A lot of people joke that there aren’t many financial perks of marriage (usually the joke ends with my spouse buys this or spends that). But…there are a ton of financial perks that come along with getting hitched. In fact, if you follow my multiple income stream strategy, you know that having two incomes helping support a family is a huge benefit. But beyond just having a second income source, there are a lot of other things you gain (besides a spouse!).
Benefits of Employment
Two salaries are always better than one, right? For the most part, yes, so having both you and your wife work to support your household can be great. Especially if you minimize expenses, you can be raking in the dough!
If you and your spouse both have jobs, you both get access to each other’s employee benefit plans. This can be a great cost savings option since you can most likely choose from different providers to suite your family’s needs.
Benefits of Co-Habitation
Living together can also be a huge cost savings. Having one rent or mortgage payment will save compared to each having your own. Then add in utilities and other expenses related to housing, can you can save a nice amount. This includes taxes and insurance, and only having to buy furniture for one place.
Also, if you share insurance, you can get discounts for having multiple cars and your home on one policy. Multi-policy discounts can add to huge savings for any household.
You can also be a partner to help each other out when in need. If one of you is short on funds for the week, you can help each other by using a service such as www.samedayloans.org.uk to get by until your next paycheck.
Benefits of Sharing the Same Pot of Money
Finally, there are several benefits that come from combining income and expenses. First, there is added accountability in a relationship when you both are looking at the household expenses and working towards the same goals. This can be a great motivator to be mindful of your individual spending.
Second, you can double your rewards by both using the same rewards credit card when you spend. Instead of just one person working towards the rewards, you now have two!
What other financial perks of marriage do you find?