Financial Advice for Newlyweds: 5 Ways Being Married Saves You Money
If you're getting married or are recently engaged, you may have already looked into financial advice for newlyweds. And while the common perception — probably for good reason — may be young couples pinching pennies to get by, did you know being married can actually save you money? Here are five pieces of financial advice for newlyweds.
1. Lower Your Insurance Premiums
In most states, being married means you'll pay less for car insurance. There's a big difference between insurance costs for married drivers versus single drivers, reports CNBC. A 21 percent difference. And while savings are greatest for married men under age 25, even newlyweds over 30 get savings.
2. Compare Employer Health Insurance
If you and your new spouse each work for an employer that offers health insurance plans, it may be time to get out your benefits paperwork and start comparing plans. You could save money as a family by adding your spouse onto your employer health insurance and canceling their plan, or vice versa, and save the cost of paying for two separate plans. Take the time to review each plan carefully so you choose the one with features and coverage best suited to your situation.
3. Take Advantage of Family Memberships
Once you marry, look into getting a family cell phone plan instead of paying for two individual accounts. Even just two phones on a family plan could lower your overall monthly phone bill. Also, many gyms offer family memberships, so even though you may not have children yet, a family membership could be your best bet.
4. Consolidate Your Debt
Getting married may give you the opportunity to reduce your overall borrowing rates if you apply for joint credit to refinance your existing individual debt. Depending on each of your credit scores, total debt and combined income, consolidating your student loans, credit card balances or credit lines could save you money with a lower interest rate. Ask your banker for financial advice for newlyweds pertaining to taxes and loan forgiveness.
5. Lower Bank Account Fees By Consolidating Balances
If you and your significant other have money in your individual bank accounts but can never quite meet the minimum balance required by your financial institution to qualify for the monthly fee waiver, why not consolidate your bank account? Your pooled monthly bank account balance could mean you can pocket those monthly bank account fees — and start saving for a vacation or another goal.
In addition to the above savings, getting married means you'll likely save on basic living costs like food and housing (if you weren't sharing on them already). To get the most financial mileage out of your new marital status, get in the habit of funneling money saved on rent and groceries to a savings account or to paying off debt. Look for other opportunities to consolidate your expenses and boost your savings. Remember, every penny saved now will help start your marriage on a firm foundation, better positioning you to meet future financial goals.