Experts believe that the money can be a major cause of couples considering divorce and inviting stress in their relationships. Now, new research reflects that couples shave an abundance of financial secrets as well as habits that demands a change.
The majority of Americans involved in a relationship, whether living separately or married, would like to alter at least one of their partner’s financial routines, even though many of these hardly ever or not at all discussed personal finances with their better halves.
If Americans have the chance to change their partners’ financial practices, then approximately 43% would change the habit of overspending or lack of a budget which is followed by not focusing on the savings for the fulfillment of long-term goals such as emergencies, retirement,not keeping the track of spending, incomplete knowledge about managing personal finances, not investing enough, and careless usage of credit cards in order to extend their income.
Only 5% of couples in the country, discuss their finances with each other on a daily basis, 14% a few times a week, 19% weekly, 25% monthly, and 30% rarely and 6% never. The biggest secret that couples hide from their partners is personal spending habits, followed by income, credit card debt, investments or assets, monthly expenses or bills, debt from a previous relationship, retirement savings, and student loan debt.
People who feel that they have a burden of debt over their heads are more likely to hide the financial secrets from their partners. More than half of these individuals acknowledge that their partner is familiar with their finances while the other half have hidden or still hides their financial situation.
In the recent past years, a similarly negative picture of love and money has been floating in the country, displaying that more than one-third of Americans have been a victim of financial betrayal either from a current partner or a previous one. According to the experts, it is vital for couples to be on the same level when it comes to handling finances.
Hiding a debt or spending habits from your partner can translate into severe financial issues that may lead to acquiring more formal debt relief solutions. Working together as a couple in order to keep synchronization in the relationship is highly essential.
When it comes to relationships and finances, there is some good news. The recent studies have shown that most Americans shave started talking about their debt situation with their partner at some point. A major percentage of people have a talk about debt before they were married, whereas, others initiate the discussion within the first six months of their relationship. Millennials are the ones who discuss debt earlier in their relationships, with 50% sharing their financial secrets in the first 6 months.
Couples should be true to each other in terms of financial situations and together put everything on the table, including income, assets, spending preferences, debt, goals as well as complaints. Having a single bank account can work better for a couple with financial understanding, as individual accounts allow a person to carry financial operations in isolation, without the consent of anyone.
Apart from this, couples need to create common financial goals and keep motivating each other to abide by them at any cost. As a couple, you should take a good look at all of your outstanding debts and figure out the amount owed, plus the interest rates applied to them.
We can be of your assistance if you need a helping hand in establishing a debt repayment strategy that you and your partner can both follow. Creating a common budget together in case you don’t have one in place can prove to be a great way to begin your journey to a debt-free life.
Take a look at some of the relevant options that can help you get rid of your debt related worries as a couple:
- Debt Management Planning
- Debt Settlement
- Debt Consolidation
- Debt Relief
- Credit Counseling
- Credit Card Debt Relief