Watch holiday spending, your marriage may depend on itPublished 8:37pm Tuesday, November 19, 2013
There are a few liars in our midst. A recent poll by recent poll from McGraw Hill Federal Credit Union found that honesty seems to shrink as holiday generosity increases. Many couples — whether married, dating, same-sex or remarried — tried to hide how much they spent on gifts during the holiday season.
About 40 percent of all couples have disagreements between partners on how much to spend during the holidays. At least 25 percent of the couples surveyed said they lied about holiday spending. More than half of the married couples surveyed said they used cash to cover up their largest purchases. Another 10 percent actually opened a new line of credit to hide their holiday spending.
“It’s a sign that you have a problem and the problem is probably a lot bigger than managing your budget,” said Shawn Gilfedder, president of McGraw Hill Federal Credit Union. “Take this study one step further and you know that, of married couples, about half of them aren’t going to make it for various reasons, and that financial issues often rise to the top of that list of reasons.”
Experts say it’s a slippery slope from lying about the extra toys for Junior to lying about other issues. You’re avoiding arguments and afraid of the backlash, neither of which make for a healthy relationship.
So, before you plot your Black Friday, Small Business Saturday and Cyber Monday, come to an agreement of what you can afford to spend and stick to it. That simple task will be the biggest gift you can give to yourself and your family.