Select Page

Where is all the information related to your financial life? Your policy details, FD, mutual funds, etc Is it stored in your head or hidden in your emails? You’ve kept the documents in the top cabinet of the steel almirah, but who knows about it! What about the insurance policies you have taken? And the locker keys?  Do you have a money book which has all the information, that you can refer to? This Money book will help you while filing returns, doing review of your financial life, and also your family in time of emergency or when you are not around them. The excerpt is given below. Download the sample MoneyBook in Excel form here or check out the money book released by HDFC Mutual Fund.

We always believe we will live forever.

Bad things always happen to others.

Only when things hit us bang on our head we realise…

Life is so unpredictable….

She passed away unexpectedly 15 days ago. Our neighbour, who lived by herself. The children could not come due to travel restrictions. Relatives and friends managed everything. The tough task of sorting her belongings fell upon me and another friend. We had to make lists, pore over everything she had and let the children know. They would then decide what to do with it all. Why can’t we strategically prepare to go? Why can’t we give away, organise, list, and make it easy for others when we are gone?  Uma Shashikant, said in the article, Why you should keep financial assets organised and listed while you are alive.  

Video on Why We should

You realise you don’t have time to mourn and grieve for the person with whom you spend the best years of your life. Because you are busy sorting all the paperwork.

Experience of a young chartered accountant after the death of her husband in an accident.

What should be in your Money book

  • List of important documents and their locations, eg.,  Passport, Driving licence,  PAN etc.
  • Important contacts, like the doctor, CA, your stockbroker and their details.
  • Your EPF/NPS details, Your stocks options, along with office insurance policy and contact of your collegaue.
  • Your bank details
  • Your bank locker details
  • Your credit card details.
  • Your property details, Property taxes, rent etc.
  • Your insurance policy details
  • Your mutual fund investment details
  • Your stock details, at least the platforms through which you invest
  • Your Income tax return details
  • Loans that you have taken, given. Paperwork of it.
  • Your will or Important instructions for them to carry out, once you are dead. Eg., insurance claim process, steps to selling off some property, claiming the bank account, investments etc.

Download the sample MoneyBook in Excel form here.

Money Book record of your financial life

Money Book record of your financial life

Why should you have a money book?

As Uma Shashikant, said in the article, Why you should keep financial assets organised and listed while you are alive.  We can do a lot without spending money, and money well spent can do a lot. Let your money help you and those around you live better. Rather than lying meaninglessly in expired bonds, unaccessed PPF accounts, unused vases and unworn dresses.

It will help you to control your financial life. Help you to review your portfolio, file ITR and filter.  Sounds difficult and time-consuming, searching through your mails. But once it is done. You just need to update it. If you are just starting your financial life then it is simpler.

Often, children, the spouse does not take much interest in these financial matters. This can turn out to be one of the best gifts you ever make for yourself and them.

Paper work murphy law

Murphy law on paperwork

Keeping paperwork in order is a challenge. Are there accounts without nomination? Are there joint holdings with the dead husband’s/wife’s name; Are there dormant bank accounts? Are there broking accounts that were long in disuse?  Are there transactions in the bank for large withdrawals not accounted for. These could be hand loans to friends and relatives.  Keep the paper in order. Find someone to do it if you don’t like to do it yourself.

Neglect creeps in, we lose interest along the way. There are non-performing shares, unpaid insurance premia, a few post office deposits that matured long ago, PPF account gone inactive and discontinued SIPs. We fail to consider the end value of the investment to make sure it is closed and completed. It is tough to retrieve the money, especially after the person is gone. Track and get your money, even if it is small.

Have a strategy for the bequest. It need not be a will or a formal statement, though that would be best. Even in an amicable situation of siblings not quarrelling, it is tough to value and decide who gets what. Both daughters want the same pieces of jewellery. Both sons want the house. We have no way of finding out what she would have liked. There are no claimants for the hundreds of knick-knacks. We can’t even have an estate sale in the current times.

Personal Details in MoneyBook

Name Expiry Date Location
PAN
Aadhaar
Passport 10/Apr/2022
In Steel Almirah Safe
Driving License 5/Jun/23 In Wallet

Office Details in Money Book

Office Details EPF/NPS/Stocks
EPF Details UAN
Account number/Member Id
Date EPF balance EPS balance
Stocks
RSU/ESPP on NASDAQ
Insurance Policy
Term plan of 10 lakh + EDLI

Contact Details

Contact Details Name Address Contact Number Email Comments
Doctor
Boss, Colleague
Contact Shyam for informing Boss, Insurance
Insurance Agent
Life Insurance, Health Insurance
Tax Lawyer or Chartered Accountant
For Tax Filing
Financial Advisor

Bank Lockers Details in MoneyBook

Bank Lockers SNo Name of the Bank Address of the Bank Ownership details Key Number Key Location Contents Comments
1 HDFC Bank New Alipore Road Joint with Husband & mother on law 468 Black pouch in steel almirah safe Gold Jewellery
This locker has FD Associated with it.

Life Insurance Policy Details

S.No Company Name of Policy Policy Number Sum Assured Premium Amount Premium Date Date of Maturity Nominee Contact/Insurance Agent
Details of policy
1 LIC Term Plan 12345123 10 lakh 5378 2 Mar Annually 2 Mar 2030 Daughter Online If I die before Maturity Date will get the sum assured.

Else Nothing

Health Insurance Policy Details

S.No Company Name of Policy Policy Number Sum Assured Premium Amount Premium Date Date of Maturity Details of Policy Contact
1 Office Policy Group Insurance Policy 5 lakh 0 Wife, Children and Mother covered
Floating
Colleague Sakhsam,
HR

Details about Other Policies in Moneybook

S.No Company Name of Policy Policy Number Sum Assured Premium Amount Premium Date Date of Maturity Contact Details of policy
Personal Accident Policy

Bank Details in MoneyBook

S.No Bank Name & Address Account Number IFSC Code Netbanking details Linked to UPI Joint Account details Nominee Comments
(Purpose)
Min Balance
1 HDFC Bank, User Id:
Password:
Transaction Password:
Yes(Google Pay) With Wife No Saving Account,
Salary Account,
Investment Account
2 State Bank of India User Id
Password
No No No
Basically as Back up account (a public sector bank)
Investment in PPF, NPS,
Locker in this bank
FD

Credit Card in MoneyBook

SNo Issuing Bank Credit Card Number Name on Card Any Add on Card Expiry Date Credit Limit Billing Date Due Date Mode of Payment Details
Purpose
1 HDFC Regalia Card 1234-1234-1234 Swayam Mehta Mother
Wife
06/21 4th of every month 25th of every month Netbanking through HDFC Card
Used often
Lounge Access
Good reward points-redeem for booking tickets

Loan Details in Money Book

Sno Type of Loan and Bank Loan A/c No. Total Amount Interest Rate EMI amount EMI Start Date EMI End Date Prepayment Details Comments
1
Home Loan from State Bank of India
50 Lakh 8.75%
2 Car Loan from HDFC Bank 5 lakh 10%
3 Loan given to Brother 10 Lakh 0%
For starting new business.
Will return by 2022.

Property Details in MoneyBook

S.No Address of Property Registration Deed No Property Owner(s) Detail Bought on Bought for Property Tax Details Rental Details
Details about Property Papers
1 Coowner
Wife 40%
12 Apr 2010 65 lakhs 6232 In Locker of State Bank
2 self 28 Jun 2000 40 lakhs 4129 In Locker of State Bank

PPF Details in MoneyBook

PPF Account Number Start Date Maturity Date Investment Year Amount Invested in Year Interest earned
20-Oct-2017 1-Apr-2033 5000
2-Apr-2018 50,000
3-Apr-2019 70,000

Deposits With Banks/ Post Offices/ Company Deposits/

S.No Company/Bank

with Address

Ownership Details (Joint) Amount Invested Investment made on Date of Maturity Interest Shown in ITR Nominee Comments

Demat Account Details

S.No Company DP ID, Client ID Ownership Details Login Details Nominee Details of account

Mutual Fund Details

S.No Company Folio Number Ownership Details Investment Details

Amount Invested

Date of Investment

Nominee Details

Important Instructions in Money Book

Make sure, you mention all the things which you wish your spouse/parents/children to do or carry out.

How to Break FD’s or redeem Mutual funds in case of emergencies

Put some details in, on how they can break the FDs or redeem the mutual funds, in your name, in case of emergencies.

Life Insurance claim procedure

Give them detailed instructions on what they should do to claim your Insurance amount from the Life Insurance company. It can start from contacting the agent, filling up the forms, making sure all the documents are in place, constant follow-up with the company etc.

Our article How to Claim Life Insurance on death explains it in detail

Claiming Deceased’s Mutual Fund Units

How to claim Life Insurance Policy

How to claim Life Insurance Policy

How to use your life Insurance money for future: Once they get money from your Life Insurance, suggest how they can channelise it into different instruments based on their understanding, risk-taking capability and the amount of ease you want them to have in dealing with those.

Location of Important Documents & Records

S.No Company
Cheque Book(s) /Passbook(s)
Bank Locker Keys
Public Provident Fund (PPF) Passbook(s)
Property Ownership Document(s)
Insurance Files (Life / Mediclaim / General)
Fixed Deposit Certificate(s)
Tax Files (Income Tax / Wealth Tax/Gift Tax)
Loan related Document(s)
(e.g. Loan agreements etc.)
Shares / Bonds / Units Certificates
Educational / Domicile / Marriage Certificates
Receipts of Telephone / Gas / Electricity etc.
Will(s)
Rent Receipts, Tenancy Agreements
(Correspondence with Landlord/Tenants)
Court Decisions / Judgements / Pending
Litigation
Others:

Your Financial Life in Editable PDF

My_Financial_Organiser

Related Articles:

Paper Work: Aadhaar, PAN, Will, Nomination

What do you feel about this idea of creating a Money which would help you and later your family? How much value do you feel one will add to his/her financial life by doing this?  Have I missed out some points?

Take Action today! Unless you take action, reading this article is worthless! And Don’t forget to update this document every year. And share this money book with your spouse or your family members!

Share
Keto Advanced 1500 review