Why is it beneficial in the US to be married

To marry on the calculation and because of the financial situation is a bit like the era of Charles Dickens. But still, before you say “yes”, it is worth weighing all the pros and cons of the upcoming marriage, including the financial aspect. Go banking rates gathered a few positive factors that gives marriage.

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Divide living expenses to get more cash income.

The ability to share costs together is one of the advantages of a marriage. By sharing money with each other, you can share your daily expenses, leading to overall savings.

“Food for two can be cheaper than for one. The same goes for paying for the Internet, rent or mortgage. Most people save on housing costs while married. Single people pay more in rent than couples, says relationship expert April Masini.

Also a good way to save money is to break the interest expense. For example, if you earn 70% of total household income, then it is fair if you pay 70% bills. The breakdown by percentage is fairer than if you shared 50 / 50 expenses.

Pay less taxes

People with good income pay more taxes. If you suddenly marry a partner who also earns money well, then you can suddenly get a penalty for marriage (the couple pays more taxes than they would pay alone).

The penalty for marriage is most often obtained if you marry a person whose income is equal to yours. But, on the other hand, you can get a bonus if you marry or marry a person who earns more or less than you.

Receive insurance discounts

Couples can get favorable conditions for insurance, for example, cars.

"It's often cheaper to insure two good, normal-risk drivers on one common policy than to pay for two separate cars," Masini said. Also, studies show that married people are less likely to get into car accidents.

Couples can also get favorable conditions for insurance products, schooling or other professional services. You can also save on insurance by getting more than one product from an insurance company. For example, if you have two cars and a house, then consider taking out insurance in one company that deals with auto insurance.

Get bonuses from your spouse's work

You can get serious financial advantages if you marry a person who has good labor benefits.

“Healthcare can be one of your biggest expenses, especially if you have an accident or need regular medical care for a chronic condition. You can get free health insurance if your spouse has a similar benefit at work,” explains Masini.

Achieve greater success at work

Studies at Washington University in St. Louis have proven that the identity of your spouse can have a major impact on your success at work.

Researchers believe that bona fide spouses demonstrate good habits that are honed at home and then transferred to the workplace. In addition, having a good personal life reduces stress and allows you to concentrate more on work during the working day.

Debt to Income Ratio

Debt to income ratio is an important aspect of personal finance. This is the total amount of your monthly debt payments divided by your monthly gross income.

For example, if your gross income per month is $ 5000, but you pay $ 2500 of debt each month, then your debt-to-income ratio will be 50%.

The ratio of debt to income is a key criterion for banks when they consider the possibility of a loan. When you marry someone, you add an extra stream of income to yours. This leads to the fact that the debt-to-income ratio is significantly reduced.

Get more money back after paying extra taxes

For couples in the US, there are a number of tax benefits that can help you make some money during the tax season. One of the great advantages of marriage is the amount of your standard deduction.

The standard deduction for couples is twice as high as for single people: $ 12 600 versus $ 6300. In addition, many couples can deduct personal tax exemption, which was $ 4050 in the 2017 tax year. These tax deductions are especially useful for couples where one of the partners is not working.

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