10 ways getting married will make you richer
What's love got to do with it? Getting hitched can save you serious cash. Let us count the ways.
This post comes from Michael Koretzky at partner site Money Talks News.
My 12th wedding anniversary is sometime in the next two weeks. I seriously can't recall the exact date, and I'm desperately trying to figure it out. But here's one thing I do know and will never forget: Getting married was the best decision I ever made. And not just because I love my wife.
"Marry for love, not money," my mother told me. But it seems most of us can marry for both if we're smart about it. Marriage has lots of financial benefits, and only a few of them are so obvious that I knew about them as a bachelor:
Getting together and splitting the bills. This one is easy. Everything is cheaper as a couple. I save half on everything from the water bill to the electric bill, but especially the food bill. When I lived on my own, I had to buy more-expensive individual portions, and I had to throw out food that spoiled before I could get to it.
Unlike me, my wife had roommates. But couples eat together much more often than roomies do. And over the years, my wife and I have developed the same taste for certain foods, which means we buy more in bulk than she did living with friends.
Then there's the tech savings. We have a family plan for our cellphone, we share a laptop and desktop computer, and it's easier to justify the high price of cable TV when I use many of the channels she doesn't (ESPN, Spike) and vice versa (Lifetime, Food Network).
Combining the furnishings. Between the two of us, we nearly filled our first apartment with furniture we owned separately. We still chose to buy some big items (couch, bed) so we could call them our own, but everything from the TV to the kitchen table came with the marriage merger.
And yes, we did squabble over my apparent lack of taste in home furnishings, but thankfully, like most guys, I had enough neutral stuff (TV stand, office desk, recliner) that met spousal standards and saved us money.
First, we played good cop/bad cop with the seller. (I was good cop, since my wife had bought a house before.) Second, when it came time to review the fine print in that intimidating contract, we had two sets of eyes perusing it. And sure enough, my wife spotted an error that could've cost us $400 (basically, a hidden fee that was covered elsewhere in the document).
- Calculator:How much house can you afford?
Keeping a balance on the checks. My wife is a sucker for boots -- black boots that all look the same to me. Every time Apple releases a new laptop or iPhone, I start salivating. Together, we keep our whims from winning. One dirty look from the other is usually enough to snap us back to reality and realize we shouldn't crave what we don't need.
Enjoying peace of mind. In these uncertain times, it's nice to know that if one of us gets laid off, we have at least one check coming in. And that did indeed happen to us briefly.
Forging the future. Drawing up a long-term financial plan is not our idea of a fun weekend, but when you make a commitment to each other, you force yourself to do it. And this is the big reason I use to counter the living-together argument: "Hey, we live together and do almost all of this same stuff, so you're overstating the marriage advantage."
Yeah, maybe. And I do know lots of domestic partners (both straight and gay) who use some of these same methods. But at least for me, being married just makes me a little more serious about love and money.
More on Money Talks News and MSN Money:
I keep trying to figure this out. When i was single i had half the bills and still had tons of money while i made only half of what i do now. Now im married, have to pay all the bills x2.5(She is a big eater)
and while the wife ran up all her and my credit cards, she has money left over and i get about 5 bucks a month. So for having a small savings on insurance and a decent amount on taxes there is no way i am coming out better. At least she does the laundry but very little cooking and cleaning. I would of been better off staying single, eating out and hiring a maid and a monthly hooker visit. At least then i would get some.
There is a tremendous saving on taxes if you are married and one makes a lot of money and one makes very little when you file a joint return. A single person has to start paying 25 percent of their income to taxes when they hit 34,000. Married filling joint doesn't pay 25 percent until they hit 68,000. You get double standard deductions married and if your are over 65 you get 2 senior deductions also.
As a single I paid 5 times the taxes that my brother and his wife did. No sheltered income by either of us with similar incomes. Singles get hosed at the lower brackets. It evens out somewhat when both marrieds make higher similar incomes.
all fine and dandy if you have the team mentality and have the income. lacking the team mentality is a recipe for disaster.
Do NOT get married...ever! Stay separate so you can actually reap the rewards of your hard work and dedication. You want to hand over everything you have worked so hard for to someone else, just say, "I do." Your government will happily oblige.
I've been divorced twice...the first was just the mistake of being young and stupid and marrying too quickly...the second was 'rebound guy' from the first, who turned out to be a leech looking for a 'sugar mama' to support him. While the first was a mutual and fairly peaceful split, I was burned hard financially and emotionally by the second and determined to never marry again...ever. Now after a decade-long relationship and a 4-year engagement, I find myself preparing to take the plunge for the third time. It's a true 50/50 relationship, both emotionally and financially, like the one my parents (childhood sweethearts and best friends) had for 43 years. We've lived together for four years now, and most people assume we're already married. To us, the piece of paper that would legally bind us isn't a symbol of love and commitment, because we have that already...it's more a symbol of trust that one won't screw the other over financially if it doesn't work out. We have every intention of growing old together, but we're also realists as well as romantics. We're going into this with good credit and no debt, hence the long engagement...taking baby steps toward a more durable, lasting union.
There's a line from the film "Dangerous Beauty" (biography of 15th century poet Veronica Franco) that sums up my outlook on marriage. There's a scene in which Veronica is complaining of arranged marriages when her mother interrupts with "Love has nothing to do with it. Marriage is a contract [Veronica], not a perpetual tryst."
I've been married for 2 years and lived with his for a year before that. I love my husband and I am happily married, however it always amazes me how much more money I had when I was single even though I made less money. My husband is a full time student and doesn't have a job so that does hurt the bottom line. When you get married you tend to upgrade-we moved from an apartment to a house, bills for a house are much more expensive than for an apartment, we had to get new furniture to fill the other new rooms, we are going to have a child (in about 7 months from now), we have a higher cell phone plan because it's for 2 phones, etc. I love the institution of marriage but it hasn't been a money saver for me-and that's just being honest. When I was single I was able to go shopping every week-now I am counting pennies for groceries...
also the price of everything, such as utilities, gas, and food has gone up while the average paycheck has stayed the same so it can't all be tied to 'marriage' per se.
This is bull$hit. When I made half of what I make now I was living like a king. After 5 years of marriage, a house, and 2 kids I am pretty much broke. Oh, and don't forget to add in the cost of a wedding. Sorry ladies, but it's all your fault.
By the way, today is my 5th anniversary and I have a 2 & 4 year old, so I'm not complaining, my family is awesome.
It's been said, "If you marry for money, you deserve every penney."
Ok, the listed "ways" are a joke. Get a roommate if you wanna cut living expenses.
Rich is state of mind. Feeling richer can simply be a matter of living within or slightly below your means.
I truely feel being in a 2 household relationship is the best way to go (in other words, he has his place and I have mine). I can't help someone else pay off their debt or clean up their credit when I didn't help them mess it up. And let's not talk about your partner having alimony, child support, Or being fiscally irresponsible. Or having to battle over how, when, where to spend "our" money. Money is one of the top reason's for divorce for a reason. Tread marriage with caution. it's not for every one.
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