The Relationship Problem That You Need to Solve ASAP 

 November 14, 2021

When people imagine infidelity, they think about affairs happening
behind closed doors. They think about mysterious text messages, ignored phone
calls and excuses for getting home later than expected. But a cheating partner
isn’t the only type of infidelity that can shake the foundation of a long-term
relationship — financial infidelity can be just as bad.

If you’re participating in this form of financial betrayal, you need to
solve it as soon as possible. The longer you wait, the bigger the consequences could

What Is Financial

The term financial
infidelity refers to purposely deceiving your romantic partner
about your personal finances, either by misrepresenting details or outright
hiding them. While you don’t have to confess all of your money problems over
your first coffee date, you should consider being open about certain financial
factors when things get serious — especially if these factors impact your
partner’s livelihood.

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These are some examples of financial infidelity:

  • Lying about consumer debt
  • Getting a secret credit card
  • Hiding shopping sprees
  • Secret gambling
  • Purposely over- or under-valuing your income

How Do You Solve It?

Confess the Secret

The first step is to tell them the truth. It will be hard, but it’s
better than letting the secret fester and having them find out in the future.
Rip off the band-aid.

Come up with a Plan Together

The next thing that you should do is come up with a plan to tackle your personal finance problem. For instance, if you have a serious amount of debt to deal with, you can create a household budget to save money and cut expenses. Then, book a consultation with a licensed insolvency trustee to ask them about how filing for bankruptcy vs consumer proposalwould work out for you. They can lead you in the right direction.

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Protect Your Partner

You don’t want your financial decisions to affect your partner
negatively. So, to avoid sharing problems like debt, you can take certain

  • Get a joint bank account
    to tackle household costs.
  • Get separate bank
    accounts for non-essentials.
  • Get separate credit
    cards. A shared credit card could hurt their credit score.
  • Talk about finances
    honestly. Touch base every
    single week, if you can.

Why Do People Lie About
Their Finances?

The answer is that
there is a money taboo — it’s considered a social faux-pas to talk about how
much you earn, spend and owe. Some people would have a harder time talking
about their personal finances than they would talk about sex lives. So, instead
of telling the truth or asking for help, they keep it to themselves.

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And it’s hard to
blame them. People are very judgmental when it comes to others’ money problems.
For instance, Ratehub conducted a survey where almost half of the respondents
said that revealing major credit card debt on the first date was a deal-breaker.
People in major debt won’t stop dating. They’ll just hide their debt from their
partners for as long as they can. 

In the end, you can’t build a healthy relationship on lies, including
lies about your finances. The best thing that you can do is be open and honest,
and hope that they give you the same kindness in return.

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