There are certain essentials which a good investor must follow. This includes tracking your expenses on a monthly basis, having a locker, having all your PF accounts in one account, regularly tracking your portfolio, keeping important documents in a fire proof safe, keeping your family informed of your investments and leveraging on your cash balance to get maximum returns. One of the most important things to be done by every investor is to maintain a summary sheet capturing information of all your financial investments. The summary sheet should have details of the investment, the date purchased, the purchase value, current market value (if applicable), maturity value, (if applicable) and name and contact number of the bank official/broker/agent (as the case may be). This is very essential as a summary sheet helps your family members in case you face an eventuality. Click here to read more on this and download the summary sheet template.
Another aspect to Personal Finance Best Practices is to update your residential address, telephone numbers, mobile numbers and email ids in all important documents. This not only includes updating these details in your PAN card, ration card and voter ID card, but also updating in all your bank accounts, demat accounts, insurance policies, PF accounts and other investments. The UID Aadhaar card is a new introduction by the Government, and most of you may still have not applied for one. This is another document which you must get at the earliest.
You should also take care to update nominee information in all your accounts - all bank accounts, insurance policies, demat accounts, PF accounts and other investments. When nominee information is recorded, it becomes much easy for your family members to deal with financial matters in case of your death. Organizing your paperwork and updating all necessary information on time helps you achieve easy, stress-free transactions.
We have prepared a small checklist which captures the areas discussed above. It is recommended to take a printout of the presentation and update your current status. It is possible that many areas are still unattended by you. We suggest you to plan your actions towards this and assign target dates for the areas where you would like to improve. Please click here to download the checklist.