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Your financial planning begins with these MUST DOs

Personal financial planning is not a rocket science and is a continuous process that starts in a serious manner, probably from your first salary cheque. The seriousness grows, probably when you file the first income tax return. As it is usual, till that time your parents or some of the relatives play a role in fiduciary advisory capacity and you are ok. However, multiple returns , lot of parties / travel, multiple newest / sleekest gadgets and a few mandatory traditional investments later, one day you start wondering, “Hey, it’s time to get serious as I don’t know where is my money going?”. It’s usually at this point of time you start doing google searches, speak to a few peers, speak to uncles / relatives – who all tell you that it’s time to start a personal financial plan. Here, you start wondering should I Do this planning--}% myself (DIY) orhire a qualified financial planner(QFP) ? However, irrespective of your further plan of action, here are a few things that you must DO YOURSELVES before building a financial planning for yourself.
Estate planning, Tax planning and advisory, insurance planning, Comprehensive financial planning, Will planning, credit rating improvement planning and advisory,Financial wellbeing

Create a physical investments dossier :

Don’t get shocked, you are reading it correct. I am not suggestingan excel-sheet or online investment dossier, but a physical one.
Take up a nice diary and list down each of the following details amongst separate sections to start-with

  • 1 Your Bank Account numbers
  • 2 Internet banking details
  • 3 Debit cards
  • 4 Credit cards
  • 5 Attached E-mail addresses
    with respective log-in details
  • 6 List down your employer
    sponsored plans details.
  • 7 Your PF number
  • 8 Your NPS /
    Superannuation number
  • 9 Your employer sponsored
    mediclaim details
  • 10 Your nomination details

List down your major assets that you built over a period of your working years along with their likely market value.

List down your current investments in separate sections. with maturity dates, current market value.


  • 1 Fixed deposits.
  • 2 Mutual funds
  • 3 PPF accounts
  • 4 LIC policies
  • 5 Private Insurance policies
  • 6 Real Estate
  • 7 Bonds, Private Company deposits etc
  • 8 Segregate the above investments in the form of a summary table with long (>10 years), medium(3 to 10 years) and Short (<3 years) for your easy record
Once you are ready with the above, you are ready for creating your comprehensive personal financial plan. However, the above process will help you in the following ways.

Be prepared to face any eventuality that endangers loss of crucial details such as credit, debit card or in rare cases the certificates, bonds papers etc. You will get a clear picture of where you stand – even before you start the process of financial planning for yourselves. In case you are doing your financial planning yourselves (DIY) you will anyways need the above details In case you wish to hire a financial planner helping you in creating a plan, you will be far well prepared with the above information handy as it will save time for both of you during the appointment

Now you are set to build a financial plan for yourself. To know more about STEPS TO BUILD A FINANCIAL PLAN – click here
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Team ArthaSarathi is a mix of experienced professionals with varied backgrounds. They bring expertise from various fields such as a investments, Financial Planning, Training / Education and Psychological counselling to build ArthaSarathi Read More

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