covering the 24 tell-tale signs that you could be in financial trouble. Over the next few weeks I will be presenting these signs, how to identify them and tips on how to address the issue.
The last few signs of financial trouble have had to do with financial issues in a relationship. Today I round out the relationship issues with a big one that can be detrimental to not only your finances but your relationship as well.
When you cannot bring yourself to be completely honest with your spouse about what something costs or what you have recently purchased, you have already started down a very dangerous road of financial trouble. You may not even be intentionally lying about what you are buying or what it costs, but you are not being completely honest either. Why do people do this?
It could be that you are embarrassed about what you paid or you think by being less than truthful you can avoid an argument altogether. The major issue is if you tell your spouse that something cost $25 when you know it really came out to $75, you are hiding something that should not be hidden. This type of behavior needs to stop.
It Doesn’t Matter if it’s Big or Small
When purchasing an expensive item such as a vehicle do you normally do it jointly? Even if you disagree on the type of car or how much you can afford to buy the purchase is almost always done jointly and both parties are aware of the final cost. Why should small or inexpensive items be any different?
They shouldn’t. This is where a budget can help keep you accountable on spending. Of course if you don’t follow a budget that will do no good, but having one and keeping to it will not only keep your spending in line but it will create transparency in the relationship so hiding spending is less of a problem.
Lying Isn’t Healthy
If you find yourself lying or being less than truthful about money, what else is following suit in your relationship? It is easy to shrug off something like how much you spent at the mall last weekend but this behavior can severely affect your relationship. When you lie about money you will end up lying about other issues as well. Again, you may not deliberately be trying to deceive your partner but only trying to avoid an argument. By being up front and honest about money as well as everything else you will have a happier and more fulfilling relationship.
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Filed Under: 24 Signs of Financial Trouble
About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.