While you may have gotten by on one solitary income as a single, things are going to change after marriage. Today’s modern couples typically both work. Although it can make for a busy lifestyle, dual incomes have some serious advantages in regards to retirement, housing, expenses and peace of mind. The following are 6 ways to enjoy the perks.
Make a Plan to Divvy UpExpenses
Companionship and love are just a couple benefits of being in a healthy marriage. If you’re both working individuals, the primary advantage of dual income is simple math. If you and your partner are both career minded, you can save money by splitting household expenses. As a young couple, you’ll probably encounter costs such as a monthly mortgage, taxes, insurance, utilities, vehicle payments and more. In many cases, one income can leave a couple stretched beyond your financial limits. Even if one person makes more money than the other, you still should have additional cash available once your bills are paid each month.
Marriage Satisfaction
Whether you’ve been together 2 months or 40 years, it takes a great deal of time and effort to achieve a happy, healthy and lasting marriage. If you’re unsure on how to work out your issues respectfully, marriage counseling or marriage therapy offers tips on how to deal with problems related to sex, money, illnesses, infidelity, children and aging. You may consult a couples therapy specialist or relationship counselling expert for more info on marriage counseling. Based on research provide by the University of California, two working spouses in one household can boost a couple’s marriage satisfaction. When one person is the sole provider, you may feel stress and worry to bring in enough money for the household. But in a marriage with dual incomes, each partner can feel a sense of accomplishment knowing that they are contributing toward the family’s financial freedom.
Allow for Additional Savings
Putting money away in a savings account helps couples secure money for other things such as a down payment on a home, retirement, children and vacations. Thanks to dual incomes, you’ll be able to put more money away than if you were a single income household. Once your household bills and credit cards have been paid for the month, the additional money leftover should go into savings. The money saved could also carry your family through difficult times such as an injury, illness or loss of job due to downsizing.
Greater Financial Opportunities
Two couples earning dual incomes has greater financial opportunities available to them. But to avoid falling into debt or living way beyond your means, it’s important to put together a family budget. Although the extra income may feel like you have additional money at your disposal to throw around, keeping track of your finances affords you the opportunity to purchase a home, pay off debt you may have incurred and save money for the future.
Freedom to Have Fun
If you’re newly married, you probably would like to enjoy a carefree lifestyle. This could mean dinners out with friends, movies, vacations and going to a concert; maybe they have tickets to go and see a country artist like Morgan Wallen. While a double income may not guarantee that you have funds available to do everything on your bucket list, you stand a greater chance of having fun with the added income.
Future Financial Security
Saving early on in life can allow couples the opportunity to retire at an early age. Dual income couples can enjoy future financial security even earlier than one income households. If your employer offers matching retirement plans, put away as much money as you can possibly afford. You’ll be amazed at how quickly the money adds up over the years. Even as you raise a family, it’s important never to dip into your retirement funds. You may also be able to secure a lake home or vacation getaway with the money that you diligently put away for your future.
Balancing marriage and career takes a great deal of communication, work and dedication. But when you find the right combination that works for you as a couple, you’ll be able to prosper from your family’s dual income and open the door to a world of possibilities.
