If you’re on the fence about getting married, would a financial incentive help? Experts say that tying the knot lowers your costs, doubles your earning power, and creates more financial opportunities. Here are five money perks of marriage:
- You’ll save on your car insurance. For most couples, insurance discounts are effective immediately. In fact, rates for guys under 25 drop when they get hitched, and companies offer better rates for multiple drivers and vehicles on a single policy.
- It raises your credit score – especially if your spouse has excellent credit. In fact, both you and your partner can combine accounts and immediately boost your credit score. Experts say you should get copies of your individual credit reports and fix any problems before you combine accounts, because making repairs afterwards is twice as much work.
- You can also get better loan offers when you’re married. Why? Because two incomes can secure about twice the loan amount of a single income.
- Getting hitched can also give you fast access to your spouse’s employer health benefits. That means within a month of taking your vows, you could have medical insurance, life insurance, and disability coverage.
- It increases your financial stability. Basically, if you lose your job, your spouse is there to pick up the slack until you’re back on your feet.