Getting married brings a whole new set of challenges, many of which are financial. But fortunately, it also brings many opportunities to save. Taking the time to review your banking and insurance contracts after the rice settles can help you both save a lot of money over the long term.
1. Life insurance
Marriage gets many people thinking about life insurance. Instead of getting two separate life insurance policies, consider taking out joint life insurance instead. This insurance pay out a benefit to the surviving spouse which means that if you die, your spouse gets the money and if they die, you get the benefit. Getting a single joint life insurance which covers you both works out cheaper than insuring yourselves individually.
2. Bank accounts
Using just one joint private account instead of having your own accounts will help reduce your banking-related costs. At the same time, maintaining individual savings accounts (which are generally free of charge) can help you preserve a certain measure of financial independence.
3. Credit cards
If you use credit cards, it is worth noting that many credit cards provide the option of getting a supplemental card linked to the same account at a reduced annual fee (typically 50% of the regular annual fee). So getting two cards on one account not only helps you track your credit card spending in one place, it also lets helps you save on card fees. The cost of additional cards is listed on the “info” page of each credit card in the moneyland.ch credit card comparison.
4. Car insurance
If you each own your own car, taking out car insurance from the same insurance provider may entitle you to multiple-policy discounts. If one of you is an experienced driver with a good bonus-malus status and also happens to be the most frequent driver, listing them as the primary driver can save you money. The same applies if one of you only recently obtained a drivers license and the other is an experienced driver. Just remember that you can only list a person as the primary driver if they actually run up more mileage than the secondary driver.
5. Household and personal liability insurance
After you move in with your spouse, you no longer need separate household insurance and liability insurance policies. Terminating one policy and migrating the other to a “family” policy will cut your insurance costs significantly.
6. Legal expenses insurance
As with household and liability insurance, switching to a family policy works out cheaper than keeping individual legal insurance policies. You can easily find out how much you can save by running one legal protection insurance comparison for an “individual” and another for a “family or household”.
7. Travel insurance
If you travel often and use travel insurance, getting just one family policy which covers both of you is cheaper than getting two individual policies. You can compare the difference using the moneyland.ch travel insurance comparison.
Many Swiss lenders offer special mortgage interest rates to families with children. You can learn more about these in the moneyland.ch guide to family mortgages. Note that in almost every case these discounted mortgages are still more expensive than the most affordable mortgages offered in Switzerland. But if you are not approved for a cheaper mortgage, they are worth taking a look at.
Getting combined financial services for both of you is typically cheaper than getting the same services for each of you individually. Reviewing your financial commitments after moving in together can help you avoid paying more than you need to for services.