Aside from the wedding cost that usually varies from $15,000 to $20,000 and can burn a hole in your wallet, marriage can be a positive force not only for your love life but also for your finances. A good marriage is an unending source of opportunities as many studies have revealed that married people are more financially stable.
Here is the list of the ways in which you can profit from your marriage financially.
Save Money on Automobile Insurance
One of the best ways to save money on car insurance is to get married. Married women pay the lowest car insurance while unmarried men pay the highest prices. The rate for married men who turned 25 significantly drops and drastically increases in case of a divorce.
Become More Financially Stable
Two paychecks are better than one and not just to make ends meet. It is good to have somebody who has your back when things get tough. Even if one marriage partner loses his/her job or decides to stay at home, there is still one breadwinner that will support the family while you are looking for a new job or caring for the home and children.
Though you will pay the same amount of money for most services, rent payments will become more manageable. Plus, you will save money on your cable TV and Internet bills. The phone bill will also probably decrease as phone companies often offer a larger plan with a less per-minute cost to married couples.
Improve Your Credit Score
If your marital partner has a brilliant credit record, your credit score will most likely improve. Of course, there is a chance that your spouse’s financial troubles will become your own. But if you act wise while combining your accounts, you and your partner can raise your credit score significantly.
Double Loan Offers
Being married, you have access to loans that you would never get before. When considering loans, preference is usually given to married couples. This means that it will be easier for you to get the house of your dream and double the loan amount.
Get Employer Benefits
One of the best things about marriage is that you get health coverage and benefits paid for by your employer. There is a special rule that allows eligible employees to enroll in case of marriage.
So if you are planning one getting married or have already tied the knot, you should consider these points to get all financial benefits from your marriage that you can.