DENVER (CBS4) – Financial infidelity appears to be on the rise. No matter how close the marriage, apparently there are often secrets around money. A new study suggests it’s mostly women who are financially cheating on their husbands.
Most women will tell you they’ve done it or they know someone who has done it –“smuggled” some shoes via their “don’t ask, don’t tell” account, or used a credit card on the “witness protection list.” But eventually that financial infidelity can catch up with you and escalate, which can lead to more serious consequences like divorce.
Whether you call it “don’t ask, don’t tell” money or “smuggling,” some financial planners say it’s a slippery slope and couples need to be honest about what they’re spending and when they’re spending it, so have a plan to splurge.
“Rule No. 1 — mine, yours and ours — so everybody has their own accounts that they can do whatever they want, nobody has to know, nobody has to approve it. I can buy $50 a dozen golf balls and (she) can spend whatever it costs to get her hair colored,” financial planner Brian Sells said.
Here are some other rules so you don’t commit financial infidelity:
— Be truthful. Secrets are one of the top reasons given for divorce. About 13 percent say they have broken up or gotten divorced over secretive spending.
— About 10 percent confessed to serious spending secrets, including secret bank accounts or hidden credit cards.
You should always listen to your momma and grandma — after all, I’m sure they’ll tell you they didn’t get to be old by being fools.
But the message here is have your money — just be honest about having it.