Friday, 15 February 2019

Finance Fridays – Sharing your financial secrets

We were talking about romance scams for last week's Finance Fridays. This week we are keeping with the romance theme but looking how we deal with our finances with people we really trust. Trying to cover up details of your finances can have a detrimental effect on a relationship. Here are some of the main warning signs you need to look out for.

Secret shopping – Many people have tried to cover up things they have spent money on. How often have you used the phrase, “This old thing?” when asked if you are wearing something new? Do you make sure you hide receipts and price labels? Is your online shopping delivered to your work so your other half doesn't know about? If shopping gives you a thrill but then makes you feel guilty then you may have a problem that you need to deal with. Can you actually afford all your purchases? Are they really necessary? Are you scared of your partner's reaction if they found out them? Start thinking about why you are covering up about your purchases and what you need to do about it.

What you earn – If you live with someone then there will always be bills for things you use individually and as a couple. You can't really split costs such how much it costs to put a light on but you need to be fair. What you must determine is if it is right to divide your living costs equally or proportion them based on what you each earn. The only way to do the latter of course is reveal what you earn. Otherwise is it fair if one of you has plenty of money leftover after household bills to spend on themselves when the other has nothing?

Mounting debts – Debts can be run up for a variety of reasons but what matters most is how you deal with them. If you are in a relationship one person's debts can have a serious effect on the other person's financial situation. If you are linked financially, for example by having a joint account, the other person may find it hard to get credit themselves for a loan, mortgage or even a mobile phone contract. If the debts get to the stage where the bailiffs need to visit the home you share then they will need to determine what items belong to whom. Be open about your debts so you can start tackling them otherwise the first thing your partner might know about them is when they open the door to a bailiff.

If you want to join in with this week's Finance Fridays then add your link to the linky below. Any post concerning financial matters is allowed. Full details here. It doesn't have to be published today as you have until 23.55 on Tuesday 19th February 2019 to join in.

Finance Fridays



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