When the wedding bells start ringing, your savings account starts cha-chinging. After spending a fortune on the rings, wedding, reception, tears, and a little sprinkle of regret, it may come as a huge relief that The Atlantic has reported couples can save from $480,000 to over $1,000,000 in their lifetime after being married. For our married readers, good thing you didn’t get cold feet, huh? Here are the ways a marriage can save you money:
Purchases in Bulk
What better location for a honeymoon than Costco? Already been? Live it up at BJs. Signing up for a Membership at one of these stores and then sharing all of your bulk purchases will shave you lots of money in the future. Spilt the cost of paper towels, toilet paper, food, etc. You would be getting tons and tons of supplies for just a fraction of the cost. Marriage is great, isn’t it?!
There is a new fad sweeping colleges around the globe. It’s not a fashion. It’s not a source of entertainment. It’s…getting married? Let’s correct that. It’s getting married to save money on tuition. If you are a prospective student and you are looking to qualify for lower in-state tuition, there are not many better pieces of proof of financial independence than being married. There are multiple California universities that have given in-state tuition to out-of-state students because they are married. Just make sure your parents no longer claim you as dependent.
Splitting the Bills
Whether having a roommate or just going out with a friend, it is likely that you have had to split a bill. Now, just take that process and spilt it with your spouse! Firstly, you may want to look into creating a joint account. Both of you agreed to put this money in, so there shouldn’t be a problem agreeing to use it as your source as your bill payments. Only half of every bill that comes your way, sounds like a good deal to us.
This may be a little morbid to think about right after the wedding, but we all are going to die at some point. Look into, hopefully way longer down the road, into Survivor’s Benefits. This means that depending on the deceased spouse and the surviving partner’s age, the living spouse can go on collecting the other’s Social Security.
If both you and your partner have benefits at your workplace, being married can help you pick and choose the ones you both prefer at both companies. Maybe the dental is better at theirs than yours. Maybe your health insurance is to die to for. Sit down with each other and right out the pros and cons.
For more information on why getting married can make you rich, you can read the full Cheapism article