Money Book

Posted by: என். சொக்கன் on: April 3, 2015

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When I read the title “My Money Book”, published by “Exide Life Insurance”, I naturally assumed this must be a book helping people invest right, detailing various ways to invest and what we need to remember when investing in a certain asset.

But, I had a pleasant surprise when the book reached me. It was actually a data entry book, where people can capture everything related to “their money”.

This book starts with the personal information sheet, with basic details about the person using the book, followed by important details about their family members. Then a separate section is given for contact numbers of family doctor, chartered accountant etc.

I was curious to see the “Financial Advisor” in this list. I know it is quite common for many families to have a financial advisor, personal or professional these days. But putting it under essential information helps those who don’t have one, implicitly sending a message that by having a personal advisor you can help your money grow.

The next section is about Insurance Policies. It covers Life, Health, Motor and property insurance, capturing basic details such as company name, plan name, policy number, nominee, sum assured, maturity date, policy term, premium amount, premium payment frequency etc. Enough space is given to capture details about many policies.

Bank details come next. The user can capture two bank accounts, with all details such as Account Number, Account Type, Branch IFSC Code, Relationship manager etc. It is also possible to capture Locker details, along with the items sored in the locker. Demat account, credit card details can also be captured here.

Following section is on loans. It covers home loans, auto loans and personal loans. Each one can be captured with basic details such as Bank Name, Loan Account Number, Loan Amount, EMI etc. One can also capture the prepayments they have done against a loan.

Next, we can put all the investment details. It starts from basic things such as fixed deposits, mutual funds and then covers public provident fund etc. too. For each investment, the user can add details such as Bank Name, Branch Address, Amount Invested, Investment Number, Date, Duration, Rate of Interest, Maturity Date and Maturity Amount. A separate sheet is given to cover other investments which may not come under these.

This is a useful book for sure. But I would love to have these in a future edition:

1. For insurance policies, a 10 or 15 year planner which allows the reader to “tick” each year, after they have paid the renewal
2. A calculator which helps one decide whether they are insured well (also things such as Kids’ education etc. can be given as a reminder in this)
3. An online version of this document which one can access and modify anytime
4. Shares portfolio: People want to track where they invested and how that particular share has grown
5. On the credit card particulars, the most important detail “Payment date” should be added

Thanks Exide Life Insurance for the thoughtful design!

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