Elaine King talks about Financial Infidelity on Café CNN
Elaine King has over 18 years of experience resolving the most common issue among couples today. According to studies, 75% of marriages end because of financial problems. Poor planning and financial infidelity are often at the root of these breakups. King was spotlighted on Cafe CNN this February (of 2015) to share her strategies for couples facing financial infidelity.
In order to maintain a financial plan and a strong relationship, couples have to avoid financial infidelity. What is financial infidelity? According to King, “financial infidelity starts with little things such as going to the mall and not telling your husband that you bought something or telling him it was cheaper; or if someone starts to hide things in the closet, those little things add up to a terrible problem because communication breaks down.”
To address this issue, King identifies good financial habits couples should practice to ensure the prosperity of their relationship and their financial success. King suggests that couples update their budgets together once a month. She says, “sit down as a couple and identify who’s making the budget, planning, saving, investing, and sharing.”
King explains, “the key is being able to identify the strengths and weakness of each [person] and find a balance. For example, people with a tendency of spending usually marry someone that is keener to saving.” Financial opposites do attract and are bound to run into disagreements over how to spend and save their money.
As stated by King, “the important thing is to appreciate what [each] person is bringing to the marriage; for example, the person that spends the most in the couple will express love buying something nice and the more conservative will express love by saving for retirement or that planned trip.” With different spending and saving habits, financial planning can be a big challenge for couples. In her final thoughts, King encourages couples to have a financial coach because 52% of couples with financial plans are much less likely to fight.
Elaine King is the author of Family and Money Matters and can be reached by social media through her Facebook or Twitter.