Many people who are married occasionally fib to a spouse about money. But such dishonesty is rarely a good idea. Repeatedly lying about money habits can undermine both your efforts to build wealth and your relationship.
Financial infidelity, or cheating with money, is more common than you might think. According to research published in the Journal of Financial Therapy, more than half of Americans (53%) have deceived their partner about their financial activity.
Here are some common reasons your spouse might lie to you about money.
Eliminate your late tax debt
Each year, the IRS forgives millions in unpaid taxes. If you have more than $10,000 in tax debt, or have 3+ years of unfiled taxes, you could get forgiveness too. You might be eligible to lower the amount you owe, or eliminate your tax debt completely.
Easy Tax Relief could help you lower or get out of your tax debt for good. They’re well respected in the industry and have been recognized for their ethical standards when dealing with tax debt. While most tax companies just put you on a payment plan and file your taxes for you, Easy Tax Relief talks to the IRS directly. They can help you pay off your tax debt faster while potentially reducing what you owe.
Important: Not everyone will qualify. To take advantage of this special program you must owe more than $10,000 in past-due taxes.
They might know you don’t share their spending priorities
Some spouses relish a daily Starbucks coffee, while others see it as a waste.
If your spouse knows you disapprove of their spending, they might try to hide it. Not mentioning the little latte fix is an easy way to avoid bickering.
They might not trust you
Over time, the bonds of trust in a marriage can dissolve. And distrustful spouses can be secretive about money.
For example, your spouse might hide news about work raises, bonuses, or even cash gifts from family. This is not a good sign for your finances — or your marriage.
They might be guilty of hoarding
Hoarding is an expensive habit. As hoarding gets worse, it can be difficult to hide.
However, it might be possible to keep your hoarding habit under wraps in its early stages. Spouses who don’t reveal their full spending patterns might be guilty of hoarding.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
They might have a drug and alcohol addiction
Sadly, drug and alcohol abuse sometimes are the source of financial infidelity.
Funding an addiction costs plenty of money. And as everyone knows, addiction and lies typically go hand in hand.
They might have a gambling problem
Spouses who have a gambling problem are likely to try to keep that fact hidden from their significant other.
Some addicts gamble away everything — the house, car, retirement funds — with the other spouse completely in the dark until it’s too late.
They might be having an affair
Extramarital affairs are another reason why spouses financially cheat.
Affairs often involve secret spending, including running up large credit card debts. It’s even possible that a cheating spouse will steal funds from the other spouse’s bank account.
They might seek revenge
When a marriage starts to go south, spouses can engage in harmful behavior as a way to strike back.
For example, an angry spouse might engage in “revenge shopping” to inflict pain on their partner and get even.
They might want to treat the kids
One parent might view a $35 dress for their child as a reasonable expenditure. But if the spouse knows their partner won't agree, they might claim the bill was only $17.50 just to avoid trouble.
Spouses also might downplay the cost of toys and visits to summer camp. This deception can extend to grown children, where a parent might secretly give money to a son or daughter against their spouse's wishes.
They might be trying to fill an emotional hole
Gone are the days when only supermodels and celebrities made us feel inadequate. Now, ordinary people — under the guise of an “influencer” — can make us feel inferior too.
The messages we receive from society can convince us that we must purchase luxury creams and fancy sneakers even if we cannot afford them. If we know our spouse won’t approve, we might stay quiet about this spending.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!1
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
They might be determined to keep up with the neighbors
Spending simply so you can “keep up with the Joneses” has been a source of debt forever.
If you can't bear the thought of your neighbors outshining your household, you might spend more than you should — and try to downplay that fact to your spouse.
Money woes are a leading cause of marital strife. Sometimes, it can be tempting to hide your financial activity just to keep things calm in a marriage.
However, hiding your spending patterns and other money habits can jeopardize your financial fitness and weaken the bonds of your relationship.
Frank conversations about money can be difficult, but they are almost always the best path forward.