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financial management for beginners

Financial Management for Beginners – Financial knowledge is not only regarding capital management. With the arrival of technology, it is also essential to keep the online date convenient.

When circumstances get inedible, our small errors seem to cause more damage.
Most of us are very relaxed when it arrives in planning for an emergency.
But this relaxed approach causes more harm when an emergency hits.
In this world, the most valued people are those who occupy vision.
Emergency seems gravest concerns in case of loss of earning member of a family.
It makes me reminisce about what my family should understand if I die.
In India, it is evident that the leaders of the house are a man who manages all money concerns.
The leading lady (wife) barely takes an interest in day-to-day wherewith cost controlled.
Yet though the woman is an earning member, still in India, capital is mostly in the controls of a Man.
There are also cases where the leader of the family is a Lady.
In both the state, the condition does not improve.
Both Men & Women are relaxed when it arrives in planning for an emergency and financial management for beginners .

 

financial management for beginners
financial management for beginners

 

In this blog, we consider what regard we familiar people should take to manage the condition of emergency like the death of the head earning member.

#1. AFFIRM A RENEWED LIST OF USER IDs & PASSWORDS
#1.1 Primary Email Accounts
Data exchanged through emails, like bills for:
Credit cards,
Mobile,
Electricity,
Internet,
Security,
Digital TV etc.
The statement of all these bills appears over email.
Keep a password protected excel sheet and store email ids and updated passwords.
#1.2 Laptops & Smart Phones Login
These days everything appears on mobile phones & laptops.
It is necessary to have the login id and passwords of these things skillful.
Have a password protected excel sheet and maintain login ids & passwords.

 

#2. BANK ACCOUNT CUSTOMER ID & PASSWORDS
In fact of unexpected demise, the first thing dependants will want is money.
In your absence, they will have to pay bills, withdraw cash, etc.
Have a password protected excel sheet and store customer ids & passwords.

 

financial management for beginners
financial management for beginners

 

#2.1 Debit Card & Credit Card PIN
Usually, we commemorate the security PIN and never write it.
More reliable is to have it written somewhere.
Have a password protected excel sheet and store credit card & Debit Card PIN.
#2.2 Services Bill Information
Information like customer IDs for obtaining payments like electricity bill, Mobile bill, Cabel TV, etc.
Have a password protected excel sheet and keep Account numbers, customer IDs, etc. of all service bills.
Get assured that your dependent is your Nominee
Usually, when we start serving, we mention our mother as our preferred Nominee.
Following a few years, one gets wedded, and Nominee proceeds to be the mother.
The Nominee should be the dependent, which after the wedding should be the wife or kids.
But this little confusion can put the dependents in a lot of concern after the demise of the head earning member.
One must accept full responsibility that the correct name of Nominee registered in the following accounts.
#2.3 Banks Savings, Salary, Demat, Equity Trading, Fixed Deposit, etc.
List the names of all bank accounts one has.
Those bank accounts can be saved or salary account.
Have a password protected excel sheet wherein the name of Nominee should state.

 

#3. PROVIDENT FUND & PENSION ACCOUNT
The advantages of provident fund savings are owed only to the Nominee.
It’s necessary to verify if the correct Nominee registered in a retirement savings account.
Have a password protected excel sheet with the name of Nominee for retirement advantages that registered out precisely.

 

#4. LIFE, AUTO & HOUSE INSURANCE
Insurance not created for only savings income tax.
Insurance has mainly done to support the needy in times of emergency.
Have a password protected excel sheet with the title of Nominee for all insurance accounts.

 

financial management for beginners
financial management for beginners

 

#5. MUTUAL FUND HOLDINGS
Unlike equity shares, mutual funds not accumulated in the Demat account.
Hence it requires a nomination individually for all funds.
Have a password protected excel sheet with the title of Nominee for all fund holdings.

 

#6. INFORMATION OF INVESTMENTS HOLDINGS
We all make investments. But how often we take interest to have a list of holdings.
It can show to be vital Data for the dependents in times of urgency.
In the loss of the head earning member of the family, the most acute change is to have the cash flow.
Investment can confer like a guardian in the most challenging times.
#6.1 Stocks & ETF
List of Equity shares & ETF with Information like:
Name of shares,
Investment amount,
Date of investment,
Investment purpose (holding time or price) &
Demat account information etc.
These must-have in a password protected excel sheet.
#6.2 Mutual Funds
List of funds with Information like:
Name of mutual funds,
Portfolio number,
Investment amount,
Date of investment &
Investment purpose.
It must have in a password protected excel sheet.
#6.3 Real Gold & Silver
Real gold and silver acquired over the years become valuable.
Their Information like:
Amount of investment,
Purchase price,
Present value,
Date of purchase,
Investment purpose etc.
It must have in a password protected excel sheet.
#6.4 Real Estate Property
Real estate investors are the most apparent investment, so all.
Still, it is sufficient to hold it in the list of investment properties.
Information like:
Type of property,
Area of property,
Location,
Name of the project,
Purchase price,
Rental revenue, etc.
It must have in a password protected excel sheet.

 

financial management for beginners
financial management for beginners

 

FINAL WORDS…
Is making all this worth it?
Today it may seem pointless and non-important. But its significance is unquestionable.
But visualize a situation where your wife and kids held without you being around them.
View a few examples.
In a shopping mall where after purchasing, your spouse misremembered the credit card PIN
She instantly calls you in office, and her dilemma solves.
But when she has nobody to ask?
In this condition, she will adore you even more for the way you had arranged everything for her.
It is what is called real affection. It is what is the real-life of financial knowledge.
When the head earning member is absent, there is some necessary knowledge that a family should know.
We have to make them informed of them.
Do not think of it as enhancing. It’s only caring for a family to handle fact before an emergency hits.
When you are not present, it will mostly be a struggle for your family.
These little things will only benefit them.
When you are not present, you cannot do enough to diminish their distress.
But now you can manage how they will handle that circumstance.
Purpose for an emergency and give no chance unturned.

–Zayd Haji

 

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Post Author: Zayd Haji

Zaid Haji (born on Eid-Al-Fitr February 1, 1998) is an author and writer known for his finance and market blogs.
Zayd Haji – A businessperson whose passion got to found Al Zayd Corp. Al Zayd Corp is a group of companies that have successfully owned blogging and financial activities. In addition, Al Zayd Corp has successfully projected services into various ventures – Visual Capitalist and Visual Publicist.
Zayd Haji has 3-years' experience in financial analysis and financial content writing. Zayd Haji is a graduate of Pune University with a Bachelor of Business Administration Finance. Zayd Haji is pursuing a Master in Banking and Financial Management from NMIMS University. Zayd Haji has worked with firms in the most miniature stages of their development, from start-up to maturity.
Zayd Haji's infographics provide a quantitative and qualitative assessment of the market, companies, demographics, and special attention to segments and buying patterns. In addition, the databases and sources utilized in his financial analysis are beyond Google, ensuring detailed reports and concise.
Solutions offered; Equity Research graphics considering Market Analysis, Financial Investment visuals, and Graphic designs. If you're wise to create visuals by researching the financial market or competitive social media graphics for building business, we are happy to guide you with your venture.
"A book is the only place that makes your imagination grow spacious. Reading will help one relieve stress and gain knowledge." – Zayd Haji.

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