Saturday, Dec 03, 2011
Gulf News
Dubai While secretly spending Dh50 on a dress at the flea market may sound harmless, couples should make it a habit to observe transparency at all times, so as not to put the family’s finances at stake. As experts have warned, when small clandestine purchases grow into a mountain of debt, it certainly will be difficult to keep the problem to yourself.
“They need to be honest for the simple fact that things can very easily spiral out of control,” says Richard Taylor of Acuma Wealth Management.
“Especially in Dubai, where payments being rejected can lead to serious legal problems and people frequently lose their jobs almost overnight, it is especially important that one spouse is not in the dark about their true financial situation. The odd white lie is generally okay, but real money spending issues can have severe consequences.”
It may not be necessary to let your spouse know every single purchase you make, but couples need to sit down and define when they should draw the line, or when an expenditure should be declared.
“For some people, going to a hairdresser is a basic need, yet others see it as a luxury. It depends on the priorities of the couple, so they should sit down and agree and say, if you spend that much money, you have to tell me,” says Dr Rogayeh McCarthy of Counseling and Development Clinic in Dubai.
And when one crosses the discretionary budget, it is vital to open up. “If the allocated personal spending budget is exceeded, it’s time to come clean and explain what went wrong. Better now than later, no matter how tough it is to disappoint your partner at the moment. Financial difficulties are always harder to weather when one person carries them alone,” adds Steve Gregory of Holborn Assets.
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By Cleofe Maceda?Senior Reporter
Gulf News 2011. All rights reserved.
