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Keeping money secrets from your spouse

Posted at 7:10 AM, Jun 26, 2019
and last updated 2019-06-26 08:58:36-04

Experts will tell you it's a financial trap that millions of couples fall into: not being honest about money you spent or money you're saving.

“My parents keep money secrets from each other,” said one man.

“My dad has like 14 savings accounts,” the man continued.

People that TODAY’S TMJ4 interviewed had strong stances on this money secret subject.

Financial experts say no matter if it’s a secret stash of cash or a hidden debt, money secrets are never a good idea.

“I see it a lot, you know. There's that deposit box at the bank where nobody else knew it was there and there's money in there, or there's the safe at home and only one spouse knows the combination,” said Brad Allen, a financial planner with Drake & Associates.

According to a survey, millennials are the biggest culprits when it comes to hiding financial information from their significant other. Twenty-eight percent admitted to hiding an account from their partner.

“How much debt are you bringing into this relationship? Whether you know it’s student loan debt, which is a big issue for a lot of kids coming out of college, or if it’s just credit card debt in general, how are you going to end up paying this off as a couple in the future is going to be really important,” Allen said.

“My dad has like 14 savings accounts.”

Allen adds, with online bill paying, technology can make it easier for people to cover up bad spending habits. But, he recommends both partners take advantage of financial apps for budget planning so everyone is on the same page.

“It’s why it’s so important to have both spouses in the office putting together a plan. Each spouse needs to know where the money is at and how much debt they need to tackle as a couple,” Allen said.