Financial Planning

The Financial Benefits of getting Married



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Ever thought of marrying to become financially stable? Well, if you never did, then it's time you start thinking about it. During these times of economic meltdown and unexpected fall in asset prices and job losses, it makes more financial sense to tough it out with a partner and someone you love, rather than going solo.

Being single and trying to manage your finances alone may seem to be the best option, but it isn't. Marriage is a partnership that offers a lot of merits that can easily be enjoyed if the two partners are committed to bettering their financial future. Detailed below are five financial benefits you can enjoy as a result of getting married.

1. Reduction in Expenses

This is perhaps the most significant benefit you can get from a marriage. Marriage is all about love and sharing and for that matter; you'll share most of your expenses. The consumption of utilities such as electricity, water, and gas will also be reduced to some extent. This will then increase the amount of money the two of you have to save.

The above benefit is true but it can only be realized if you make up your mind to put in place measures that'll help reduce your utility expenses. For instance, you and your partner can reach a consensus to own only one car to reduce expenses on gas and even iron in bulk.

2. Stability In Troubled Times

Just imagine being single and getting laid off at your day job with no money saved down and no other source of income to fall on. You'll immediately become destitute and a slave of indebtedness; if you move on borrowing from somewhere as an option. And this is a situation you can avoid if you're married.

In a marriage, it's very unlikely that you and your partner will lose your jobs at the same time. Thus, during lay offs, you can fall on your partner to provide the needs of the family while you look for another job. Smart, isn't it?

3. Special Treatments for the Married

There are a lot of restaurants out there offering special deals that can only be enjoyed by married couples and families. You may get reduced prices on meals on some days and if you have children, then the better for you. Some of these restaurants do offer free meals to children below a certain age.

Sometimes, employers may also be in need of applicants who are married, and that is also to your advantage.

4. Learning from Each Other

Being married also gives you the opportunity to learn from your partner. If you are someone who can't control your expenses, a marriage is the best tonic for that disease. You'll be forced to get your expenses under control for the overall financial health of the family. You can also learn some money management tips from your partner if he/she is knowledgeable in that area.

5. Motivation for Success

I'm neither a psychologist nor a sociologist but I can tell you for a fact that, human nature is such that it yearns to do things that are pleasing in the eyes of loved ones.

Being married is enough motivation for anyone to strive as hard as he/she can to attain financial prosperity. And in that quest, the partner will also be motivated or feel the need to become successful. If the man is successful and brings a lot of money home, the woman will also like to do more than that or keep up with him.

6. Benefits in Tax Payments/Loan Applications

Marriage also puts you in an advantageous position when it comes to filling for income taxes. The two of you filling your taxes jointly is one thing that can benefit you in credits and tax refunds.Moreover, it'll be easier for you to get loans and mortgages as most financial institutions prefer married applicants to those who are single.

So what are you waiting for? Why not get married and start enjoying these and many other benefits of marriage.

 

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