Seven steps to get your bank accounts in order
Do you know how much you save every month?
Do you know if your investments are giving you the best returns?
Have you determined if your investments along with return are going to be adequate for your future plans?
Have you checked if nomination details are up-to-date in all your assets? Is all contact information up-to-date and accurate?
Does your spouse know what needs to be done if there is any kind of accident/calamity and you are incapacitated?
Is your financial advisor/broker giving you good advice?
Have you made your will?
Making money is not enough. Managing money and managing it well has become important. Knowledge is the only answer to all these questions. Being financially literate is not an option anymore but a necessity. The areas where you can and need to apply your knowledge are diverse and unending.
First some basics. Letís start with your bank accounts. Do you have more than 4-5 accounts between your spouse and yourself?
There is no need whatsoever to have 4-5 accounts, each opened for a different reason. The paperwork involved because of these accounts, remembering passwords, log in IDs, ATM pins, all leads to unnecessary complications. You also end up blocking funds as you need to maintain minimum balance in these accounts to the tune of Rs 5,000 to Rs 10,000 ó it all adds up.
A salary account
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