After You Get Married, Make These 5 Moves With Your Money
Congratulations! You’ve said your vows. You’ve thrown that bouquet (who knew Grandma could jump like that?). You’re even rocking a nice tan from your honeymoon.
Now married life really begins. Like it or not, your finances are a major factor in your marriage. According to Dave Ramsey, 86% of couples who got married in the last five years started out in debt.
It’s OK. Take a deep breath. We’ve put together a quick challenge for married couples to get your finances in shape for your happily ever after.
Do you accept the challenge? If so, say, “I do” (again).
1. Start a Savings Account That Pays 23 Times the Average Interest
We’ve found a smart place to stash your savings. It’s a high-yield online savings account that pays more than 20 times the interest you’d get from most brick-and-mortar banks. Also, it won’t charge you any fees.
The American Express Savings Account®* pays you a highly competitive interest rate on your money, at 1.9% annual percentage yield (APY)**. That’s way better than the industry average of 0.09% reported by the FDIC in January 2019.
The account makes it as easy as possible, too. Setting up an account online is quick and simple. There’s no minimum balance requirement and no fees, so you don’t have to worry about that. To save automatically, you can have part of your paycheck direct-deposited to your savings account or schedule automatic transfers of money from your checking account.
In Amex’s savings calculator, enter how much you’d deposit each month to see how much interest you could earn over time.
To make sure you aren’t tempted to spend, you’re limited to six withdrawals or debits per month, which is pretty standard for a savings account.
2. Stop Giving Your Car Insurance Company Extra Money
Have you been paying your car insurance bill to the same old insurance company for years? You’re probably paying too much.
Over the years, your life has probably changed — and so has the value of your car. Plus, insurance companies you might have looked at years ago are constantly changing their pricing. One easy way to save on car insurance is by shopping and comparing rates twice a year. But that sounds like a pain.
Fortunately, a service called Gabi will do it for you, and you don’t even have to fill out any forms. Simply link your insurance account and provide your driver’s license number, and it’ll go to work.
Gabi says it finds an average savings of $865 per year for its customers.
It offers a true apples-to-apples comparison at the same coverage levels and deductibles you currently have, and instantly compares rates from up to 20 providers to find you the best deal. Once you sign up, you never have to shop again. Gabi’s software has your policy on file and keeps on monitoring for savings as your life changes.
3. Secure $1 Million in Life Insurance for Just $25/Month
Death is never a fun topic. Honestly, it’s the farthest thing from it. Unfortunately, it’s a fact of life — it happens to roughly 100% of people. Despite how uncomfortable it might be, it’s something we all need to think about.
If you have a family, the last thing you want is to leave them without any financial support once you’re gone.
Maybe it’s time to think about life insurance. It doesn’t have to be the uncomfortable experience you might expect. Some newcomers in the industry are updating the old model.
Policygenius, for example, can get you term life insurance in less than 10 minutes — for coverage up to $1 million.
To get your quotes, you’ll just enter some info about yourself and your health online. Once you choose a life insurance company, you can apply right online, and a Policygenius rep will give you a quick call to ask a few follow-up questions.
4. Ask This Website to Pay Your Credit Card Bill This Month
No, like… the whole bill. All of it. All that debt racked up from the 300 destination weddings your friends made you attend (thanks!) could be paid by the end of this month.
Your credit card company is ripping you off with insane rates, and it’s getting rich off of you. But there are other, nicer companies that’ll help you out. A website called Credible knows the best ones and 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. Plus, no credit card payment this month.
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.
Now you can finally stop holding a grudge against that friend who thought a Mexico wedding was a good idea.
5. New Married Life, New Stuff: Earn Money for Buying Home Goods (And Everything Else)
Married life comes with all sorts of surprises. Sure, there’s marital bliss, but there’s also lots of chores to do. And things to buy.
Luckily, some stores have price-drop policies to pay you back if something you buy online goes on sale after you buy it. But here’s the reality: Unless you revisit every website you ever order from, how would you know? Who has time for that?
Good news, though. Capital One has a free tool called Paribus that knows which stores have policies like this — places like Amazon, Target and Walmart — and it does all the tracking for you. All you have to do is sign up with your email address and keep your emailed receipts. Then Paribus will help you get a refund when it finds a price drop on something you’ve bought.
We talked to one busy mom who has used Paribus to save $1,315.41 in about two years. Aimee B. says to save time, she does the majority of her shopping online — her clothes and household necessities.
“It really is as simple as giving your email address,” she says. “It’s kind of a no-brainer.”
Paribus monitors more than 25 retailers, including Target, Walmart and Home Depot, and has found more than $29 million in savings for customers.
One last perk: If your guaranteed Amazon shipment shows up late, Paribus will help you get compensated.
Disclosure: Paribus compensates us when you sign up using the links we provide.