Money Talk: 5 money mistakes that can destroy a marriage

5 money mistakes that can destroy a marriage

When it comes to finances, you need to avoid these five as they can destroy your relationship.

A study by an American bank, SunTrust Bank has shown that financial issues are the leading causes of stress in a relationship.

The research according to CNBC found that 35 per cent of people named money as the primary trouble spot with their partner.

Since this is the case in many marriages, it is up to the married couples to understand some of the financial issues that are capable of destroying their marriage.

For newlyweds here are her top five money mistakes to avoid in your marriage:

1. Hiding money

 

Hiding money from your partner seems harmless but it can cost you the trust your partner has for you and consequently your marriage.

A spouse who hides money from his/her partner will most likely lie about money and when the spouse finds out, trust becomes an issue in the union.

A lot of spouses are guilty of this because according to a 2018 survey by the National Endowment for Financial Education, 2 out of every 5 couples, one spouse admits to lying to his or her partner about money.

2. Hiding debt

 

This is worse than hiding cash from your partner because you're not only hiding the fact that you are owing, you're also hiding your financial insecurity. How then will your partner be of help when you hide financial issues from him/her.

Hiding debt from one's spouse according to CreditCards.com is worse than physical infidelity. So, instead of hiding a financial issue as crucial as debt, have an honest conversation with your partner about what you have and what you owe, hiding it won't solve the problem.

3. Overspending

 

Yes, overspending can be a terrible issue in marriages especially if one of you is a good saver and the other a bad spender.

For some men in Africa, wives earning more than their husbands is still an issue they have not come to terms with. If the wife spends too much from her earnings, there may be an issue; and if the husband spends uncontrollably from the little he earns and then depends solely on his wife for housekeeping, there could also be an issue.

How then do you solve a problem like this? Jacqueline Newman, the managing partner of Berkman Bottger Newman & Rodd in New York City suggests that spouses should agree to a certain level of saving, such as 10 per cent to 20 per cent of their combined income, If that threshold is being met, then the overspending may not be an issue.

4. Underspending

 

On the other hand, if a spouse is tight-fisted as if spending money is a sin, there will be a marital problem, a very big one.

5. Financial abuse

 

Like other abuses, the aim of financial abuses in marriages is to gain power and control over finances and subject a partner into a state of complete financial dependence.

This form of abuse is rarely discussed because it does not show bruises, but we can't deny that this is also a potential marriage destroyer that is as common as domestic violence.

Source: Pluse ng

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