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This Money Secret Is Threatening Your Marriage – The Motley Fool

There are good secrets and bad secrets, especially in marriages. A good secret might be that you found a certain…

There are good secrets and bad secrets, especially in marriages. A good secret might be that you found a certain vintage jigsaw puzzle your partner has long been seeking, and it is wrapped up under the tree. A bad secret … well, how about if you’ve got a secret credit card? Of u maakt geheime aankopen?

Lots of surveys have revealed that a significant chunk of married people have financial secrets like these. They are bad because they can put a couple’s finances on shaky ground – but even worse, they can put the whole marriage on shaky ground too.

,000 people carrying more than $ 6,000 in credit card debt. More than 40% of them had over $ 15,000 in credit card debt. Men en av de mest overraskende resultaterne fra undersøket var dette: 32% av respondentene sa at de har skjult sine kredittkortgjeld fra deres betydelige andre. Why? Well, they felt ashamed of it, and / or they wanted to avoid arguments or fights.

Here are some related findings from other surveys:

  • Almost half of Americans said that their significant other or spouse did not know how much they spend on holiday shopping according to a Swagbucks survey.
  • 63% of Americans go into debt due to holiday shopping, with 25% of them racking up debt of $ 500 or more according to the same Swagbucks survey.
  • Arguments om en studie i Kansas State University i 2013, og en undersøgelse taget i samme år af 191 Certified Divorce Financial Analysts citerte pengeudgaver og argumenter som den tredje mest almindelige årsag til skilsmisse. [19659009] 58% of survey respondents said they conceal cash from their spouse, 30% hide bills, and 15% hide bank accounts, per a 2010 survey by the National Endowment for Financial Education.
  • In Canada, een heleboel respondenten voor een 2018 onderzoek stelden dat financiën de grootste stressor in hun relatie waren, met 20%

Diving into deception

If you can not see what the fuss is all about, consider that when a couple has joint financial accounts, joint ownership of a Home, and authorized users on each others credit cards, their lives are deeply intertwined financially. If one party racks up a lot of debt as an authorized user on the other party’s credit card, that other party is responsible for it. If one party misses a mortgage payment, credit scores can take a hit – and missing mortgage payments can even lead to the loss of the home.

As just one example, the table below shows the importance of a strong credit score when du vil kjøpe et hjem (kredit score gør også en forskel i andre aspekter av ditt liv). It reflects someone borrowing $ 200,000 through a 30-year fixed-rate mortgage, and reveals that the difference between a good credit score and a bad one can be $ 100 to $ 200 per month and tens of thousands of dollars in interest paid.

FICO Score

APR

Monthly Payment

Total Interest Paid

760-850

4,516%

$ 1,015

$ 165,498

700-759

4.738%

$ 1,042

$ 175.065

680-699

4,915%

$ 1,063

$ 182,780 [19659024] 660-679

5.129%

$ 1,089

$ 192.208

640-659 [19659021] 5,559%

$ 1,143

$ 211,477

620-639

6.105%

$ 1,213

$ 236,549

Source: MyFICO.com, as of November 27, 2018.

Even Hvis du ikke kan betale med din kreditkort, kan du betale med det samme. For eksempel, hvis du liker å bruke alle pengene du begge har kommet inn på ferier og leker, nye biler og underholdning, er du ikke å forlate noe for pensjonssparing eller for å spare penger for dine barn. If your partner has a retirement savings plan and you’re torpedoing it, you’re going to be living in a house of strife.

Image source: Getty Images.

What to do

The first thing to do, and to do often, is to communicate. Be open about how you are each managing your joint money and financial obligations. Tillsammans kommer en langsiktig finansplan for hvordan du skal oppnå langsiktige mål som pensjonering. Du kan også ha korttidsmål og planer, for eksempel når du er enig om hvor mye du skal bruke på ferieopphold og hvordan du sparer det summere før ferieperioden tilnærminger.

If you’re already struggling with a lot of debt, know that you can pay it off – especially if you work together on that. A part-time job for one or both of you can help, as can many other strategies for getting out of debt.

It can also be helpful to consult a financial advisor. A good one will cost you some money, but he or she can more than offset that by making sure your money is parked in the most productive places and that you have a plan that will get you to your goals.

Here’s a little incentive too: Couples that work hard at a sound plan can pull off all kinds of financial feats – even retiring early in some cases!

About 16% of marriages than because of financial infidelity per survey by the National Endowment for Financial Education. Do not let that happen to yours.

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Faela