Ladies, do you know this about home finance?

This might be little different from general personal finance, but this covers a few key points which a woman as a home minister should understand. As a member of the family who actively manages daily chores, children, health, relatives among many other things should also know about cash inflows and outflows of her home.

This is not only a task for male members of the family, but woman should also actively take part in handling, discussing and managing money. It’s easy to understand basic steps of personal finance like:

1.Spend Less

2. Make budget for every expanse

3. Save more

4.Invest early

5. Plan for your retirement

6. Diversify

7. Invest for long term

But there is an area which always gets ignored by many women, even by men. Agree that it is hard to find time in current busy lifestyle and tight schedules. But make sure to take some minutes out, read this and note down following things if you understand the importance of money in your life.

Money Matters of Home

Following points are not about understanding investments, complicated calculations or how to manage it. Its simply keeping the records of important information related to your money matters of home and being an informed family member.

Make an excel file with two different sheets for recording information about you (for single ladies, moms or divorcee) and your partner (for married women) which you can update, modify and keep safe without fear of losing. Keep one copy with you and share other with your partner for his records.

In this file the first sheet should contain following information:

1. Your Net income if working, expanses and savings

2. Bank account details

3. Your investments including employer sponsored plans and details like names, folio numbers, amount of investment etc.

4. Insurance/health insurance details

5. Credit cards and debt details like number of cards/loans, outstanding amount etc.

6. Any fixed assets like land or property.

7. Nominee names for your each investment and assets.

8. Taxation details

This excel record file will look like following:

The second sheet should contain same information as above but for your partner. Yes, that’s right! as a better half you should know about your partners finances.

1. Net income, expanses and savings

2. Bank accounts details

3. Investments and employer sponsored plans

4. Insurance/Health insurance policies details

5. Credit cards and loans details

6. Property and fixed assets information

7. Nominations for each investment and asset

8. Taxation details

You can add additional details if you think they are necessary. Keeping this information does not mean to interfere or to influence each other’s financial decisions but it is more for security propose.

This record will help you understand about your money inflows and outflows and about your financial position. Also, in case of an unfortunate event this information can help you or your loved ones in lot of important financial things.

 The article is originally written by Gayatri Jagdale, Founder of Fund-Matters