If you argue about money with your significant other, you’re not alone.
A United States study by Quicken, maker of the leading personal finance management software from Intuit Inc. (Nasdaq: INTU), reveals that money can drive a wedge between many couples. Of those surveyed:
- One in three argued with their significant other about finances.
- One in 10 lied to their significant other about money.
- One in 10 has slept on the couch after arguing about money.
Trust is another significant issue facing many couples when it comes to money. One in five respondents said they monitor their partner’s spending, while three percent of those surveyed said they have an account they hide from their significant other. Hiding purchases in the trunk of the car is not uncommon for five percent of those surveyed.
“Smart money management between couples starts with creating a budget together or making joint financial decisions,” said Holly Perez, personal finance advocate for Quicken. “Knowing exactly where your money is going and staying on top of it can strengthen your relationship and your bank account.”It’s Not You, It’s Me Money woes can stop a relationship before it starts. Of those surveyed, 33 percent have skipped a night out because of their own finances. An additional four percent of respondents have broken up with someone because their potential partner had too much debt. “Having mystery in a relationship can be important, but it doesn’t have to be surrounding finances,” said Michael Neal, a Quicken user from Fort-Worth, Texas. “Each week, my wife and I review our Quicken reports. It helps keep us on track and avoid arguments over money. We’ve even made Quicken a family affair, helping teach our kids about money so that they’re prepared for financial bumps in the road.”
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