Stretch Your Dollar: Tips for avoiding ‘financial infidelity’

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Valentine’s Day is next weekend and a new report finds “financial infidelity” is on the rise. That’s when couples keep money secrets from each other.

We’re stretching your dollar with a look at how you can plan for the special day without cheating.

Do you have a secret stash of cash? Maybe you’re hiding a bank account or credit card from your significant other? If you do, you’re not alone.  

According to creditcards.com, nearly 30 million people in live-in relationships are committing “financial infidelity.” So who’s the biggest “cheater?”

According to the report, millennials are more likely than other age groups to lie about their spending, debt and accounts.

As we approach Valentine’s Day and a day to celebrate love, here’s some tips to balance love and money in a way that’s healthy for the relationship:

First, decide if it’s best to combine finances in your relationship. There is no way that’s the right way for all couples! Base your decision on your own life circumstances.

Next, consult one another on setting spending limits. Let the other know when a purchase may go over.

And divide roles and responsiblities. You’ll be less likely to become upset over how the money is spent when you have a clear plan on who pays for what.

Lastly, set monthly saving goals. Extra saving is more tolerable when you meet your mutually agreed upon goals.

The good news? The survey found most people forgive and wouldn’t end a relationship over money secrets but it’s better to get on the same page now before there are broken hearts.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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