Love and Money: 5 Costly Mistakes You Should Avoid During Financial Stress
- Lying to Your Partner About Spending
According to Finder's money expert, Sarah Megginson, 9% of us have lied to our partner about our spending habits. While it's okay to splurge on the occasional night out, repeatedly concealing debt and purchases can erode trust and harm your relationship. It's essential to establish money rules and agreements that work for both partners.
- Concealing Your Debts
Lying about your debts is an even bigger mistake, as it makes it impossible to get your finances under control. Acknowledging your debt is the first step towards creating a realistic budget and setting yourself up for financial security.
- Borrowing Money From Your Partner
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- Staying with Someone to Avoid Housing Costs
With housing costs skyrocketing, staying with a partner to save on rent or mortgage payments can be an attractive option. However, it's crucial to be honest about the situation and work on building up your savings, so you can eventually achieve financial independence.
- Restarting a Relationship to Cut Costs
Rekindling an old flame to save on living expenses might seem like a money-saver, but it can be a false economy. Couples health insurance, for example, isn't cheaper than individual coverage. If financial security is the only reason you're in the relationship, it's already on shaky ground, and you're better off relying on yourself.
In conclusion, financial security should always be your ultimate goal, and while a partner can help you achieve that, it's crucial to make sure you're not sacrificing your long-term financial health for short-term gains. By avoiding these costly mistakes, you can build a stable financial future and a strong, healthy relationship.
Published: Wednesday, 22nd Feb 2023
Author: Paige Estritori
