WHEN TO ESTABLISH A ‘BLACK FUND’
More than a quarter of couples consider having a black fund as unfaithful, worse than physical betrayal, but 44% of those surveyed admit to having a black fund, according to CreditCards.com.
Couples will often consolidate their finances after marriage, while others choose how each other’s money is spent. If you belong to the second group, it doesn’t matter what you spend your money on as long as you both agree.
However, there is a difference between managing your finances and hiding large sums of money completely, from your partner.
Many personal finance experts say that most couples have a small amount of privacy because they don’t want to be a financial burden for the other person or have to beg every time they need to spend.
“Some people set up a slush fund because they don’t trust their spouse to manage it well or are worried that the relationship won’t last,” said Todd Christensen, a financial advisor at MoneyFit, a personal debt service in Idaho. America), said.
In other words, people tend to fund large sums of money when there are serious problems in the relationship, such as a lack of trust or commitment in Vinhome central park for rent.
However, setting up a black fund with a large amount of money is not always bad. There are three situations in which money should be hidden.
1. Your partner is abusive and you want to get out of the relationship
If you live with an abuser, liberation is a difficult process. In addition to causing physical and psychological harm, abusers also want to manipulate the victim’s finances such as taking money, controlling spending or interfering with work…. This makes the victim dependent. basic needs such as food and shelter.
If they decide to get out of this situation, victims should secretly accumulate savings to take care of themselves and their children in the future.
2. A breakup is about to happen
If you’re not married, you’re not obligated to share financial details with your partner. Once married, there is no law that requires a couple to disclose their separate finances to their partner.
So, if the relationship is coming to an end, you can quietly save from your earnings to cover the cost of moving out.
3. Are you planning a surprise?
If you want to give your husband/lover a surprise gift on a birthday or anniversary, it will be difficult to hide it if you make it public. In this case, of course you may have to sneak up on the money.
When your partner or lover is facing emotional, spiritual challenges… that make them spend uncontrollably, setting up a black fund does not solve the problem. If unfortunately discovered, it can easily lead to family conflicts. In this case, it is best to seek professional financial planning or psychological counseling.
If your partner has dementia or is elderly, and at risk of misappropriation or fraud, notify your bank just in case.
Every couple manages their finances differently. Therefore, the degree of sharing and interference in the other’s finances depends on each family. It is important not to lie or cheat.
“Transparency and openness about finances and how to manage money as a couple doesn’t mean going public,” says financial planner Anastasio.
When you feel the need to keep your money, ask yourself why. If for good reason or fear, experts recommend sharing it with your partner. They can understand and support your decision to maintain a separate account.
If you find out that your partner has a black fund, try not to think the worst. Who knows, they’ll share their real thoughts if you approach them with empathy rather than accusations, experts advise.
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