Marriage. A career change. A baby on the way. These events are exciting, but equally unnerving. Many have asked how they can get their finances in order ahead of these major transitions. Here are some tips.
Getting married
Here’s how to manage your money with your new spouse:
- Opening the right joint bank account
Couples usually open a joint account to maximise the interest they can earn. There are two main types of joint accounts:
- Joint-Alternate — Both husband and wife can withdraw and deposit into the account without permission from the other party.
- Joint-All — Any transaction carried out from this account requires permission from both parties.
Talk to your partner about which account suits your family best. Find a joint account that allows you to get the most benefits based on your total combined income and eligible transactions.
If you invest in stocks, credit the dividends into the joint account. Most banks offer higher interest for doing so....
