8 Financial Tips for Married People

Married PeopleDid you know that there are many ways you can benefit financially if you’re married to someone? Well, it’s true, and I’m going to outline some tips that will definitely help you out financially. Scroll down to get started.

#1. Discuss money before tying the knot.

Now, I’m not saying that you should bring up financial discussions on your first date with someone, but when you know that person is “the one,” you should definitely talk about finances with them. Discuss your goals and your financial assets with them.

#2. Discuss your financial goals.

It’s important at some point that you sit down with your loved one and you go over your financial goals with each other. This is necessary if you want to be able to build a financially stable life with the person that you love. Talk about buying a house, having some kids, health care, retirement plans, etc… This may not be one of the most romantic conversations you’re going to have with your partner, but it will make you feel much better when you’re both working towards the same goals.

#3. Create a plan.

It’s important that you sit down with your partner and you both create a financial plan with each other. That way, you’ll stay on track and will be much more likely to achieve your financial goals. Also, having a plan will help guide you when it comes to making purchasing decisions, so it’s a great way to get around potentially stressful obstacles in the future.

#4. Joint finances.

It’s important that you both decide as to whether or not you’re going to have joint finances. It’s been proven that couples who have joint finances are typically happier and fight less, thus resulting in a higher marriage success rate. Plus, when you combine your savings, you’ll be able to save money and accrue more money.

#5. Communicate with each other.

It’s important that you both sit down and communicate with each other about important financial goals; like retirement. It’s been proven that women are more likely to sit on the sidelines and sort of “go with the flow,” because they need to be engaged in financial conversations.  I’m telling you now that you should never be afraid to engage in financial discussions with your partner.

#6. Joint ownership can help you.

Do you know when you’re getting a new home or a car and they ask you who’s name it’s going to be in? It’s advised that you actually put it in both of your names. If you do this, you’ll have an extra layer of protection from creditors. Plus, if you buy these things together and pool your resources, you’ll be able to come up with larger down payments and you’ll typically receive better rates.

#7. Save money on taxes.

Overall, when you marry someone, you’ll actually be able to save more money on your taxes. Also, you can transfer assets to each other and it’s all tax-free.

#8. Save money on insurance.

Make sure you call up your car insurance company and let them know that you’re married. Going from single to married will definitely save you some cash.