Costly Financial Mistakes in Love: Avoid These During Stressful Times

Love and Money: 5 Costly Mistakes You Should Avoid During Financial Stress

What romantic money mistakes should you avoid during financial stress?

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Love can make you do silly things, and when financial pressures bite, it can be tempting to make some desperate decisions. Recent research from Finder has revealed some of the most common romantic mistakes people make during a cost-of-living crisis. Here are five of the worst, along with some tips to help you avoid them.

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.

Need some money to buy a car?

If you are in the market to buy a new or second-hand car, we can help you find the money! We can help you to establish your borrowing bower with our free online car loan and car lease repayment calculators, and to get you qualified for a car loan with our free online car loan eligibility assessment. We can help you to choose the right loan from multiple lender offers and we can get your car loan approved or preapproved via our Australia-wide, specialist car loan finance broker panel. Fast, free and easy.

... start now ...

Borrowing Money From Your Partner

Begging your partner or ex for money to help cover costs might seem like a good idea, but it can have long-term consequences. If you're unable to repay the debt, it could damage your relationship and make future financial goals more challenging to achieve.

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

Finance Articles

How to Use Loan Comparison Tools Effectively - A Guide for the Credit-Conscious

When it comes to securing a loan, the terms you agree to can have a lasting impact on your financial wellness. It's crucial to strike a balance between finding a loan that fits your needs and maintaining a healthy credit score. This delicate equilibrium is where loan comparison tools come into play, serving as navigational aids in the vast sea of credit options. - read more

How to Use Credit Cards Wisely to Enhance Your Credit Score

Your credit score is more than just a number; it's a reflection of your financial health. Essentially, it’s a numerical expression that represents your creditworthiness. Lenders use this score to assess the level of risk involved in lending you money. - read more

Maximize Your Loan Options without a Credit Footprint: Strategies to Know

As we navigate the complexities of today's economy, the significance of credit can scarcely be overstated. Whether we're considering a home mortgage, a new car, or managing our personal finances, our credit health often dictates the terms and accessibility of financial support. A robust credit score can open doors to favorable loan terms and rates, while a poor score can narrow our options and cost us more in the long run. - read more

Effective Debt Management Tips for Young Adults

Managing debt effectively is crucial for young adults, especially as they start building their financial independence. Understanding how to manage debt properly can help you avoid financial pitfalls and set you up for a stable future. - read more

How to Create a Budget that Keeps Your Debt in Check

Managing debt is a cornerstone of financial wellness. Whether it's credit card debt, student loans, or a mortgage, keeping debt in check helps you maintain a healthy financial state. High levels of debt can lead to financial stress, impacting your overall well-being and limiting your ability to save for future goals. - read more

How Your Credit Score Affects Loan Approval and Interest Rates

Your credit score is a crucial part of your financial health. Essentially, it’s a numerical representation of your creditworthiness, calculated based on your credit history. In Australia, credit scores range from 0 to 1200, with a higher score indicating better creditworthiness. - read more

Understanding No-Credit-Check Loans: A Lifeline for Managing Financial Stress Wisely

Financial stress can feel like an unstoppable force, a cycle of worry that impacts not only our peace of mind but also our fiscal health. It represents the anxiety and pressure associated with the inability to meet financial obligations, be it due to unforeseen expenses, unemployment, or a plethora of other reasons. - read more

Quick and Easy Tips to Boost Your Loan Approval Odds Without Affecting Credit

Loan approval can often be a crucial milestone in achieving your financial goals. Whether you're looking to buy a home, pay for education, or consolidate debt, securing a loan can provide the financial boost you need to move forward. - read more

How to Improve Your Financial Health and Secure Loans Effortlessly

Financial health refers to the state of one's personal financial situation. It encompasses a variety of factors, such as income stability, expenses control, savings, investments, and debt management. - read more

Navigating Financial Uncertainty: Tips for Managing Money Worries

Financial stress is a common issue that affects a large portion of individuals, often due to unexpected expenses, unemployment, or a high cost of living. It can lead to both mental and emotional strain, influencing one's quality of life and decision-making abilities. Credit scores, a critical measurement of financial health, are used by lenders to evaluate the risk of lending money. - read more

Finance News

Reserve Bank of Australia Lifts Cash Rate to 4.10% in Response to Inflation

07 Apr 2026: Paige Estritori

The Reserve Bank of Australia (RBA) has raised the official cash rate by 25 basis points to 4.10%, marking the second consecutive increase in its current monetary policy cycle. This decision aims to address persistent inflationary pressures and maintain economic stability. - read more

Anticipated 20% Increase in Australian Grocery Prices Due to Rising Fuel Costs

07 Apr 2026: Paige Estritori

Australian consumers are bracing for a significant rise in grocery prices, with forecasts indicating an increase of up to 20% in the coming weeks. This surge is primarily attributed to escalating fuel costs and ongoing supply chain disruptions. - read more

Rising Fuel and Fertiliser Costs Pose Challenges for Australian Agribusinesses

07 Apr 2026: Paige Estritori

Australia's agribusiness sector is currently facing significant challenges due to rising fuel and fertiliser costs. These increased expenses are placing pressure on production processes and overall profitability for farmers and agricultural enterprises. - read more

APRA's New Limits on High Debt-to-Income Home Loans Explained

30 Mar 2026: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has announced a significant policy change aimed at mitigating risks in the housing market. Effective February 2026, APRA will impose a cap on high debt-to-income (DTI) home loans, limiting such loans to 20% of new home lending portfolios. This measure is designed to address concerns over escalating property prices and the potential for financial instability. - read more

ANZ Implements Stricter Lending Policies for Trusts and Companies

30 Mar 2026: Paige Estritori

ANZ Bank has recently introduced more stringent criteria for mortgage lending to trusts and companies, aligning with similar moves by other major Australian lenders. Effective January 8, 2026, these changes reflect a broader industry response to regulatory concerns over high-risk lending practices. - read more

ASIC's Call for Enhanced Standards in the Private Lending Sector

30 Mar 2026: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has issued a stern warning to the private lending sector, highlighting the need for improved industry practices to protect consumers and maintain financial stability. This move comes amid growing concerns over inconsistent reporting, opaque fee structures, and potential risks within the sector. - read more

BNK Banking Corporation Ventures into Structured Credit with Innovative Funding Platform

22 Mar 2026: Paige Estritori

BNK Banking Corporation Limited (BNK) has announced its foray into structured finance by backing a syndicated senior secured warehouse facility. This strategic move enables a burgeoning Australian non-bank lender to access funding through a facility secured by high-quality receivables. BNK's acquisition of senior notes in this warehouse aligns with its broader strategy to establish a foothold in asset-backed lending and private credit. - read more

ASIC Raises Red Flags Over Practices in Australia's Private Lending Industry

22 Mar 2026: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has conducted a comprehensive review of the private lending sector, revealing significant concerns regarding inconsistent practices, unclear reporting, and potential risks to investors. This scrutiny comes in response to the rapid growth of private credit in Australia, which has expanded by 500% over the past decade, reaching approximately $200 billion in loans. - read more

Allied Credit Bolsters Market Presence with Acquisition of Macquarie's Car Loan Portfolio

22 Mar 2026: Paige Estritori

Allied Credit, a leading independent financier in Australia, has announced the acquisition of a $1.5 billion car loan and novated leasing portfolio from Macquarie Group's Banking and Financial Services division. This strategic acquisition aligns with Allied Credit's vision to become a high-performance financier in the Australian auto finance industry. - read more

NAB Predicts Consecutive RBA Rate Hikes: What Borrowers Should Know

14 Mar 2026: Paige Estritori

National Australia Bank (NAB) economists have revised their interest rate forecasts, now expecting the Reserve Bank of Australia (RBA) to implement additional rate hikes in both March and May. This adjustment suggests a potential peak cash rate of 4.35%, reflecting concerns over robust economic growth, a tight labour market, and persistent inflationary pressures. - read more

Click for more Finance News

Need Help Finding a Loan?

Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check!

All finance quotes are provided free and without obligation. We respect your privacy.

Knowledgebase

Negative Amortization:
A situation in which the loan payment for any period is less than the interest charged over that period, causing the loan balance to increase.