The cake has been cut, the champagne cork has been popped, and confetti has been strewn all over the place. You have just walked down the aisle and gotten married to the man or woman of your dreams. You will now be embarking on your new a life together.
One of the responsibilities any married couple will have is financial planning. You now have a responsibility to provide for each other and any children that you will have in the future. While the vows proclaim your love to be for richer or for poorer, of course, you would prefer the former. If the two of you manage your income efficiently, you will be able to build your wealth faster and attain your financial goals more quickly as compared to when you were single.
Here are some ways getting married can be advantageous to your finances.
Having two sources of income.
If both you and your spouse are working, you have the benefit of having two sources of income. That means that you can afford to buy things that have been out of reach when you only had your salary at your disposal. Realistically, one spouse often makes more and has greater benefits than the other person. Since you are married, you and any dependents that you may have, can also enjoy your spouse’s greater benefits.
With more disposable income, it is important to sit down and plan for your financial future. You need to decide how you plan on spending and saving your money. For example, you can even choose to only live on one income and set aside the second one for savings and investment.
Combining households can be cheaper.
The cost of living of two people under one roof is definitely cheaper than when you were maintaining separate households when you were single. The biggest savings will come from splitting the rental or mortgage costs. You will only need one set of furniture and appliances, and you can make money from selling any duplicate stuff that you do not need. Adding one person will not make that much impact on your utility bills since some items such as your cable, landline, and internet might have a flat monthly fee anyway. Food costs will not be significantly higher since you might spend more time eating together at home as opposed to eating out when you were single.
You have someone to help curb your impulses.
When you were single, you probably gave in to your heart’s desire more often than not. Since your responsibility was only to yourself, you had weak impulse control. You would see those lovely pair of boots at the mall and start salivating. The next thing you know, you would swipe your credit card and leave the store with a shiny, new package in tow.
When you are married, buying things impulsively will not be that easy anymore. Now that you are working with an agreed upon budget, your spouse will act as your conscience. In fact, you can act as a check and balance system for each other. The need to talk things over with your spouse before buying anything can quickly dampen that impulse to buy.
You might only need one vehicle.
Living in the same house means that you will leave for work from the same place. If both of you have similar work hours you will probably only need one vehicle. You keep the one that is in better condition, and you can sell the other car and put the money to better use. Carpooling to work can be a great way to save money. You will only have to gas up, maintain, and buy insurance for one vehicle. You can take turns driving the car. Whoever has errands to run gets to keep the vehicle for the day.
Being married can get you considered for promotion.
Let’s face it stereotypes are well and alive in corporate America, and there is still that notion that being a married man or woman means that you have a more stable and happier family than your single colleagues. If you have a more stable in your private life, you can be better focused while you’re at the office. Your bosses might consider you to be mature enough to handle more responsibility at work. Sometimes being married can be the key to getting that promotion or making partner in your firm. This is certainly true for conservative and family-owned companies, who place a prize on marriage and families. When you get that promotion, better pay and benefits come with it, enabling you to improve your financial situation.
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With discipline and a prudent lifestyle, getting married can be advantageous financially. Has getting married enabled you to build your wealth?