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First comes love, then comes marriage, then too often comes a lot of debt. Unfortunately, it’s all too true that student loan debt and marriage bills get intertwined and cause even more debt.
Below are some of our favorite strategies aimed at helping anyone in the all-too-common situation of both debt and marriage.
Okay, here’s the truth: if you have massive student debt loans and marriage or other big events in the near future, you probably need to refinance your student loans.
It’s no secret that debt before marriage isn’t a good thing. After all, no one wants to be the person carrying around soon-to-be-spouse debt before marriage and then bring it into their newly-wedded life.
Luckily, there’s a tool named Credible which will compare all of the student loan refinancing options for your situation and give you the best comparisons possible. This will allow you to make an informed decision about any refinancing you consider.
Maybe you’re looking for a better interest rate or a lower payment for your student loan debt.
Whatever the case may be, Credible is one of the best places to refinance student loans and also find the best student loan rates.
Even better, there are no origination fees or application fees. Plus, their online application process is easy to use and fast. Win!
2. It’s Possible to Make Money Saving the Environment from Your Home
So, you have debt and marriage and possibly even a house. Now it’s time to start thinking about how you can make money to get out of that debt faster.
But, because you want to start marriage off on the right foot, you also want to help the environment, or at least do so if it is in any way beneficial to you.
That’s where Arcadia Power comes in.
Arcadia Power alerts you via text, email or app alert when there’s an energy spike occurring in your neighborhood.
If you reduce your power usage during that next hour, then Arcadia Power will pay you for the energy you don’t use; it’s the difference between expected usage and your actual usage.
So, to recap, if you wait to use lights or the dishwasher, you could get paid for essentially just having a bit of patience. Not only that, but you are helping conserve energy as well!
3. You Need to Know About Your Credit Standing
Whether you have debt before marriage or you’re just thinking about the costs of marriage, actively planning your wedding, are reading this from your beach bungalow on your honeymoon (go enjoy your honeymoon!) or are recovering in the post-wedding bill blitz, you need to know about your credit score standing.
Healthy money habits start with knowing how much you have, are spending and need to be saving for retirement.
If you’re looking to get out of debt and/or increase your savings, then you absolutely need to know the ins and outs of your credit habits.
Credit Sesame is a free credit service that offers free credit reports, free credit monitoring, and even free identity theft insurance.
The basic account offers a free TransUnion credit score and $50,000 in identity theft insurance for free.
You may think that these items are unnecessary, but as anyone with smart money habits will tell you, they are important predictors of where your money is going and will go in the future.
Credit Sesame also offers premium services, including access to a bunch of other tools such as black market website monitoring, Social Security Number monitoring, and change of address monitoring.
Credit Sesame is very secure, considered safe by Norton, McAfee and ETrust. They’re also BBB accredited.
Translation: they’re safe to use and know what they’re doing.
4. You Can Minimize Bank and Account Fees
Once in debt, one of the key factors to getting out of debt is trying not to add any more on top of the pile. It sounds simple, but usually it is far from it.
Maybe you have student loan debt or marriage debt or debt due to medical bills, a car or a property.
No matter where the debt has come from, the important thing is to look forward and do your best not to make it any worse, but instead, try to make it better.
That’s why apps like Cushion are so impressive and necessary. This is a simple app that can get your bank and credit card fees refunded.
This is crucial for most everyone! The Cushion bot securely connects to the credit cards and bank accounts you most frequently use.
Then, the bot — named Fee Fighter — will surface any bank fees that it finds and will request your permission to fight them on your behalf. Within 24 hours, the bot haggles with your bank and sends you a refund.
Cushion keeps 25% of the refund, but because you’re getting 75% of the cash back that you didn’t even know you could get back, it’s a really sweet deal which you don’t have to work that hard to collect at all.
5. You May Need to Consider New Funds or a New Account
It can be especially hard to make ends meet sometimes when there’s so many ways that your money can be eaten up in today’s economy.
That’s why you may need to consider acquiring new funds or a new account.
Fiona is a fast and easy app and one of the most comprehensive ways to search for loans and savings accounts that both suit your personal needs and are from top providers.
The company specializes in personal loans and high-yield savings accounts, both of which are different options to help anyone currently in debt or looking to grow what savings they have.
Their service is completely free and does not impact your credit score in any way. So, find the solutions which will work best for your financial situation with Fiona.
6. You Should Get Help and Create Good Money Habits
Sometimes we all need help creating good money habits. This is especially true if you’re trying to tally up preexisting debts and marriage.
Weddings and everything related to them are heinously expensive so there’s no surprise that planning them can be quite a drain on the wallet. This is especially true for couples in which one of the spouse or both have debt before marriage.
If there’s already a financial problem, then the wedding isn’t going to help. You need help to save your money and make smart financial decisions.
Luckily, there’s a smart financial decision motivator, an app changing the way people interact with their savings.
The Long Game Savings app helps to prepare people financially and also provides fun ways for people to turn savings into a game.
Once you download the Long Game app, you need to create an account and link your bank information.
You can then fund the account for as little as $5. When you fund an account and set up recurring deposits, you earn free coins to play games.
This app is designed as an easy online savings account, meaning it can help you boost your retirement savings because that’s what it’s made for!
All the money you save is FDIC insured and held through Long Game’s partner bank, Blue Ridge Bank. On top of the money you already have, your account will earn 0.1% interest.
Long Game savings is designed for people who may need that little extra incentive to save, such as coins and games that could win you more money.
7. You Can Get Cash Back on Everyday Expenses
Sometimes, it’s the little things throughout a marriage that really add up. This is especially true for those in debt.
This is a hack you can do throughout your entire life, really. There’s no reason not to and a ton of reasons why you should.
This is for everyone who likes shopping. It’s easy way to grow your savings and also pay off debt without changing your current shopping habits at all.
With Ibotta, you can get cash back on the purchases you’re already making, from groceries to hotels and everything in between.
The Ibotta app provides access to multiple cash back offers with different top retailers and vendors. When you sign up, you’ll have to fill out a questionnaire with your favorite places to shop.
The app will immediately start displaying cash back offers from your favorite stores on your home page.
All you have to do when you make a purchase is to upload your receipt and receive cash back!
8. You Can Earn Money in Creative Ways
This is for those who have debt before marriage and are more focused on making money within six months to a few years.
The bonus is that you’ll also get healthier so you can live longer with your new spouse.
When you sign up for HealthyWage, you commit to lose a certain amount of weight by a certain time. If you succeed, you can earn massive cash prizes!
It may sound like a scam, but it’s really true! If you set your goal, stick to it, and lose the weight you’re planning to, the company will really pay you.
There have been glowing reviews of HealthyWage across the internet with people winning $2,400, $2,500 and even $3,180 for losing the weight they bet themselves they’d lose.
It’s not a diet program or a weight-loss program. The person who signs up is in charge of everything from their diet to their exercise; the only thing that matters is your goal and if you meet it or not.
If you’re not sure if HealthyWage is right for you or not, then start at the HealthyWage Prize Calculator and go from there. You bet every month your challenge takes.
9. You Should Make Money from Unused Items
Honestly, for those with student loan debt and marriage in the near future, you need to get thrifty with how you’re using the items in your life.
Make the most of anything you may have that can make you money.
This includes your car. Turo is a car rental app that allows people to rent out their own individual cars to other people, much like a car-rental service at the airport would.
Even if you drive to work, consider all the money you could save if you rented it out to others. It could be earning you money while you’re at work!
In fact, while you’re at work making money, your car would also be at work earning you money via Turo. It’d be double income for the price of one day’s work.
The entire point of getting out of student loan debt and preparing for a hopefully debt-free marriage is to make more money than you spend, so your savings can help decrease your debt.
10. It’s Possible to Get Out (Of Debt) by Letting Others In
One of the major expenses that has to do with debt and marriage is usually the purchase of a house or other property.
It can be so expensive to pay down the monthly payments if you also have debts floating around too.
This is where Airbnb comes in. Everyone has heard of it but have you actually considered renting out a room, floor or property that you’re not using?
You can make quite a significant amount of cash if you know how to spruce up a property and then list it for maximum reach. To get started with Airbnb, all you need to do is sign up for free.
When everything is okay, then you can get busy taking amazing photos with lots of natural light and an airy, open feel.
You also need to write an accurate description but using language which would draw a potential buyer in, despite how poky or far from public transport the place is.
11. You Need to Use a 401(k) Management App to Plan for Retirement
If you’ve recently gotten married, then you’re also at the stage where you definitely need to be thinking about retirement.
Even if debt and marriage are still lingering, you need to come up with a management plan for retirement funds which you can use throughout your marriage.
As a beginner, you can have Blooom manage your accounts right from the beginning, which gives you a better shot at starting off on the right foot — especially for those who don’t precisely know what they’re doing.
Create a Blooom username and password, share some information, then securely link your 401(k) and log into the site.
Blooom will then review your fees and asset allocations, compare them with recommendations and suggest ways for you to improve.
Blooom can help you start identifying smart money habits which work for you. Why not use the 401(k) retirement app for exactly what you need — help with retirement savings and growth?
What key things do you think everyone should know about debt and marriage? Are there any things we missed?
Let us know in a comment below!
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