Personal Finance Kit - Checklist for managing Financial Documents

Personal Finance is not only limited to savings and investments, but an efficient and effective way of managing your finances to secure the future of your family and loved ones. Your responsibilities do not simply end by investing the required amount for the future of your family. However,  your family must also know about the investments and decisions you have taken. So, you must have a way to let your dear ones know about the important investments and financial documents when required. If they would not have been aware of all the investments and insurance that you have taken, it will beat the purpose of your investments by making it less important for them.

If your family is not going to be benefited with the investments, then all your hard earned money will simply go into vain and your family may suffer financially through out the life. So, when you have already made your investments, make sure to let your family know about all your financial documents. Here, I am going to show you how you can list all your investments and savings. It is not just investments but you must list all important documents like passport number, bank account numbers and other confidential documents.

This page will help you to compile all your finances in a better way which will be helpful to easily go through and manage your finances. Listing down all your major investments and financial documents can also prove to be handy in case of unfortunate events.

Firstly, you should list all important documents like passport number, driving license and other primary documents which will be required to carry out any legal transaction.

After listing basic documents, it is the time to list down some critical documents such as Will, power of attorney and other such documents which will be very crucial for your family.

Write down all the investments you have done, primarily your insurance details, property documents and other investment details. It will help you to analyze your investment portfolio easily.

Write down the details of your bank accounts. This will help you to easily remember all the accounts you hold.

List down all the current liabilities like loans and other debts you might have. It will be easier for you and your family to track down all liabilities and payments to be made.

It is very crucial to list down the numbers and contact details of important persons like that of your CA, lawyer or Doctor. This list can prove to be very helpful at any point of time in your life.

At last, you must mention the procedure/steps to claim the insurance or how to execute the will. If you will maintain this personal finance kit, it will surely be helpful for you and certainly for your family in case of unfortunate events or medical emergency.

Make sure to check and update all these details at least once a year. You can make a habit to do it on New Year’s Day or may be on your birthday, whichever suits you the best.

Download Personal Finance Kit  and let your family know about the investments.