By Dave Ramsey
Q:I don’t hide debt from my spouse, but I do hide money from her. I’ve been squirreling away money for emergencies without her knowledge. She’s not terrible with money, but she always finds something to spend it on. We were never able to save anything before I started doing this. After hearing you talk about “financial infidelity,” I began to worry about her reaction when she finds out I’ve been doing this. What’s your advice?
A: I think you have every reason to worry. Not just about her reaction, but what this represents in your marriage. I believe in saving up for emergencies. I mean I’m Mr. Emergency Fund. I talk all the time about saving up three to six months of expenses. But deception is never a positive thing in a relationship. You’ve got to man up and tell her.
I know this won’t be easy, and you have to make sure you tell her in the right way. Don’t try to blame this on her. Basically, you’ve deceived her about this and your lying isn’t her fault. Let her know that you’re sorry for not being honest with her, but you also need to explain the reason you hid the money was that you were afraid to speak up and disagree. Ask for her forgiveness and let her know you’re committed to never letting it happen again.
At the same time, you’ve got to grow a backbone so you can let her know when you’ve got a problem. Managing money in a marriage is a “we” thing. Decisions should always be made together. It means you each have a vote, but it also means you have to stand up and vote no if she wants to spend money on something silly when you guys haven’t taken care of business.
Closing the account
Q: Do you have any suggestions for closing a credit card account? I just paid off my last debt and I want to close the account once and for all.
A: I’d start with a phone call. Let the company know the account is paid off and you want it closed permanently. Also, ask for written confirmation that the account has been closed. If you don’t see something like this in your mailbox in a few days, you’ll need to check your credit bureau report for an update on the status of the account.
If it’s not showing the account closed at this point, you’ll probably have to call them back and jump somebody’s case. Make sure the company understands you want to see verification in writing that the account has been closed. If the company still is dragging its heels at that point, you’ll need to send it – via certified mail, return receipt requested – your demand that the account be permanently closed.
But usually a phone call is all it takes. The problem with talking to these people is you’ll have to listen to all their crap about how dumb you are for cutting them loose. Trust me, they’ll fuss and cry and offer you stuff to try and get you to keep the account open. Stand firm and don’t listen to them. Close the account.
For more financial help, visit daveramsey.com.