How to Stay Financially Faithful This Valentine's Day and Beyond
By Linda Descano, Managing Director and Head, Content & Social, North America, Citi February 14, 2014 12:10 PM
Early in our relationship, my husband would ask me how much my "stuff" cost whenever he saw me with a shopping bag or package. Without missing a beat, regardless of whether it was a pair of shoes, a handbag or make-up, I would say $100, albeit with a wink and smile. He inevitably would reply that what I did with my money was my business, he was just curious. Sweet, right? Not so fast.
Truth be told, I actually did care about what he was doing with his money - quite a bit. That's when I decided no more financial fibbing - even if it was in jest. I came clean on what I was actually spending and proposed that we set ground rules about how we would approach our, his and my money. Scott readily agreed. In fact, when he proposed, he took our financial fidelity to the next level baring his financial soul, from what he had in savings to what he owed, even providing back-up documentation. Now that was sweet. I followed his lead. And, nine years later, we continue to dance to the same financial beat.
Research by ForbesWoman and the National Endowment for Financial Education, released last year, suggests that financial indiscretions can significantly damage a relationship. According to their data, among couples impacted by financial infidelity, 67% said the deception led to arguments, 42% said it eroded trust and 27% said it led to separation or divorce.
So, how can you avoid being a financial relationship statistic? Check out these resources from Citi's Women & Co.:
• The 5 Cs of Financial Fidelity
• How to Save Money as a Couple: A 3-Step Plan
• 4 Savvy Strategies to Help Couples Manage Spending
• The Most Important Element of "The Money Talk"
• Love and Living Together: Steps to Maintain a Financially Harmonious Household
• How Facing My Financial Fears Made My Relationship Stronger
• Couples and Investing: When We Agree to Disagree
• Awkward Wallets: When You Make More Than He Does
• Unemployment and Marriage: Avoiding the Martyrdom Trap
How do you stay on the same financial page in your relationship?