Steve recently received a call from a client who got some bad advice. They were feeling guilty about making purchases for themselves without the full support from their spouse. A close friend that they were talking to suggested that they should start hiding money.
Don't do this.
In this video, Steve walks through how this could affect your marriage, and the precedent it sets in other areas of your life. Last, he gives some suggestions on how to still enjoy spending money on yourself, without experiencing the conflict from your spouse.
Divided you fall and united you stand.
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“If you hide money from your spouse, what do you expect them to do in return? Chances are they’ll probably do the same and it might not be money that they are hiding. Deception is never a solution, especially in marriage. ”
Transcript:
- Steve Alverson, CFP®: Don't hide money from your spouse. I took a call today from a client who recently got some bad advice. They were feeling guilty about making purchases for themselves without the full support from their spouse.
A close friend that they were talking to suggested that they should start hiding money. A little bit here, a little bit there, with the goal of slowly starting to put money aside.
Don't do this.
For a lot of reasons.
If you hide money from your spouse, what do you expect them to do in return? Chances are they'll probably do the same and it might not be money that they are hiding. Deception is never a solution, especially in marriage.
My best advice is to start a State of the Union meeting. Say to your spouse, I want to spend X amount of money each month, or each time you get paid. Set that aside and I can spend freely on whatever I want. I would also suggest that your spouse do the same, as you'll probably get better buy in that way.
Next, I would open a second and third checking account, one for you and one for your spouse. Then, each time you get paid, you set money aside for both of you. Then you can spend guilt-free.
This is a great way to balance the tension of finances and marriage, but yet also allow for individuality as well.
Divided you fall and united you stand.