Mark Rosenberg and Trina Adams are to be married in two months. Both are employed full time and currently have their own apartments. Once married, they will move into Trina's apartment because it is larger. They plan to use Mark's rent money to begin saving for a down payment on a home to be purchased in four or five years. Mark has a checking account at a branch of a large regional commercial bank near his workplace where he deposits his paychecks. He also has three savings accounts-one at his bank and two small accounts at a savings and loan association near where he went to college. Mark pays about $30 per month in fees on his various accounts. In addition, he has a $10,000 certificate of deposit (CD) from an inheritance; this CD will mature in five months. Trina has her paycheck directly deposited into her share draft account at the credit union where she works. She has a savings account at the credit union as well as a money market account at a stock brokerage firm that was set up years ago when her father gave her 300 shares of stock. She also has $4300 in an individual retirement account invested through a mutual fund. What would you recommend to Trina and Mark on the subject of managing checking and savings accounts regarding: 1. Where they can obtain the services that they need for managing their monetary assets? 2. Their best use of checking accounts and savings accounts as they begin saving for a home? 3. The use of a money market account for managing their monetary assets? 4. Their use of electronic banking? 5. How they can best discuss the management of their money and finances?
Mark Rosenberg and Trina Adams are to be married in two months. Both are employed full time and currently have their own apartments. Once married, they will move into Trina's apartment because it is larger. They plan to use Mark's rent money to begin saving for a down payment on a home to be purchased in four or five years. Mark has a checking account at a branch of a large regional commercial bank near his workplace where he deposits his paychecks. He also has three savings accounts-one at his bank and two small accounts at a savings and loan association near where he went to college. Mark pays about $30 per month in fees on his various accounts. In addition, he has a $10,000 certificate of deposit (CD) from an inheritance; this CD will mature in five months. Trina has her paycheck directly deposited into her share draft account at the credit union where she works. She has a savings account at the credit union as well as a money market account at a stock brokerage firm that was set up years ago when her father gave her 300 shares of stock. She also has $4300 in an individual retirement account invested through a mutual fund.
What would you recommend to Trina and Mark on the subject
of managing checking and savings accounts regarding:
1. Where they can obtain the services that they need for managing their monetary assets?
2. Their best use of checking accounts and savings accounts as they begin saving for a home?
3. The use of a money market
4. Their use of electronic banking?
5. How they can best discuss the management of their money and finances?
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