5 Ways Couples Can Save More Money
There are so many wonderful reasons to be in love: you can feel happier, you can have someone to share the ups and downs with, and someone to talk to. There are also less obvious advantages to being part of a couple — one perk is that you can save money. Obviously, you should determine how you can save money if you are sharing a budget or splitting expenses, and making financial goals is an important step if you are in a serious relationship that you think will last for a while.
In addition to having someone to share life with and someone with whom to have mutual accountability, being part of a couple can also save you money in several ways. There are quite a few discounts for couples, and many couples can get a discount on a vacation package or even on car insurance. Here are five ways you can take advantage of your coupled status to save money.
1. Get the tax breaks
Married couples can save money on their taxes, and usually filing jointly is the best way to submit your taxes in order to save money. In most cases, the higher earner should claim the allowances. This includes same-sex couples for the sake of federal returns. However, it’s also important to realize that in the case of taxes, being part of a couple can also make your taxes really difficult and confusing. According to Fox Business, some states require same-sex couples to file their returns separately, which can be very difficult for people who have a joint income.
2. Get insurance
You can often save a lot of money on car insurance if you are married, as many car companies give discounts for having multiple cars insured. Your car insurance company might already be giving you this discount because they calculate your rate based on many factors. However, just getting married can lower your car insurance. This is based on the idea that married people might be more responsible, although of course that isn’t always true.
Couples can also sometimes save on home insurance. Of course, if you are married, you can cut insurance costs by choosing the better health insurance plan if you both work, and potentially by having a family plan if applicable. You might even be able to save on life insurance if you were previously insured separately.
3. Get other savings
In addition to insurance, you can get couples’ discounts on several other items. You may be able to get a discount on anything from a gym membership to a vacation. Many businesses will give out discounts if you are both willing to commit. Some vacations are only available to couples — according to HomeAway, some of the best options include Jamaica, Las Vegas, and Mexico.
You also are protected if you are married, or you are unmarried but in the person’s will. Married spouses have many benefits according to NOLO, including receiving Social Security, Medicare, and disability benefits; veterans’ and military benefits’ public assistance benefits; as well as other benefits including inheriting a share of your spouse’s estate.
4. Combine your money
Many couples decide not to combine their assets, which is a perfectly fine decision. If you do decide to combine your finances, there are many benefits to doing so. You can easily keep track of your shared income if you have a shared bank account. You also may be able to earn more interest on your savings or stock portfolio if you combine your assets. Combining your assets also may encourage you to grow closer because you will be sharing the benefits of your hard work, but you will also have to figure out what to do when an unexpected cost arises. Having all of your money available to both of you can encourage you to save more money because you will both be responsible for it.
5. Stay accountable
While getting a discount for being part of a couple is a great deal, it’s also important to think more about your future. Making smart financial decisions now will help you and your partner in the long run. Be sure to set a budget together and stick to it if you plan to combine your finances. According to Money Crashers, it’s important to be honest about your spending habits when making your budget, and track your spending and discuss it.
Also, discuss and write down your short- and long-term goals. Many couples end up fighting or breaking up because of financial problems or disagreements, so jointly prioritizing your financial future can also help you succeed as a couple. Make sure to keep each other accountable, too: check on your progress as a couple in terms of your current budget and your goals.