10 Financial Perks of Marriage
Have you heard the stories about how finances are one of the leading causes of divorce? What exactly are people arguing about? Being married actually has some pretty good financial perks!
I don't mean to downplay the financial challenges of married life. We've had our share of heated discussions over money; but there are some definite benefits to pooling together your resources in marriage. Here are ten ways that you and your spouse are hooking each other up. (See also: 8 Tips for Planning a Last-Minute Wedding)
1. Employer benefit options
If you're both working, you have access to each other's employee benefit plans. You can mix and match between the two to pick the best fit for your family. If one spouse loses their job, they can fall back on the other's benefits. If only one spouse is working, then the obvious benefit is that the non-working spouse has access to benefits.
2. Multi-car auto insurance discount
As a married couple, you have the added benefit of being able to add multiple cars to one insurance policy. This multi-car discount can help you save money on car insurance.
3. One rent/mortgage payment
For those who live separately before getting married, the notion of combining homes or apartments is one of the best financial perks of marriage. By consolidating to a single mortgage or rent payment you can save hundreds of dollars each month.
4. One utility bill
Similar to making only one rent or mortgage payment, married couples enjoy the added advantage of having to only make a single payment for their utility bill. When you take away a whole set of water, gas, electric, and trash bills you'll definitely save money each month.
5. One insurance bill
See a pattern here? Consolidating to one set of bills can really make a difference. Not only are you getting rid of an insurance bill, now you're covering all the same stuff with only one deductible instead of two.
6. One set of furniture/appliances
When married couples move in together, they often downsize their furniture and appliances to only one set. Not only does this mean less to take care of and maintain, you can also make decent money by selling your furniture and appliances.
7. Fewer property taxes
This one only applies if you owned a house or apartment before getting married. Since marriage usually means moving in together, you only have to pay property taxes on a single property instead of two.
8. One tax return
Filing your taxes can cost a chunk of change if you hire an accountant. If you file jointly, suddenly you have one tax prep bill instead of two. It won't save you as much if you're just using tax prep software, but it still saves you at least an e-file.
9. More valuable rewards points
If you use a rewards credit card with a tiered reward structure, having both spouses using the same account can boost you into the higher tier of rewards more quickly. For example, we share a credit card where the higher tier means 5% cash back instead of 1% — a big difference.
10. Spending accountability
While everyone likes to splurge on purchases every once in a while, doing so too often can put a big dent in your bank account. If you know your spouse is going to see a big charge on your card or debit from your bank account you may be less likely to spend money on something you don't really need.
It's not just the fear of being quizzed by your spouse about a big bill that keeps you honest with your money. Having to share the same financial resources means you're more likely to discuss spending ahead of time and make shared decisions. That other voice of reason can sometimes help save you from bad money choices.