7 Money Secrets Every Married Couple Should Know Right Now
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 some of the biggest money secrets that every couple needs to know.
Are you ready to get started? Just say “I do.”
1. Give Your Spouse $1M
Have you thought about how your family would manage without your income after you’re gone? How will they pay the bills? Send the kids through school?
Now’s a good time to start planning for the future by looking into a term life insurance policy.
You’re probably thinking: I can’t afford $1M in life insurance. But rates start at just $8 a month at Bestow.
The application takes just minutes, but the peace of mind 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 or even getting up from the couch, get a free quote from Bestow.
2. Take Money Out of Your Checking Account
Saving is tough, and having a spouse doesn’t make it any easier. So what if you could do it in a way where you wouldn’t even notice?
We talked to one guy with a different story. In just nine months, Samuel Demenywas able to save up $1,250 — without even thinking about it.
His method? Banking with someone like Aspiration . This free debit card gives you 100x the normal interest rate and up to 10% cash back every time you swipe.
Demeny said he and his boyfriend planned to use the money to help pay for an upcoming move instead of having to use credit cards.
Enter your email address here and link your bank account to see how much extra cash you can get with a free Aspiration account. Don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s just nerd talk for “this is totally safe.”
3. Put $1 in the Stock Market
Take a look at the Forbes Richest People list, and you’ll notice almost all the billionaires have one thing in common — they own another company.
But if you work for a living and don’t happen to have millions of dollars lying around, that can sound totally out of reach.
That’s why a lot of people use the app Stash. It lets you be a part of something that’s normally exclusive to the richest of the rich — buying pieces of other companies for as little as $1.
That’s right — you can invest in pieces of well-known companies, such as Amazon, Google or Apple, for as little as $1.
The best part? When these companies profit, so can you. Some companies even send you a check every quarter for your share of the profits, called dividends.
It takes two minutes to sign up, plus Stash will give you a $5 sign-up bonus once you deposit $5 into your investment account.
4. See if You’re Wasting $455 on Homeowners Insurance
You may be wasting money right now. And it’s probably on something you’d never expect — your homeowners insurance policy.
This isn’t something you actively think about — you just know you’re required to have it.
The problem is, you might be paying too much. Luckily, an insurance marketplace called Policygenius makes it easy to find out how much you’re overpaying by looking for cheaper policies and special discounts in minutes.
In fact, Policygenius has saved their users an average of $450 a year — or $37.50 a month — compared to their previous policies. They’ll even help you break up with your old insurance company. (You’re allowed to cancel your policy at any time, and your company should issue you a refund.)
And just because you’re saving money doesn’t mean you’re skimping on coverage. Policygenius will make sure you have what you need. Just answer a few questions about your home to see how much money you’re wasting.
5. Cancel Your Car Insurance
When was the last time you compared car insurance rates? Chances are you’re seriously overpaying with your current policy.
If it’s been more than six months since your last car insurance quote, you should look again.
And if you look through a digital marketplace called SmartFinancial, you could be getting rates as low as $22 a month — and saving yourself more than $700 a year.
It takes one minute to get quotes from multiple insurers, so you can see all the best rates side-by-side. Yep — in just one minute you could save yourself $715 this year. That’s some major cash back in your pocket.
Take Lourdes Robles-Velazquez, for example. The single mom lives on a tight budget. She was paying $205 a month to insure two Toyota Priuses — hers and her daughter’s. By comparing prices, she knocked $80 off her monthly car insurance bill. That’s nearly $1,000 in savings per year.
So if you haven’t checked car insurance rates in a while, see how much you can save with a new policy.
6. Make a Budget
No matter how much money you make, the first thing you should do as a married couple is create a solid budget. It’s important to first get a clear idea of where your money is going, then create a plan and stick to it.
We get it, though. Budgeting isn’t fun. But you don’t need to spend hours on end playing with complicated Excel equations. The 50/20/30 budgeting method makes it super easy. It’s one of the most straightforward budgeting strategies, and it offers a lot of flexibility.
Here’s how it works:
- 50% of your income goes toward essentials.
- 20% goes toward financial goals.
- 30% goes toward personal spending.
Once you get the hang of it, you can tweak the ratios to fit your specific situation. Some people like to put more toward their savings, while others need a bit more for expenses. Take some time to find what works best for you and your goals.
7. Add up to 300 Points to Your Credit Score
You might not think your credit score is that important. In fact, you might not think much about it at all. But what happens when you and your spouse want to buy a car? Or a house? Unfortunately, those three little numbers play a huge role in whether you’ll be able to do that.
And if you have an error on your credit report (one out of five reports do), that could stand in your way.
Thankfully, a website called Credit Sesame will help you detect any errors — for free. It shows you why you have the score you do and gives you personalized tips to steer you in the right direction.
Salome Buitureria, a working mom in Louisiana, found a major error on her report this way. Using Credit Sesame, she was able to fix the mistake and take additional steps to raise her credit score from 524 to nearly 700.
Now she and her husband feel like they’re in a better position for their biggest goal — purchasing a house. It only takes about 90 seconds to sign up.