PERSONAL FINANCE CHECKLIST
Compiled by Venkatesh Jayaraman (@VenkateshJayar2)
EVERY DAY FINANCE ............................................................................................................................... 1
GOAL BASED PLANNING.......................................................................................................................... 1
ASSSET ALLOCATION ............................................................................................................................... 2
INSURANCE ............................................................................................................................................. 2
RETIREMENT PLANNING ......................................................................................................................... 3
SUCCESSION PLANNING .......................................................................................................................... 3
EVERY DAY FINANCE
Do you track your expenses? ___________________ (If No, you must seriously consider doing
it!)
How much is your monthly earnings _____________________ and expenses _____________________?
With the above data, how much can you save per month ___________________________?
Does your expenses overshoot your income _____________? If Yes, how are you managing?
(Credit card, Short term debt/Hand loan from friends)
_____________________________________________________________________________________________________
_____________________________________________________________________________________________________
Do you find yourself in situations where you need to go for short term borrowings from
friends or credit cards to meet the month end expenses _______________ ? (If Yes, it is a red
flag.)
If the response to the above question is ‘Yes’, List down where big money goes (or) what
are the unwanted expenses that could be avoided?
_____________________________________________________________________________________________________
Do you have an Emergency fund to cover 3-6 months expenses, in an unfortunate
situation you lose your job?
_________________________________________________________________________________
GOAL BASED PLANNING
Do you have visibility of Short Term (< 2 Years) and Long Term (>2 Years) goals or
milestones that are going to come up in your life? If Yes, List them
Short Term: ______________________________________________________________________________
@VenkateshJayar2
Long Term: _______________________________________________________________________________
For these Short/Long term goals have you identified the amount of money that is
needed? If Yes, List them
Amount needed for short term goal: ___________________________________________________
Amount needed for long term goal: ____________________________________________________
Have you started saving money for these short term goals (Through RD/FD) and long
term goals (Through RD, FD or Mutual Fund SIP)? ________________________________________
(Answer of YES to all the above is ideal. If there are any NO, do work on that aspect)
ASSSET ALLOCATION
Have you taken a structured approach towards Asset allocation? _________________________
(Diversifying your investment across different instruments like equity, debt, gold, real
estate etc)
If the answer to above is ‘No’, list out you plan to allocate your assets in line with
your life goals and risk appetite
_____________________________________________________________________________________________
_____________________________________________________________________________________________
If the answer to the above is ‘Yes’, are you monitoring your asset allocation on a
periodic basis?
_____________________________________________________________________________________________
_____________________________________________________________________________________________
INSURANCE
Do you have a Term Insurance for Self and Health Insurance covering you and family?
____________________________________________________________________________________________________
Does the Term Insurance coverage be sufficient for the dependents to manage the daily
show in case of your unfortunate absence? ___________________________________________________
Does the Health Insurance coverage be sufficient for self and dependants to manager
incase of hospitalization? ___________________________________________________
(Answer of YES to all the above is ideal. If there are any NO, do work on that aspect)
@VenkateshJayar2
RETIREMENT PLANNING
Is your EPF Contribution since your employment intact? __________________ (Without
withdrawing during job changes)
Have you estimated what would be the expenses (Without compromising on your
lifestyle) at the time of your retirement and another 15-20 years from then on?
________________________ If Yes, what is the amount needed for monthly expense?
_______________________
Have you estimated the amount of Corpus / retirement kitty that would be needed to
get the above monthly expense? _____________________ if Yes, what is the corpus amount?
________________________________
Are you working towards a concrete plan (Savings and Investments) to achieve this
corpus? ____________________________ If Yes, write a few lines about the plan to achieve this
corpus
____________________________________________________________________________________________________
_____________________________________________________________________________________________________
_____________________________________________________________________________________________________
_____________________________________________________________________________________________________
SUCCESSION PLANNING
Have you filled nomination details in all your investments?
_____________________________________________________________________________________________________
Do you make an inventory of assets/liabilities and update it periodically (quarterly or
half yearly basis)?
_____________________________________________________________________________________
Have you identified your beneficiaries and created a ‘Will’, with details of “Who gets
what’, ‘Who gets how much?
_____________________________________________________________________________________________________
(Answer of YES to all the above is ideal. If there are any NO, do work on that aspect)
Do visit my landing page https://www.linkedin.com/pulse/my-notes-compilation-
value-investing-venkatesh-jayaraman/ for more such presentations, checklists, notes
and compilations on topics related to Personal finance and Value Investing.
@VenkateshJayar2
