With the potentially high costs of a wedding and myths of a marriage tax penalty, it’s no wonder that many people are scared to get married for financial reasons. In reality, there are many ways that getting married can actually save you money. By tying the knot, you may be able to cut down on your monthly expenses and live a more comfortable lifestyle.
Health Insurance Rates
One way that you could potentially save money by getting married is with your health insurance premiums. When you’re single, both you and your significant other have to pay for health insurance coverage. If you get married, one of you could get on the other person’s health insurance plan. For example, if one person is covered by a health insurance plan at work, the other one would not have to continue paying premiums for an individual health insurance plan. Instead, they could both be on the same plan and save money.
If you both drive vehicles, you could save a substantial amount of money by getting married. When you only have one car and you buy car insurance for it, your rates will probably be higher than if you had multiple vehicles on the same policy. When you get married, you will put both cars on the same policy, which results in a multi-line discount.
Getting Approved for Financing
When you get married, it typically becomes much easier to get approved for financing. For example, if you are trying to get a mortgage, having another person with a separate income can improve your chances of getting approved. If the other person has a good credit score, it can boost your chances and help you get a better interest rate. Getting a better interest rate on a mortgage could save you thousands of dollars in interest.
Read more at Forbes.