With marriage comes huge financial burden, but it can also benefit you in the long run. Kim Palmer, Personal Finance Expert at NerdWallet, joins Your Cheddar to discuss merging your bank accounts after walking down the aisle.
Palmer says if your partner has a higher credit score than you, joining bank accounts can be a big advantage. Having a high credit score greatly impacts a number of financial decisions like getting approved for, or getting a better rate for, a loan.
Plus, what are some tax benefits for a married couple? Married couples are able to save time and money by filing their taxes together. However, you have to be careful because marriage could actually result in a higher tax bill due to the "marriage penalty." It's a discrepancy that causes some married couples to pay more combined income tax than if they'd remained single.
Tipping expectations have increased. A 2023 survey revealed that approximately 72% feel they are now asked to tip service workers more often than before.
Inflation-weary Americans are still spending money every month, but the April numbers show they’re starting to cut back on a few types of expensive purchases.
