Maybe you’ve never heard the term “revenge spending”, but if you’re married, you probably know what it means. This is the scenario where a husband or wife is upset with the other, so to get back at them, they go out and spend money on something for themselves. I also like to call these “POP’s”, or “pissed-off purchases”. A recent online study conducted by Dr. Bonnie Weil found that the average couple makes an average of four POP’s per year to the tune of $486 a POP! That’s almost $2,000 per year of unplanned expenses that are most likely going on the credit card. A recent Harris poll revealed that:
- 40% of adults in relationships admitted to lying to their partner about spending habits
- 82% said they hide purchases from their partner
- 57% of couple felt that money is used as a means of control in the relationship
No wonder that money problems are the leading cause of divorce! I personally know a couple who used revenge spending repeatedly on each other, and after a few years had racked up over $30,000 in credit card debt! The end result was a personal bankruptcy filing, and later a divorce. It was very sad to see. I guess it should be pretty obvious to all of us that this is not a healthy financial habit to have. But if this has been a part of your marriage, it may be very difficult to break. However, it can be done! But you’ll need to work together.
Controlling your spending through the use of a simple monthly budget is the first step towards a successful financial future. It doesn’t really matter how much money you make each month, you can get out of debt and build wealth. A budget will help you make sure that you spend less than you make, which will allow you to pay off debt and save money.
To learn more about all aspects of personal financial planning and secure your financial future, visit www.Great-Financial-Planning.com/cash-flow.html.
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