Marriage is a glorious institution. It’s all about love, commitment, a life-long dedication. Oh, and let’s not forget the financial perks, too.
When you get married, you enter a world of tax benefits, joint health insurance plan options, auto and home insurance discounts — even potentially better mortgage rates. You also simply have more opportunities available with two incomes.
That’s why we put together a list of five smart money moves you married couples can make this week. These will help you save money, build wealth and live happily ever after. (Well, no guarantees on that last part, but we can hope!)
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1. Launch Your Joint Real Estate Empire With $500
If you and your partner haven’t started investing in your future, now’s the time. The real estate market is hot, and, no, you don’t have to have thousands of dollars to jump in — $500 will do just fine.
Pool your money together and invest it in the Fundrise Starter Portfolio. Your money will be split into two portfolios that support private real estate around the United States. You’ll pay a 0.85% annual asset management fee and a 0.15% annual investment advisory fee.
And you don’t have to be the landlord — Fundrise does all the heavy lifting. As tenants pay their rent, you can earn money through quarterly dividend payments and potential appreciation of the property.
This is a great way to get started in the world of investing together.
2. Protect Your Family With $1 Million in Life Insurance (Rates Start at $5/Month)
When you’re married and have a family, you have to think about more than just yourself. Have you thought about how your family would manage without your income after you’re gone? How they’ll pay the bills? Send the kids through school?
Now’s a good time to start planning for the future by securing a life insurance policy.
You’re probably thinking: I don’t have the time or money for that. But your application shouldn’t take more than about five minutes — and you could leave your family $1 million with a company called Bestow.
Rates start at just $5 a month, and you can change or cancel your plan at any time. Plus, the security of knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without a medical exam, pushy sales calls or even getting up from the couch, get a free quote from Bestow.
3. Stop Giving Credit Card Companies Too Much Money
If you and your spouse have credit card debt, you’re not alone. But here’s the thing: Your credit card company could be ripping you off with high interest rates. While you two struggle to make your monthly payments, it’s just getting rich off you.
The good news is there are other companies that’ll help, and a website called Credible knows the best ones. It could pair you up as soon as tomorrow.
Here’s how it works: Credible will match you with a loan that’ll cover your credit card tab. Use that loan to pay off your debt, then make monthly payments to repay the loan. It could lower your monthly payments and help you pay off that debt a lot faster.
Credible won’t make you stand in line or call a bank. And if you’re worried you won’t qualify, it’s free to check online. It takes just two minutes, and it could save you thousands of dollars. Totally worth it.
Plus, being married means having a built-in accountabilibuddy, so you can motivate each other to pay off that debt even faster.
4. Knock $80/Month From Your Car Insurance in 2 Minutes
Here’s the thing: Being married could mean better car insurance rates for you. But when’s the last time you checked prices?
Thankfully, a company called Gabi makes it super easy to compare car insurance prices for the same exact coverage you already have. Plus, it makes canceling your car insurance and switching plans a breeze.
Take Lourdes Robles-Velazquez, for example. The California-based mom lives on a tight budget. She was paying $205 a month to insure two Toyota Priuses — hers and her daughter’s. By using Gabi, she shaved $80 off her monthly car insurance bill. That’s nearly $1,000 in savings per year.
Wondering how much you could save? Head over to Gabi, and link up your current insurance account (this is how it gets you that apples-to-apples comparison). Then, browse your options. It takes all of two minutes.
5. Shop Online? Get Checks in The Mail to Use Toward a Vacation
Whether you’re ordering a new rug for your living room, stocking up on toilet paper or purchasing a flight to visit the in-laws, you can earn cash back through a free website called Rakuten.
Rakuten has the hookup with just about every online store you shop, which means it can give you a cash kickback. We talked to Colleen Rice, who says she uses Rakuten for things she already has to buy, like rental cars and flights. Since she started using Rakuten, she’s received checks in the mail totaling $526.44 — that’s enough for a nice weekend getaway!
It takes less than 60 seconds to create a Rakuten account and start shopping. All you need is an email address, then you can immediately start shopping your go-to stores through the site.
Plus, if you use Rakuten to earn money back within the first 90 days of signing up, it’ll give you an extra $10 on the first check it sends you.
Woman’s World has partnered with The Penny Hoarder to bring you expert money saving tips like these.