PERSONAL FINANCE
Everybody one way or other is having touch with computer whether for office work or for personal work.They do take data back up every day in their office on the fear that the computer might be attacked with virus (Vital Information Retrieval Under Siege ) and all the data would be lost.
But in the personal life majority of the people will not bother to take back up on the assumption nothing will happen to them.What is the guarantee that a person will not be attacked by virus .There is a say in Tamil ‘ indru sethal naalai pall’.No body is sure about the next minute. Incase the Bread winner dies suddenly due to health problem/ accident ,The surviving family members will not know about his earnings/ income/ investment /documents etc. and they have to search for the details.
So it is better to have a DISASTER File which covers all the following important things.
ORIGINAL /copy documents should be kept in the file.(preferably under lock )
Certificates: birth, marriage, educational certificates, passportsInsurance policy: property/ health/ life etc
Bank accounts particulars with name of the bank and account numbers –preferably open a Either or Survivor account with your wife/ husband- to avoid legal formalities in case of death of the member.
Cheque booksTax returnsPostal savings/Fixed deposit Receipts/Investment receipts in companies etc
Investment in shares/mutual funds /bonds etc
Property documents/property taxAny major loan given to anybody or loan taken from anybody-details
If all the things are kept in one place under lock and key –incase of disaster the family will not face much difficulty in retrieving the particulars
ANOTHER FILE
For the following items
Bank statements/credit card statements/ correspondenceLoan sanction lettersTelephone bills/gas/electricity/water/insuarance vehicles/licenceGuarantees for appliances bought( with bill )
Children school reports etcSo everything listed above should be kept in one place
INVALUABLE PHONE NUMBERS
TYPE the following list and hang like a calendar near the telephone instrument(people are in the habit of writing on wall or in a calendar or in some piece of paper which may be lost and will not be available during the emergency search )
Doctor/Local Hospital/ Nearest 24 hour mediacal shop/ambulance/Local police station/railway enquiries/airport enquiries/taxi/neigbours/near relatives/important friends /office etc
Gas/electricity/water/homeappliances repairers/bank/credit card emergency etc
You may also keep in telephone book about the contacts with detail addresses
How to save money
Be practical – do not drive 30 kms to buy cheaper items always shop around do as much market survey as you can before buying
Do not do impulse buying and do not always buy cheaper items –they are not necessarily good buys.
Inculcate the habit of economic shopping to your children when they are crossing above 8 yrs.
Take your children to the super market and give him a list of items to buy and the money and tell them to find out how much maximum items they can buy with that limited money.Most of the children do not know how much income their parents are getting,with the result their desire for buying expensive games (xbox) are more without knowing how much his /her parents can afford.
Just make your children think by telling that xbox cost around $600 and Mcdonalds burger cost $5 and how many burgers can be bought for $600.Let the children make the calculation and have an idea that instead of having xbox he can get daily one burger for 120 days.allow them to think do not force them slowly they will come to financial discipline.Whenever you are shopping ask your children to give money for the bils and get back the change and to verify the bill whether it is correctly made or not.
Involve the children in monthly budgeting.They can suggest ways and means of reducing expenses.They will become cost conscious
SPEND ATLEAST SOMETIME A DAY WITH YOUR FAMILY MEMBERS
In the present rush life ,in most of the families there is no time for all the family members sit together for discussing the day to day affairs. Morning each one will go in different time-school/office etc. Make it a point atleast in a day – all the family members sit together for dinner so that at length it can be discussed what they have done in school/office /any progress/ any problems etc. If you are not spending time with family members later on the things will become irrepairable.
GOLD /SILVER INVESTMENT
In Singapore UOB BANK is offering paper gold /silver saving account
The salient features of the scheme is available in www.uobgroup.com
The account can be opened with 5 gms in gold and 10 ounce in silver. Thereafter gold can be bought more than 5 gms and silver more than 10 OZ
1 oz = 31.1034 gms
The rate can be seen in the site www.netdania.com/quotelist
The quote will be available in USD for 1 oz
For example if it is shown for gold as usd665
that means 1 oz =usd665 so divide by 31.1034 you will get in gms price in usdollar then multiply by the
Singapore dollar rate you will get the price in SGD per gm or in Rupee rate to get Rupees/gm
Normally the Indians appetite for gold is more. By having this passbook system you need not hold the gold physically. whenever the rate goes down you can buy gold as small as 5 gms and accumulate it and whenever you want to buy physical gold you can sell the gold balance available in the passbook at the prevailing market rate and take the cash and buy physical gold in the market.
By this way you need not worry about the storage of gold/need not worry that the design is outdated.
Almost in every house hold there is a home computer with internet attachment.So your wife(who is a house wife ) can monitor the rates and do buy and selling of gold and silver and make money.
In India also commodity trading has been introduced in various banks so people can take advantage of buying gold in 100 gms lot or 5 kgs for silver
click the link for your calculations/ investments/ budgets etc
personal budget
http://office.microsoft.com/en-us/templates/TC101885141033.aspx?pid=CT101172321033
life insurance needs http://office.microsoft.com/en-us/templates/TC010744661033.aspx?pid=CT101444811033
personal net worth calculator
http://office.microsoft.com/en-us/templates/TC011502291033.aspx?pid=CT101444811033
personal finance statement
http://office.microsoft.com/en-us/templates/TC010175221033.aspx?pid=CT101172761033
consumer debt manager
http://office.microsoft.com/en-us/templates/TC010744651033.aspx?pid=CT101444811033
Loan calculator with extra payments
http://office.microsoft.com/en-us/templates/TC062062831033.aspx?CategoryID=CT101444811033
vehicle loan payment calculator
http://office.microsoft.com/en-us/templates/TC060784791033.aspx?CategoryID=CT101444811033
stock investment performance
http://office.microsoft.com/en-us/templates/TC010233521033.aspx?CategoryID=CT101444811033
buy vs rent home calculator
http://office.microsoft.com/en-us/templates/TC010566171033.aspx?CategoryID=CT101444811033
family monthly budget
http://office.microsoft.com/en-us/templates/TC010233421033.aspx?pid=CT101172321033
personal monthly budget
http://office.microsoft.com/en-us/templates/TC010233411033.aspx?pid=CT101172321033
retirement budget
http://office.microsoft.com/en-us/templates/TC010421091033.aspx?pid=CT101172321033
