(Closed) Married bees: Money saved/lost by marriage

posted 6 years ago in Money
  • poll: Did you save or lose money on taxes & insurance by getting married?
    Overall, we're saving money : (19 votes)
    61 %
    Overall, we're losing money : (12 votes)
    39 %
  • Post # 3
    Member
    5786 posts
    Bee Keeper
    • Wedding: May 2011

    We saved on insurance, also my company switched plans and the new one is total cr*p so thankfully my Darling Husband has great insurance. I don’t know exactly how much… around $100 a month on premiums and then more on office visits/prescriptions.

    Taxes… yeah. Our return was definitely less this year and we don’t qualify for a ton of deductions now. It sucks. We both make around the same salary which I’ve heard is the worst case scenario when you start filing as married.

    ETA: Forgot about car insurance, we switched recently and are saving another $250 a year, not sure if that was due to getting married or getting a new carrier

    Post # 4
    Member
    3375 posts
    Sugar bee
    • Wedding: October 2011

    We saved a ton on car insurance. Literally what we both pay now is what I alone paid before we were married.

    Health insurance for two people was exactly double what it was for a single person, so no savings there.

    We also save SO much more because two people can live just as cheaply as one. We didn’t live together beforehand, so maybe if we did there wouldn’t be such a big difference now.

    You definitely don’t save money on taxes by getting married! We didn’t lose too much money by being married, but it was still several hundred dollars (I think $400) than if we’d filed as singles. We make pretty similar salaries, if it helps. But he is in a higher tax bracket than me.

     

    Post # 5
    Member
    3886 posts
    Honey bee
    • Wedding: September 2011

    When we are married in September, we will be saving about $200 a month by being able to add the Mister to my health insurance plan. We could have added me to his plan, but my employer’s plan is better and costs less, so that’s where we are going.

    Car insurance, no savings there, but my insurance guy has been giving us both the multi-car discount ever since we moved in together, even if it is two separate policies.

    We are getting KILLED on taxes, though– and to be honest, it’s bad enough that we actually talked about maybe skipping the marriage license and not having a legal marriage, just the ceremony and reception. We decided in the long run it is probably worth the lost money to have the legally-recognized marriage, but it’s quite painful.  We are both in high brackets to begin with, at $125k for him last year and $135k for me. We did talk to my CPA and will do so again right before the wedding, as some increased 401(k) contributions for him and some more aggressive mortgage payments will take some of the sting out— still less money in the paychecks but at least some of it comes back to us eventually.

    Post # 6
    Member
    492 posts
    Helper bee
    • Wedding: July 2011

    Saved a few hundred on car insurance (actually, they gave us the married rate just for being engaged!) but lost a few thousand on the tax bill.

    Post # 7
    Member
    2065 posts
    Buzzing bee
    • Wedding: December 2011

    We’re better off actually – we combined our phone and auto insurance plans. He hadn’t had insurance in 10 years so I added him to my medical/dental plans at work and he’s the happiest man alive (it’s an extra $100/check but it’s worth it!). We did fine on taxes since we have my retirement account, both of us have student loan interest to deduct, and there’s the mortgage/property tax deductions. We got about $2500 back.

    Oooh and we’re also about to close on refinancing the mortgage to add my name since I have better credit (he bought the house years ago before we met). The interest rate dropped from 6.8 to 4.6 and we’ll be saving $200 a month on our mortgage starting in June! DEFINITELY better off!

    Post # 8
    Member
    6998 posts
    Busy Beekeeper
    • Wedding: February 2011

    Insurace was reasonable for both of us and i think we saved money by doing it together. Taxes are a different story. Since we filed together i’m not sure how it would have panned out if we filed seperately but our refund was about the same as mine was on my own last year before we were married.

    Post # 9
    Member
    10572 posts
    Sugar Beekeeper
    • Wedding: January 2011

    I wrote a post but it’s gone now Undecided

    Here, you can’t file jointly.  You file separately but must declare your relationship status.

    Getting married really didn’t make a difference.  Once we declared ourselves common law, we got less back in taxes, as I had to pay back one GST rebates and have never recieved one since (we were both qualifying before declaring ourselves common law).  Now, we don’t get GST rebates as Darling Husband makes too much.  Darling Husband did get a huge tax return this year, because of me, but I’m not sure if being married made a difference, I think it may have been the same just being common law.

    Post # 10
    Member
    10367 posts
    Sugar Beekeeper
    • Wedding: September 2010

    Our taxes went up. We both paid the same for health insurance, so no change there. We haven’t had cars in years due to living in the city, so no car insurance adjustments for us!

    Post # 11
    Member
    220 posts
    Helper bee

    If we got married now, we’d save a decent amount.  He could go on my health insurance for free, and we’d also save a bit on taxes since he makes a lot more than me.  But I expect us both to have new jobs by the wedding, so it will depend on our job benefits and the differential between our salaries.

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