If you are scared by the budget a wedding requires, you should take a look at the benefits it offers. A marriage can reduce your current living costs and offer some really good financial opportunities. Though a marriage should not be considered as a way to make money, with proper planning and commitment it will not be difficult to achieve financial stability.
In this piece, we’ll share insights on how getting married will improve your financial situation.
Save money on car insurance
As a couple, you can expect a discount on your car insurance as soon as you get married provided you inform your agent beforehand. Though there is a risk of high premiums involved in your policy if you are marrying a partner with a not-so-good driving record. But for a responsible driver, the chances to save money increases significantly. All married couples take advantages of policies as they get extra opportunities by combining their individual and multiple policies per family (for example, getting a policy for your home and vehicle with the same provider) and having different vehicles under a single policy.
Raise your credit score
If you are marrying a spouse with a great credit score, you are most likely to see an improvement, vice-versa you may face some setbacks if you are marrying the one with a bad credit score. With an excellent approach, the newly married couple can see a good increment in available credit should they decide to join bank accounts. To make this happen, the couple should go through each other’s credit history and make necessary changes to improve their records. If any or both of the spouses have a habit of making unnecessary expenses, they need to work out a solid plan to save money.
Get favourable loan offers
The plain advantage of being married is getting twice the amount of loan by joining the two incomes. You can finally get that dream home you both desire with combined finances and make the loan process less difficult with a suitable interest rate. But, as you know, with additional income comes additional responsibilities, so make a blueprint of how both of you plan to pay for the loan in case one of the spouses may not be able to contribute in the future.
Increase financial stability
Two filled wallets are better than one. Having a financially settled partner who can back you up when there is a financial trouble can help you a lot in life. In case a partner decides to become a stay-at-home parent for a better future for the family, the chances of earning in the future do not decrease. A lot of newly married couples are advised to figure out a future plan that keeps their resumes and job skills mentioned in it updated even if they are not working, so they can re-enter their respective professions when they want to and earn till they retire.
Unless the newly married couple is moving to a new location after marriage, the living costs are most likely to stay the same for basic expenses (like housing bills) and will decrease per individual. Just remember to save money for your plans that involve your spouse. For example, a cell phone company will offer you a plan consisting of extra minutes you need, but at a lower cost per minute.
Share employer benefits
One of the most sought-after advantages of being married is quick access to your partner’s employer health and benefits plan. The life and disability coverage benefits can be attained within 30 days of the wedding itself and one does not have to wait for a long time.
If both partners are covered, think hard about whether it’s more reasonable to keep your own previous plans, converging into one. A few organizations offer discounts only to their employees, giving you the motivation to abstain from focusing on only one plan.
When you are starting a new life with your significant other, it is vital that you look at every financial aspect and take care of the loose ends if any. Take advice from financial advisors and couples who have done this in the past and come up with a solid plan. And while you are at it, make sure your partner is well cared for financially in the event of your death. You can make a Will by checking out how to make a will at home and make sure your partner and family’s future is secure.
We hope the above-mentioned points help you understand how being married may actually improve your financial situation, but make sure that you are marrying the right one!