What Couples Often Miss When Merging Money

For many couples, combining finances comes with cost-saving opportunities. But some couples overlook charges that end up costing them more money in the long run. Don't let that be you. Here are the top hidden costs couples overlook when they're combining finances.

Subscription Snags

Nowadays, it feels like everything has a subscription. And because most of these subscriptions make our lives easier, it's not uncommon for both parties in a couple to have their own. We recommend going through your budget line by line. This will ensure you're not making these subscription mistakes.

Duplicate Subscriptions

Many couples don't realize that both people are paying for the same subscription. This happens most with media services like Netflix. To avoid this, print your previous month's bank statements and compare subscriptions.

Missing Family Plan Options

Some subscriptions are shareable for a household, like Netflix. But some subscriptions can only belong to one person, like a Spotify account. But in some cases, subscription services offer a family account option. This means you can consolidate individual accounts into a single, overarching "family" account at a discounted rate.

Vacant Accounts

We've all done it, signed up for an online subscription, and forgotten about it. But now that you're combining finances, take time to audit your subscriptions and cancel anything you don't use.

Insurance & Tax Updates

Often more overlooked than subscriptions are insurance and taxes. We get it, they seem complicated, and sometimes it's easier to leave them alone. But after getting married, it's important to look at each of them to see where you can potentially save money.

Overlapping Insurance

Everyone needs insurance. If both partners brought a vehicle into the relationship, they likely have separate auto insurance policies. But combined auto rates can sometimes result in lower premiums. That's why it's important to reconnect with an insurance expert after you get married.

Tax Status with Employer

Remember that W-4 you filled out when you started your job? Now that you're married, you might want to review it again. If you've been married for a while and haven't done this yet, don't worry — tax season is an excellent opportunity to make any necessary adjustments.

Not Updating Beneficiaries

Life happens quickly, and you want to be prepared in case anything unexpected happens. Whether it's adding your spouse as a health insurance beneficiary or creating a living will together, it's essential to do these things before disaster strikes. This will prevent legal, financial, or even emotional stress in the future.

Financial Goal Misalignment

Now that you're married, it's important to approach your finances like a team sport. Working together prevents any potential financial conflicts or losses. To stay on the same page, consider "monthly money dates." This gives you time to review goals, spending, and upcoming expenses. And the following bullet points will help you avoid wasting money.

Paying to Transfer Money

Before marriage, you and your spouse may have banked at separate financial institutions. This makes it challenging to transfer funds to each other. If you use different institutions, make sure you're not charged hidden fees to move money. And if you're looking to move forward together, FAIRWINDS offers checking and savings account options that make it easy for couples to save and build wealth together.

Setting a Savings Goal Together

The best way to ensure you hit your financial goals together is to ensure you're on the same page. Think about it, if you're separately working towards different goals, you're going to treat finances differently. This can lead to missteps, such as buying the same household essentials twice or making purchases that don't align with your combined goals.

Now that you're married, it's time to make the most of your new status financially. Go through this list of often overlooked costs with your partner and make a plan to double-check and update everything together. And if you need even more advice on budgeting together, check out our article, How to Marry Your Finances After Getting Married.