Sep 14

Eliminate the Financial Secrets

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September 14, 2012

Financial Secrets

We received this question recently, and thought it was worth turning into a quick blog post:

Q: Can someone please answer this questions? Do we have to tell our spouse what’s in our savings account even if we have separate accounts?

While there are many who would question why spouses even need separate accounts, there is no “rule” that says you have to tell your spouse what’s in your account. At the same time, why wouldn’t you? There are many things that stress a marriage, and keeping financial secrets is one of them. If the two of you are one … partners … teammates, and are on the same journey towards the same destination, it makes sense to be transparent. If it causes friction in your marriage to keep financial secrets, and you have nothing to hide, eliminate the secrecy by opening the books.

Psalm 34:14 says seek peace and pursue it. If the way you currently handle your finances is stealing the peace from your marriage, we encourage you to amend your ways … pronto!

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3 comments

MissPrissyK

September 14, 2012 at 9:13 pm (UTC -4) Link to this comment

Reply

Doesn’t having separate accounts encourage that kind of secrecy. Couples who share this area of their lives, force themselves to be upfront about these things and could force conversing about the controversial purchases that lead to secrecy.
1. Kevin Bullard
  
  September 15, 2012 at 2:34 pm (UTC -4) Link to this comment
  
  Reply
  
  MissPrissyK: Definitely. Separate accounts, with no transparency, can lead to problems. You’re right about couples being upfront financially.
Ady Dike

November 28, 2012 at 11:57 am (UTC -4) Link to this comment

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What do you do if you have a partner who cannot manage money, has put the family in serious debt. How is it possible to be upfront financially when every time you try it leads us into more debt.