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  1. Have you reviewed your financial portfolio? 7 important things to check

Have you reviewed your financial portfolio? 7 important things to check

Financial planning tips: Not going through the periodic checks on the portfolio could land you in trouble at a time when you need money the most since liquidating investment can be a problem if all the requirements are not met.

By: | Updated: May 4, 2016 12:29 PM
financial planning Financial planning tips: Not going through the periodic checks on the portfolio could land you in trouble at a time when you need money the most since liquidating investment can be a problem if all the requirements are not met.

When was the last time you undertook a comprehensive review of your finances and your financial plan? Have you drawn up a financial plan for 2016-17?

Do you know when your many fixed deposits and bond investments are maturing? Has the bank passed on the lower interest rate benefit to you and is it reflecting in lower monthly instalments for the home loan? Have you checked your insurance policies and mutual fund investments to see if they are compliant with the regulator’s know-your-customer KYC) norms?

In all probability you haven’t gone through the detail hygiene check on your finanial portfolio to know that everything is in order. This is because most of us delay taking these financial measures till the last day or till one is in trouble because their portfolio is lacking in some of the updation required.

“Most people are careless about their personal finances. Either they don’t have a financial plan or take decisions at the last moment,” says Gaurav Mashruwala, a leading certified financial planner.

Mashruwala says that not going through the periodic checks on the portfolio could land you in trouble at a time when you need money the most since liquidating investment can be a problem if all the requirements are not met.

Here are some of the financial planning moves he feels is essential for you for the ongoing fiscal:

– Start with making a list of all the fund requirements and fund flow that would help you meet your financial goals for the year. This would include making note of the months when you would require money.

– Also try and figure out where the funds will come from to meet these payouts.

– Try to assess whether you have enough salary or other income to meet the fund requirement or whetgher you will have to liquidate investments or dip into your savings

-In case you would have to liquidate investments or your fixed deposits to meet the expenses review the details pertaining to these at least a month before they would have to be liquidated to check whether everything, including titles, are in order. This would eradicate any last minute hitch. Also if these are joint account, you have to check whether all signatures are matching the present signatures.

-Do a standard hygeine check of all insurance policies. These include whether bank details and address are update and the KYC completed.

-Review your Will and Power of Attorney if made to see if there is any change that is needed to be done

-If you have loans in your portfolio review them to see if lower interest rates are reflecting on your EMIs. If not, call the bank and get the loan EMIs reset.

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