A number of surveys on the matter of ‘financial infidelity’ have been conducted, and have retrieved shocking results and statistics. Amazingly, 31% of couples in the United States admitted to committing financial infidelity. What’s more, almost 50% of married adults confessed that they have kept money secrets from their other halves. There’s probably one question on your mind – what exactly is financial infidelity? The term defines the secretive act of possessing credit cards, spending or borrowing money, stashing money without telling your spouse or racking up significant debt whilst your husband or wife remains blissfully unaware that you are doing so. Although it is rarely talked about, many people are gradually beginning to recognize this as an issue, and are keen to get in the know about potential warning signs. Of course, those who have fallen victims to debt and financial infidelity can benefit from bad credit merchant accounts. Before this becomes the case, the list below provides the 6 most useful tips to help you come to terms with and overcome your financial infidelity.
The first step of accepting your financial infidelity is to come clean about it. Taking full ownership of the situation and laying the truth on the table is the only way to get yourself on the road to recovery. After all, beating a bad habit is never achieved by anyone who remains in denial about what is really happening.
Once you’ve developed an honest mind set on your financial infidelity, it’s time to ask yourself the important questions. Why did it start? Was it preventable? What do you think triggered it? This will make it a lot clearer as to why the issue started in the first place, and shows just how it can be stopped from occurring in the future.
Review Your Budget
If you don’t have a budget, this might just be one of the reasons you got into this mess to begin with! A budget is essential for maintaining control over your finances. Write down your monthly income and take note of each and every purchase that you make within one month. Divide the outgoings into necessities (bills, food, etc) and luxuries (is eating out once a week necessary?) and it will become easy to spot where you can cut back.
Make time to set important financial goals for the future, in order to stop yourself from going back to your old ways. Set targets for saving money to match your budget, and, if your financial infidelity has resulted in debt, to cut down on any unnecessary spending.
Seek Professional Help
Arguably the most effective step in stopping your financial infidelity is to get help from a professional. Whether it is a financial counsellor, a marital therapist or both, a third party viewpoint will likely do wonders. Many people who are in debt often do not change their ways until they have been to therapy, so it’s certainly something to take into serious consideration.
Build Back Trust
After learning about their partners’ financial infidelity, many partners will almost always feel betrayed, confused and unsure as to what to do about the situation as a whole. To overcome this, honesty, reassurance and open communication will, in time, make it much easier for the affected partner to trust again. Coming clean about the situation and willingness to change and get help are two of the most important ways to earn back trust.