“Work Not Documented is Work Not Done” was drilled early on while I was still a young student doing my CA Articleship Program. It is very important to store data in an understandable and easily retrievable format. In an audit environment, it helps in seemless transition of work to the next team year after year. Many of us do maintain data discipline in our workplace. But, we seldom give the same importance to our personal data. However, it is essential that we take out a little time and ensure all our financial information is in one place. A Personal Finance Tracker is an essential tool for everyone of us.
Events and numbers are just statistics as long as you are not imapcted personally. Like, the number of COVID-19 deaths is just a number we read everyday unless a beloved one is fighting for their life! With the blessings of the Almighty, we shall definitely overcome. This too shall pass. However, it never hurts to be a little prepared in case of any eventuality.
I use a simple excel workbook as my Personal Finance Tracker. Please find below an editable version of the same for your personal use. It will take you anywhere between 1 to 2 hours initially to fill up all the data in the required space. I then urge you to spend 10-15 minutes once in 2-3 months and update the spreadsheet. This will ensure instant access to all your details. Also, in case of any emergency, your family will have access to all your details in a single place.
Password protect the excel workbook as it will contain all your sensitive data in a single place. The workbook I have shared is very simple. It is a good starting point – I built mine as I went along, and you too can keep adding too as you wish!
I remember my dad and uncles went on a trip to the Himalayas. All was well until one of my uncles had a fall during a landslide. It rendered him unconscious for days together. As a family, we underwent a lot of emotional trauma. But life had to go on. We had bills, salaries of workers to pay. Hospital bills were mounting had to be footed and we had no clue how the men in the family were managing our finances. One important lesson that I learnt was to maintain a Personal Finance Tracker. As “Work not Documented is Work Not Done”😊. Also, let your family know where to look for them in case of any emergency.
My excel workbook and all related scanned documents are stored in a flash drive. My flash drive along with the password to access the file is kept safely in a place which everyone in the family including my daughter knows is Mama’s GoTo box. The contents of the box is a separate story by itself for another day!