Women are more likely than men to lie to their spouse or significant other about secret credit cards and bank accounts, according to a CreditCards.com poll I read about in The Baltimore Sun.
Financial infidelity can come in several forms. One is shopping and destroying any evidence that what you have is a new purchase, so you walk in the house with something you pretend you already had. Another is having a credit card bill sent to your work, instead of your home, because your partner doesn’t know about that line of credit.
The poll also found that people who live together without benefit of marriage are four times more likely to hide an account.
A lot of modern couples come together after they’ve already lived a little and gained some assets. So my favorite way to handle that is to have money that’s “his,” “hers” and “theirs.” That means having one central household account that each person funds every pay period or every month to pay basic household expenses. Then you also each have your own money to spend how you wish on everyday stuff.
Another approach might be to set a floor limit of spending so you can each have discretionary money. For some couples that might be $100 or less. For others it might be $200 or more. That’s the money you can spend any way you wish without having to consult your spouse or partner about the financial decision.