So, you just spent a lot of money on your dream wedding, huh? Lucky for you, there are plenty of ways you can start saving money now that you’re married. After the wedding, marriage savings and discounts become a lot more abundant. From consolidating insurance policies to taking advantage of discounts, marriage has a lot more perks when it comes to finances than you thought.
After marriage, savings become important for future milestones like family vacations, buying a bigger house or sending kids to college. Therefore, it’s important to find every way to save more or spend less as a couple. As a married couple, there are many new ways to save money. You’ll have options to combine plans with your partner and qualify for discounts.
Consolidate Insurance Policies
There are many types of insurance that offer multi-line discounts to people who purchase more than one policy. This includes Auto Insurance, Homeowners or Renters Insurance, and sometimes even Life Insurance. Married couples can combine some of their policies under the same insurer to take advantage of these discounts. You can also call your agent to have the discount applied if you’re both already under the same insurance company.
Consolidating your Auto Insurance policy is one of the easiest ways to save money as a married couple. Many Car Insurance companies offer discounts for having multiple cars insured under one policy. Auto Insurance companies also lower premiums based on marital status. This is because married people tend to be more responsible drivers. Some statistics show that married people get into fewer car accidents.
Married couples can also save on Homeowners or Renters Insurance if they’re moving from two homes into one. Once you’re moved in together, you can drop one policy and keep the other. Then, you’ll both be protected under one policy. Not only do you get to split the cost of groceries and new house decorations, but you’ll save on your home’s insurance policy, too! What a great way to take advantage of marriage savings.
You can also save on Life Insurance when you’re married. In fact, some insurance companies drop premiums for married couples. You can consolidate your Life Insurance cost if you and your spouse were previously under separate policies. Another way you can cut your insurance cost is by choosing the better of your separate Health Insurance plans or switching to a family plan if applicable.
A common thing married couples do right after their wedding is get a joint bank account. This is because after marriage, savings are something many couples want to start sharing for the future. This will also allow you to split the cost of utility, cable and other household bills easily. Many couples also invest in a Costco or other type of warehouse membership that allows them to take advantage of more affordable bulk purchases if they share a home. Splitting the cost of groceries and household goods like toilet paper and soap can lead to big marriage savings every year.
If you and your partner are renting your home, you can also split the cost of rent each month. If you own the home you move into with your partner, you’ll only have to pay property tax for one home instead of two. You can use the money you save from splitting or consolidating those costs for other expenditures. Now is the time to save up for your much-anticipated honeymoon or much-needed couple getaway.
Receive Tax Deductions
Once you’re married, you and your spouse have the option to file a joint tax return. This can lead to big marriage savings. In most cases, the partner with higher earnings should claim the allowances to get the most return possible. However, filing taxes as a married couple can be very difficult and confusing. In fact, it usually requires professional help. Deductions, capital gains and dividends, unearned income, and each individual income all need to be factored in. Spend a little extra time to figure out how to file a joint tax return. As people preparing for the future, you’ll want to take advantage of all the marriage savings you can get.
Get Marriage Discounts
Besides the insurance discounts previously mentioned, there are other marriage discounts offered to couples, too. You and your partner can get discounts on anything from a gym membership to a summer vacation package. Many businesses that require memberships will offer discounts or deals if both partners are willing to commit. Some vacation packages are only available to couples as two-person deals that help make your next getaway more affordable.
Married couples can also earn higher credit card rewards. If your credit card provider has a tiered reward structure, having both spouses on the same account can boost you into a higher reward tier faster. You could be earning 5% cash back instead of the 1% you’d be earning in the lower reward tier. If your credit cards don’t have a tiered reward structure, you and your spouse might consider opening one that does together. Then, you can start earning rewards for bigger marriage savings.
Marriage Savings Are Easy
As you can see, there are many ways a married couple can save money and consolidate costs. If you’re a newlywed couple, the faster you start saving, the better. There are simple steps like calling your insurance agent, creating a joint bank account and splitting the grocery bill that can lead to big savings as a married couple. Just because your wedding was expensive, doesn’t mean everything else has to be. Not only do you get to spend the rest of your life with your partner, but you get to save money with them, too!
The information in this article is from various sources. This content is offered for educational purposes only and does not represent contractual agreements. It should not replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms, and coverage in a given policy may be different than those suggested here. Such policy will be governed by the language contained therein.