So, you just spent a lot of money on your dream wedding, huh? Well, lucky for you, there are plenty of ways you can start saving money now that you’re married. After marriage, savings become a lot more abundant! From consolidating insurance policies to taking advantage of discounts, marriage may have 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. There are many ways married couples can save without sacrifice, like combining plans and searching 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, or they can call their agent to have the discount applied if they’re already under the same insurance company.
Consolidating your auto insurance policy once you’re married is one of the easiest ways to save money. Many car insurance companies offer discounts for having multiple cars insured under one policy. Auto Insurance companies also lower premiums based on marital status because of the idea that married people will be more responsible drivers, as well as statistics showing 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, it’s usually easy to drop one policy and keep the other, as you can both be protected under one. Not only do you get to split the cost of groceries and new house decorations, but you get to save on your home’s insurance policy, too!
You can even save on Life Insurance plans once you’re married. Life Insurance companies sometimes drop premiums once you’re married, and 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 create 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 membership or some 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 lead to big 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. The money you save from splitting or consolidating those costs can be used for other expenditures like saving up for your much-anticipated honeymoon or your next couple getaway.
Receive Tax Deductions
Once you’re married, you and your spouse have the option to file a joint tax return, which can lead to big 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, usually requiring professional help. This is because deductions, capital gains and dividends, unearned income, and each individual income all need to be factored in. However, spending a little extra time to figure out how to file a joint tax return can definitely be worth it in the long run.
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. This means 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, so you can start earning rewards for bigger savings.
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 auto insurance agent, creating a joint bank account, and splitting the grocery bill that can lead to big savings as a married couple. 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 was obtained from various sources. This content is offered for educational purposes only and does not represent contractual agreements, nor is it intended to 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 and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.