It is said that “If we all perform our duties meticulously then we are surely on the path of prosperity.” Every individual should be aware about his or her duties towards family members, relatives, friends, and society. In addition to social responsibilities, it is imperative that every individual should also have basic financial literacy.
To take the fist step towards financial literacy, following is a financial check list that you should prepare in consultation with your family members and professionals. This activity will make you more aware about your personal finance documents and will get you motivated towards knowing more about your finances.
| S. No. | Financial Aspect | Checklist |
| 1 |
General Details |
PAN (Permanent Account Number) of all family members.
Passport details Driving license and ration card details Location of all these documents Income tax ward number and location where returns are filed |
| 2 |
Bank Accounts |
Various bank account numbers, bank names, branch location, address & telephone numbers.
What is the nature of the bank account i.e. current, savings, checking, etc. Where are the bank pass books, cheque books & slip books kept at home? Who are the signatories and nominees for each bank account? |
| 3 |
PPF Accounts |
Name, account number, post office/bank names, branch location, address & telephone numbers
Where is the PPF pass books kept at home? Who are the nominees and after how many years does the PPF mature? Name, address, & telephone number of PPF agent, if any |
| 4 |
Real Estate |
List of all the properties owned and in whose names
Location of property documents (original purchase agreement, shareholding certificates, nomination registration etc.) |
| 5 |
Investments |
Statement of all other investments like bank fixed deposits, bonds, jewelry, art, antiques, etc.
Location of the relevant documents |
| 6 |
Direct Equities |
DP names, address & telephone numbers Name of contact persons and their contact details Client ID, account numbers, signatories, & nomination details Location of contract motes and share files |
| 7 |
Mutual Funds |
Mutual fund names, quantity of units, name of holders, nomination details
Location of these statements/records Name, address, & telephone numbers of agents, if any |
| 8 |
Insurance Policies |
Details of all insurance policies (Life, Mediclaim, Property, Business etc.)
Names of policy holders, sum insured, annual premium details Dates of paying insurance premium and relevant amount Location of all the policy documents Name, address, and contact number of insurance agent (s) and the insurance company |
| 9 |
Statement of Outstanding Liabilities |
Loan details (personal, housing, vehicle etc.)
Credit card details |
| 10 |
Wills |
Location, if prepared |
Preparing this document will go a long way in enhancing your financial literacy. Do make a resolution to sit with your family members this weekend itself and prepare this important document.
Priyesh Shah is Chief Financial Planner, working with SRE Financial Planners.
