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How to identify and solve financial infidelity?

There are technological advancements, added comfort and more sophisticated lifestyle, but then stressful lives and growing financial infidelity are other negatives that come attached to progress.

February 25, 2015 12:00 IST | India Infoline News Service
India is undergoing fast development, which comes packed with its own bundle of pros and cons. There are technological advancements, added comfort and more sophisticated lifestyle, but then stressful lives and growing financial infidelity are other negatives that come attached to progress. Financial Infidelity is an act of concealing or hiding spending, borrowing or other financial transactions from spouse or partner.  An individual should always be cautious of falling into trap of such infidelity as the situation may worsen if unchecked. Here are some of the signs that will show financial infidelity from partner or spouse.
 
Spending or Debt: Spouse or Partner may indulge in either excessive spending or would cut expenses on basic things. Also, one should be alert if spouse or partner  pursues loans from banks or institutions without prior discussion.
 
Undisclosed Purchases: If there are certain high-end purchases that are revealed through credit/bank statements but not informed earlier then it should be a cause for worry.
 
Invoices: One may come across bills/invoices of items or gadgets that are not purchased for self. Stock investment obsession could also be learnt from invoices from stock brokers.
 
Avoiding Discussions: A spouse or partner may appear unwilling to discuss their finances like exact take-in salary or investments and will reaffirm that all is going well financially.
 
Issue Fix
 
If one becomes sure of financial infidelity then here are the ways it could be dealt with.
 
Face-To-Face discussion: Confronting spouse or partner is the first weapon to take down financial infidelity. Nothing will change if one continues to overlook or neglect such incidents. One should help reassure spouse or partner that efforts would be directed to get aligned with mutual aspirations.
 
Mutual Plan Setting: A marriage would run into trouble if any of the spouse feels that keeping certain part of their financial lives confidential is necessary. This may never allow a financial plan to work towards achieving mutual goals or objectives. Transparency is a key to take family finances forward, and the idea of concealing does not work.
 
Stick to the plan: Once a joint plan is made, it is mandatory to execute and implement the join plan agreed. Periodical reviews are more than necessary to keep a check that either of the partner or spouse has not gone back on the old route.

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