Australians are feeling the pinch of rising living expenses. Mortgage payments and rents are on the rise, along with increasing power and fuel prices. Even a trip to the supermarket can cost a lot of money.
With these challenges, it’s crucial to handle our finances with care. On this episode of 20Twenty we’re raising an important question. Have you ever engaged in financial infidelity? What exactly is financial infidelity, and what causes it to occur?
Hiding Our Spending Habits
Vision regular Alex Cook from Wealth With Purpose, joined us to shed some light on the topic. He believes that the simplest explanation of financial infidelity is when we deliberately hide our financial activities from our spouses.
‘It’s consistently hiding our spending habits,’ says Alex. ‘We need to be transparent with the way we live, especially with our spouses. But I think some of it comes out of the embarrassment of thinking that we’re not good with money.’
According to Alex, regardless of the financial pressures we face, hiding things is never a wise choice. Eventually, the truth comes to light, and it only exacerbates the situation. People may also have trust issues coming into a relationship, particularly if there were financial problems previously.
Ask for Forgiveness
‘There are consequences to these things,’ says Alex. ‘You need to confess as soon as possible. Be very humble, don’t offer lots of excuses, and ask for forgiveness. The remarkable thing that really differentiates Christianity from all other religious worldviews is the concept of forgiveness, and the need to forgive others. Marriage can often be a great way to learn that concept.’
Alex believes that the key to succeeding when managing money is to share the responsibility. ‘That starts from the idea that it’s actually God’s money,’ he says. ‘Even though one person may be the household administrator, the reality is we’re working together on God’s money.’
‘We can learn good concepts and budgeting, which is important,’ says Alex. ‘But the reality is it’s our behaviour that will make the ultimate impact.’
Listen to Alex’s full interview on 20Twenty below:
