Family Finance Diary
- Kaustubh Kale

- 1 hour ago
- 2 min read

Most people work hard to create wealth. They invest in bank deposits, mutual funds, stocks, insurance policies, real estate, gold, bonds and other assets. But one important question is often ignored: does your family know about all this?
This question has become even more important today. Recently, our Prime Minister Narendra Modi highlighted that Indian banks are holding around Rs. 78,000 crore of unclaimed deposits, insurance companies have nearly Rs. 14,000 crore lying unclaimed, mutual fund companies have around Rs. 3,000 crore, and dividends worth around Rs. 9,000 crore are also unclaimed. The government’s “Your Money, Your Right” initiative was launched to help citizens trace and claim such forgotten financial assets.
These numbers tell us something very important. Many families do not lose money because of bad investments. They lose access to money because investments are scattered, undocumented or unknown to the next generation.
Easy to Locate
Personal finance is not only about creating wealth. It is also about ensuring that your family can locate, understand and access that wealth when required.
Every family should maintain one proper financial book. Not just a password-protected file on a laptop. Not just a folder in email. Not just a WhatsApp message. Technology can fail. Phones can get locked. Passwords can be forgotten. Emails can become difficult to search. Excel sheets, links and soft copies can have multiple versions. During difficult times, the family should not be confused about which file is the latest and where to find what.
Hardcopy Book
A simple hardcopy book with proper pages, sections and annexures can become extremely useful. This book should give a bird’s eye view of your complete financial life.
It should mention your bank accounts, fixed deposits, mutual funds, demat accounts, insurance policies, loans, property details, gold holdings, important documents, nominations and advisor contacts. Wherever necessary, annexures can be attached for policy copies, account statements, property papers and other important records.
The idea is to create a clear roadmap for the family. They should know what exists, where it exists and whom to contact.
Liabilities, Nominations
Your family should also know about your liabilities. Home loans, business loans, credit card dues, personal loans or guarantees given should be clearly recorded. Wealth planning is incomplete without liability awareness.
Nominations must also be checked and updated across all investments. Many people assume that old nominations are still correct, but life changes.
NRI Families
This becomes even more important when children live abroad. Many families today have NRI children who may not know which bank their parents use, where the property documents are kept, who the financial advisor is, or whether any old insurance policy exists.
In such situations, one well-maintained financial book can save the family from confusion, delays and unnecessary stress.
Regular Review
Finally, review this financial book once or twice a year. Updating it is as important as creating it.
A good financial plan should not only grow your money. It should also make sure that your family can find it, claim it and use it. Wealth should not become a mystery after you. It should become security, clarity and peace of mind for the people who matter most.
(The author is Chartered Accountant and CFA (USA). Financial advisor. Vies personal. He could be reached on 9833133605)





Comments