Can getting married improve your finances?

Can getting married improve your finances?

Aside from the wedding (which can be very costly) matrimony can be a good way to improve your finances.  Obviously we’re not suggesting you should see it as a way to gain wealth and financial stability, but with proper planning, that long term commitment you make to your loved one could not only give you the gift of love.

So in today’s blog we’re going to take a look at what kinds of things you could benefit from when you get married!

Car Insurance

There is benefit to being married when you get life insurance.  More and more insurers these days are giving major discounts if you insure both your vehicles with the same company, or even on the same policy.  While of course you could be at risk of higher premiums if your significant other isn’t the best driver, but assuming you are both average then you could save quite a bit.  Even rates for men under 25 drop when they get married, so statistically the insurers must feel you are a better option when you become married.

Improved Credit Score

If you get married to someone with a perfect credit score then you may well see improvement on yours.  Equally though if your spouse isn’t great with money it can go the other way and affect you both.

Better Financial Stability

Two pay packets are always better than one.  Not just because you have better earning power but because you can benefit from some back-up if something goes wrong.  This also means you can save more money for a rainy day and future plans.  Obviously, with this stability in marriage it could be important to get life insurance – so that both parties aren’t left in a situation should someone happen to one of them.

Combined Expenses

While there are some spends that are going to be unique to each of you, there are certain things that can be shared and that therefore work out cheaper for the both of you.  For example the cable bill or the TV Licence can both be cheaper if you’re paying fifty percent each.

Obviously there are plenty of other things you get from marriage, such as the love and support of someone who really cares about you – but there’s no reason why you shouldn’t benefit from having that plus some financial security in life.

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