The circumstances under which couples should merge their finances-and the circumstances under which they should not be merged

Every partnership is unique, but in a relationship, one theme is often more stressful than the other: money. Specifically, how do we make it, how we use it, and how we talk about it.

Do we have a joint bank account? Do we invest separately? How do we split the bill? Do we have to tell our partners every penny we spend?

Finance may be a sensitive topic-whether you are married or not-but it is a very important topic. What you do today will affect your future (think: buying a house, vacationing, retirement), and you need to be consistent.

But “same page” does not always mean sharing the same account. This is when you should merge your finances-and when you shouldn’t.

1. Combination: auto insurance payment

Did you know that combining your car insurance with your partner’s insurance can save money? Yes-by putting two cars on one insurance policy, you may be eligible for a discount rate. For each additional car, up to 20%.

That’s why this is a financial initiative that you should make together, and you should check it every six months or so-it can save you some big money. However, let us be realistic. This may not be the first thing you think of when you wake up. But it doesn’t have to be so.

A website called Insurance Net Make it very easy to compare car insurance prices. All you have to do is enter your zip code and your age, and it will display your options.

Using, people can save an average of $489 a year.

Yes it is.In just a few minutes, you can earn $500 back in your pocket See your options.

2. Combination: Emergency Fund

If you live together, you will most likely also share the emergency. Sick children, company-wide layoffs and natural disasters will not pick the victims.

Therefore, putting the emergency fund together is a smart way to ensure that everyone is protected and can use it.

If you are looking for a place where you can store this money safely but still make money, don’t waste time on a typical savings account. Today, the national average interest rate of 0.04% is nothing.

But the debit card is called desire Allows you to earn up to 16 times the average interest on funds in your account.

Not too shabby!

Enter your email address here Get a free Aspiration Spend and Save account. After you confirm your email, securely link your bank account so they can start helping you get extra cash. Your money is FDIC insured, they use military-grade encryption, which is a nerd talk of “it’s completely safe”.

3. Combination: Homeowners Insurance

Did you know that even if your mortgage is not in your name—it’s just in your partner’s name—you can still participate in homeowners insurance? In case something happens, you want to make sure you can enjoy these benefits-so combine this too!

If you are a homeowner, you may have homeowner insurance, but you almost never think about it. This is fine-it means you don’t need to use it. But it also means that you don’t know if you have been overcharged for this.

However, it is easy to find.To see if you have overpaid for the policy, check A website called SmartFinancial. This is a digital market where you can get quotes and compare rates to ensure that you get the best price.

Homeowners can save hundreds of dollars by switching home insurance companies in this way. It only takes two minutes to get quotes from multiple insurance companies, so you can view all the options side by side. Start here.

4. Consolidation: some of your credit cards or loans

You have big plans. Maybe you have already followed a new car. Or you hope to buy a house in the next few years. Or you even want to start your own business. But here is the thing: no matter what your goals are, you may not realize how much your credit score is holding you back.

However, if you and your partner work together to pay off debts and keep your credit card balance low, then any fluctuations in your credit score can benefit you.

A free website called Sesame Credit You can easily put your credit score on the right track to achieve your goals. We even talked to James Cooper in Atlanta, who used Credit Sesame to increase his credit score by nearly 300 points in six months. *** He said they showed him what to do-he was even able to open his credit card.

What does increasing the score by 300 points mean for your goals? During a car loan or mortgage, it can easily save you thousands of dollars.

Within two minutes, Credit Sesame will give you access to your credit score, any debt accounts, and some personalized tips to improve your score. You can even spot any errors that hinder your progress (one in five reports).

Make sure that your plan is not stranded due to bad credit. free registration (It only takes about 90 seconds) to see how much you can improve.

5. Combination: Investment

When you invest in the stock market, just by holding your investment, you can earn an average of 7% per year.

If you invest with your partner, you will also get an average return of 7%-but only 7% of the larger amount. This is why it may be wise to merge your account with your spouse’s account or open a new account together.

It’s easy to do with the app named Tibetan. Stash makes you a part of what is usually unique among the rich-on Stash, you can buy products from other companies for as little as $1.

That’s right-you can invest in well-known companies such as Amazon, Google, and Apple for as little as $1. The best part? If these companies are profitable, so can you. Some companies even send you a check every quarter to learn about your share of profits, called dividends. 1

Takes two minutes Sign up, And it is completely safe. With Stash, all your investments are protected by the Securities Investor Protection Company (SIPC)-this is what the industry calls “your funds are safe”. 2

In addition, when you use the link above, once you deposit $5 into your account, Stash will give you a $5 registration bonus. *

6. Consolidation: tax return

This combined financial strategy may not be suitable for everyone-it depends on how complex your tax returns are or what your financial goals are.

But for most married couples, the tax credits you get in your annual tax return are enough to make it worthwhile. In 2020, a couple can claim a reduction of USD 24,800 for a joint declaration, while a separate declaration can only give a reduction of USD 12,400.

7. Separate: Life Insurance

Okay, so even if you want, you can’t combine life insurance policies. But you all should use life insurance policies as beneficiaries.

why? Because you need to consider how your family will manage if there is no income after you leave-such as how they will pay bills or send their children to school. Now is a good time to start planning for the future by studying term life insurance policies.

You may be thinking: I don’t have the time or money to do this. But you can get a free quote from a company called Policy genius Help you find the insurance that suits your needs in just a few minutes.

Some policies start at less than US$20 per month. * Knowing that your family is cared for and peace of mind is priceless.

Policygenius provides a life insurance policy that does not require regular medical examinations, so you don’t even have to get up from the couch. Click here to get a free quote from Policygenius.

8. Separate: personal savings and emergency savings

Sharing an emergency fund is important-but it is also important to have your own emergency fund. Whether it’s for fun things like buying surprise gifts or for financial protection in the event of a breakup, make sure you save money for yourself.

If you are looking for ways to increase these savings, here are some options:

  • One desire With a bank account, you can get up to 5% cash back when you buy a debit card and earn up to 16 times the average interest for you.
  • Cash back and gift card rewards for online shopping, such as Capital One Shopping or Lotte -Both offer bonuses for registering through these links.

9. Independence: 401(k) retirement investment

Setting aside money from your salary to invest in your 401(k) is really one of the smartest things you can do for your future.If your employer matches every contribution, it could mean a few millions When you retire, the extra dollars in your account.

This is free money-and only open to you. If your spouse’s employer also provides them with a match- double free!

However, if you cannot take advantage of this employer benefit because you need to pay all your salary every month, then a company called Lendtable will give you cash.

We know this sounds too good to be true. However, if your employer has a 401(k) matching plan, this is the funds they have set aside for you. By using Lendtable, you will be able to unlock this free cash.

Suppose you make $50 a year, and your employer matches your 401(k) contributions up to 4%. If you deposit $0 in your retirement account this year, you get $0 from your boss. If Lendtable lends you 4% of the salary that your employer is willing to match, you will get $2,000 from your boss, minus Lendtable’s fees. (This comes from the extra income you earn, so you don’t need to make any sacrifices.)

It takes three minutes to answer a few questions about your qualifications and register an account.

Once you have received your entire matching amount from your employer, LendTable will recover the money they lent you, plus a small portion of your profit. If your retirement account provider is penalized for withdrawing money, Lendtable will also cover it.

Your risk is basically non-existent, so not using your employer to match Lendtable’s offer will make the future millionaire bow your head in shame. Start here.

Kari Faber is a full-time writer for The Penny Hoarder.

***Like Cooper, 60% of Credit Sesame members think their credit score has improved; 50% think it has increased by at least 10 points, and 20% think it has increased by at least 50 points after 180 days.

Credit Sesame does not guarantee any of these results, and some people may even see their credit score drop. Any increase in score is the result of many factors, including paying bills on time, maintaining a low credit balance, avoiding unnecessary inquiries, proper financial planning, and developing better credit habits.

1Not all stocks will pay dividends, and there is no guarantee that dividends will be paid every year.

2It should be noted that SIPC insurance does not guarantee potential loss of market value.

For securities with a price of more than $1,000, the starting price for buying fractional stocks is $0.05.

*Offers are subject to promotion Terms and conditionsIn order to be eligible to participate in this promotion and receive the bonus, you must successfully open a reputable personal brokerage account, link a funding account to your investment account and deposit $5.00 into your investment account.

Penny Hoarder is a paid member/partner of Stash.

Investment advisory services provided by SEC registered investment consultant Stash Investments LLC. This material is for information and educational purposes only, not as investment, legal, accounting or tax advice. Investment involves risks.

*For a US$500,000 policy, it depends on eligibility.

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About the Author: Agnes Zang