Marriage Can Actually Make Perfect Financial Sense

In addition to the obvious love and wanting to start a family and spend the rest of your life with this person, a huge benefit to marriage is the combined finances.  The con is that if your spouse has had trouble in the past when it comes to debt or credit, then unfortunately you will be taking that on as well, but together you will get through it.  Together you are a team going forward and you will need to prepare the household for financial success, and marriage can actually make perfect sense. You want to clear the air early on, finding a financially compatible person is just as important as romantic chemistry. The last thing you want to do is find out your spouse is going through a car repossession after your nuptials are set.

Can Split the Cost of Living

A dual income family is a huge help not only to pay for monthly expenses, but to contribute to savings accounts as well.  If you currently own your own home and pay for utilities, groceries, and maintenance yourself while still trying to add to a savings account, imagine how much help it would be if you had someone else’s income sharing some of the burden with you, while opening up even more money to spend responsibly, while setting up emergency funds, savings account, IRA, and 401(k) accounts.  Although you may now be able to afford the finer things, you should still live on a modest budget so that you do not go overboard.

Compare Health Benefits to See Which Makes More Sense

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No matter where you work, health benefits are outrageous.  Having another option from your spouse’s company can be great to compare not only per-paycheck contributions, but figuring out what makes sense for coverages.  If you are self-employed or in between jobs at the moment, you could be paying astronomical costs for health insurance now, so being able to go on your spouse’s coverage could be a life saver.

Great Finance Support System

It can be stressful to handle on your own, so having another person to support the household finances can make a huge difference.  It is important to discuss money at the beginning of the relationship; see what expenses you currently have, what your long-term plans are for savings accounts and retirement, so that you can stay on track.  Having a budget is a great way to ensure success each month, tweaking along the way if you find any shortages.  Experts say that two-thirds of Americans do not have a budget, so if you are able to use successfully you will be ahead of the game.

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Mark Holland

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