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Please Consider This Advice When Managing Personal Finance

Mar 31, 2011

What if your wallet is stolen? Have you considered what you would happen if you were in a serious accident? Are you the person who would be responsible for managing the finances for someone such as a sister, parent, or child in case of an emergency? Who would have the information to step in and manage your day to day personal finances? You may even have the responsibility of managing someone else’s finances now; do you have the necessary information documented for someone else to step in and take over?

It is important to have your personal information in a secure location and available to your trusted family member or friend in case such a situation arises. Having lists of bank accounts, investments, retirement plans, credit cards and other personal data is essential but many times overlooked. There are other items to consider as well. Documenting locations and details about storage units, safe deposit boxes, rental properties and health and life insurance policies are all details to consider. How about a list of current magazine and periodical subscriptions?

There are inventory forms and questionnaires available to document and organize this information and I encourage you to put some time aside to take care of this often overlooked but very important task. Just use your favorite search engine to find these helpful tools. If you have trouble locating the forms, please feel free to email me to request the information or click on this link for organizers to find a variety of forms that may suit your needs. You might want to print a copy to share with a person you may have to help at some time.

If you want to store the information in your computer, just make sure you have the appropriate software to protect it. I would recommend you print out the forms and then store them in a secure place and make sure the person you will be entrusting knows where they are located.

Also, it is a good idea to make sure the information is kept up to date. Twice a year is probably sufficient and you can add this to your list of reminders of things to do to correspond with time changes. You know the one where you are supposed to change the batteries in fire and carbon monoxide detectors?

The initial documentation will take some time and hopefully will never be needed, but it is an important step to take in organizing your personal information should the need arise. The time you invest in this exercise will make handling your personal finances an easier task.

More from Tamara Susan Clontz…

About the Author

Serving as a CFO in Kentucky for over 20 years, Tammy is a CPA who has attained a unique combination of analytical, management and leadership skills. Locations she serves include Lexington, Richmond, Berea, Somerset, Danville, Lancaster, Stanford, London, Corbin and Harrodsburg. She has multi-faceted industry experience including entertainment, manufacturing, contracting, banking, investing, mining, data processing, education and public accounting.

View Tamara’s Personal Website

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