Signs That You Are Facing Financial Abuse and How to Avoid It

Handling finance is not an easy task in today’s world, where people have to deal with a plethora of expenses. Even after trying so hard and following a frugal lifestyle, if you are still struggling with money management, then there could be other reasons behind this. It is not always necessary that the reason for financial constraints will always be you.

There could be an external factor such as a person who might be forcefully gained control over your finance and ruining it. It is not because of your mistake but someone else who could be misusing your hard-earned money for his/her gains. Mostly, it occurs between people who have a close relationship like a spouse.

What is financial abuse?

When it comes to domestic violence, people think that it is somehow related to physical abuse. But, it can take in the shape of financial violence where the other person abuses you. This type of injury, when taken extensively, can make the victim even face a financial crisis.

The worst thing is that often people have no clue that their partner is financially abusing them. And, if they even did, some people prefer to stay silent. Now, it is your right to be economically independent and not let any other hamper it or misuse your money. So, before anything terrible happens, it is important to recognize such activities and take drastic measures as early as possible.

Considerable indications that you are going through financial abuse

Here, in this blog, we have prepared a list of significant signs that are clear indications that you are financially abused. So, let us look at them one by one.

1- Overexploitation of your financial resources

The most significant indicator of financial abuse is when the spouse or dating partner has control over your financial resources and is completely exploiting it for his/her misuse. Here are different situations where your support can be misused:

A- Taking control or accessing your money or your savings

B- When your assets are being misused for personal gains

C- Using your money or taking credit without your permission

D- Damaging your credit profile by exceeding the limit of credit cards

E- Failing to pay the utilities and bills

F- Acquiring your financial documents

So, in case you have to take short term loans for bad credit from any direct lenders to pay the credit card bills exploited by your partner. It is an excellent sign that your partner is financially torturing you.

2- You are being interfered in your professional life

Well, each person has the right to choose their career and follow the professional path on which they are comfortable with. But, if you are in a relationship where your partner is taking or even attempting to take control of your way of earning money, then this could be a great disaster for you. These are the possible professional interference that a financially abused person could face:

A- Demoralising with your job choice

B- You are being forced to quit the job

C- Deciding where you should work

E- Not supporting or providing any professional tips or assistance

F- Disturbing you from working

3- The spouse or partner has the access of your bank account

Most couples keep a joint bank account, especially when both parties earn. This is mainly done when both the partners have a common goal, such as

A- Buying a home

B- Purchasing a car

C- Paying the education expenses of the children and many others

It is indeed an excellent financial strategy where both parties are contributing to fulfilling their dreams.

However, if this is the case where your partner has access to all your other bank accounts, and you don’t, then this is an apparent disparity. Without your permission, your partner has no right to check into your account. Thus, if you are frequently interrogated about the money that you earn and if your account is blocked now and then, it is an imperative sign of financial abuse. 

4- You are financially dominated

Certain people like to economically dominate their partner even they are earning, let alone be the non-earning ones. If you keep hearing taunts or bitter words like “This is my house,” “this is my car,” or “this is my money,” then it is excellent financial discrimination that is occurring right under the same roof between two very close people.

So, if you witness any of these signs, then it’s time that you don’t resist yourself and takes actions at the earliest. The more you will endure it, the higher will be the risk to your financial health and even could lead to worse.

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