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Money advice for married couple

business Updated: Jun 12, 2008 21:17 IST
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One of the first things that a person needs to do after marriage is to organise the finances with the spouse in an effective manner.

This will help the couple ensure that there is proper management of the funds present with them and there is no problem when there is a need to access them.

A similar thing has to be done with investments but a lot of people overlook this. It is never late to start in this regard and there are several things that need to be sorted out so that the right amount of control is observed.

Bank accounts
The most important part is operating bank accounts.

There is a need to ensure that either of the couple can access the bank account in time of need. Opening joint accounts, or converting the existing accounts into joint accounts helps with easier access and operation. There are several options available regarding operation of the bank account and a suitable one can be selected.

There is also the question of valuables and the manner in which they are kept. Some of these valuables need to be used regularly or at family functions.

Many people keep valuables in the house but this is becoming increasingly risky. The best option is to keep them in the safe deposit vault and can be used when required. Again, it is important to ensure that the lockers are easily accessible by the person who needs to use it.

Investment structuring
Most couples worry only about the cash element in their entire dealings. It is important that people think beyond the immediate position to look at future cash needs so that they can plan for it.

Structuring investments is necessary. This means using some regular cash flow instrument to meet regular expenses and using other specific structures to ensure that there are adequate amounts available for use.