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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. Create a Fun 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. Let This Company Get Rid of Your Credit Card Debt
Sometimes “for better or for worse” includes taking on your spouse’s credit card or other high-interest debt. Don’t let it get you down. Instead, take those balances down in a smart way.
That’s where a company like Fiona can be helpful. It can help you find personalized lending options to refinance or consolidate your debt to potentially save thousands dollars in interest.
Fiona will show you all the lenders willing to help you pay off your credit card and eliminate the headache of paying bills by allowing you to make one payment each month.
If your credit score is at least 620, you can borrow up to $100,000 (no collateral needed) . The idea is to secure a loan at a lower interest rate, potentially helping you save thousands.
Take, for example, Katherine, who faced $12,000 in credit-card debt. Holding her back? The 15.24% interest rate. By refinancing with a 5%-interest, seven-year personal loan, she saved $12,000 in interest.
If she’d kept on the same road, she would have paid something like $14,000 in interest alone over 25 years. Yikes.
So even if you’re simply curious about what’s out there, know that checking rates on Fiona won’t hurt your credit score — and can probably save you in interest.
5. Don’t Waste Hundreds on Homeowner’s Insurance
You’re probably 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’re paying too much. Luckily, an insurance company called Lemonade makes it easy to find out how much you’re overpaying.
Lemonade’s policies start at just $25/month. And just because you’re saving money doesn’t mean you’re skimping on coverage. Lemonade will make sure you have what you need.
Just answer a few questions about your home to get started.
6. Cancel Your Car Insurance
How often are you even using your car right now? Regardless, there’s one thing we’re nearly certain of — you’re overpaying on car insurance.
That being said, shopping for car insurance is a pain which is why we like using a free service like Zebra. In just a few minutes you can see if any other companies are offering a cheaper rate with the same coverage and deductibles you already have.
You don’t have to fill out any forms. Just link your existing insurance account and enter your driver’s license, and it will start looking for cheaper coverage.
They save customers an average of $670 a year. Take two minutes and see how much Zebra can save you.
7. 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.