Today's Article

“Money is a really 5emotional, important topic.”

Bankrate senior industry analyst Ted Rossman says secret spending along with hidden 6debt or accounts can be a real cause for concern in a relationship.

“It’s hard enough to meet your financial goals if you’re 7pulling in the same direction. It’s that much harder if somebody is 8squirreling money away or keeping secret debt or secret accounts.”

And all that hiding can have lasting 9consequences.

“I think, the longer the secret festers, the worse the breach of trust is going to feel if it does come out and it probably will at some point.”

Talking about money, for many Americans, feels 10taboo.

“People want 11privacy. They don’t want somebody else 12looking over their shoulder. They’13re embarrassed about the way they handle money.”

But the key to a healthy relationship and healthy finances, Rossman says, is honesty and communication.

“It’s important to schedule some time, whether it’s formal or informal just to check in with your spouse on money… everything from the routine bills that need to be paid to the big picture stuff.”

He advises starting small and taking a positive approach while coming up with 14mutual financial goals and achieving your dreams.