money and, then, you would monitor the same. Here, it is recommended that the investments are carried out based on the framework decided in the Investment Policy Statement (IPS) you have made. If not, it is recommended that you have an IPS.
Every month, say the first Saturday or Sunday, allocate 30 minutes of your time to look at your finances. It could start with checking your bank statements of the previous month and verifying the transactions. Check if any unknown debits or credits have taken place. If so, contact your relationship manager at the bank.
Managing portfolio: Look at your portfolio statements across mutual funds and direct equity. If any fresh purchases have taken place, do ensure the documents and papers are in place.
Also, plot the actual expenses incurred for the household with the budget and check the expense. This will help you to keep tab on the unwarranted expenditure.
Record in your excel sheet (start one, if you don’t have already) and record all important contacts, and update them for any change during the month.
Many a times, due to improper document management, an investor has to spend an inordinate amount of time to retrieve documents in an emergency. Also, inheritors may have to have face legal hurdles.
Investment management is today’s wired world is much easier. All you need is discipline to ensure that your hard-earned money is not wasted.
The author is founder and managing partner of Zeus