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financial task looking harder from outside

5 Simple Financial Tasks To Make Life Better That Looks Very Hard From The Outside

by Holistic 3 Comments | Filed Under: Financial Plan

It is said that money makes life easy!

However, when it comes to manage that money people just run –away from it.

As far as money management is considered, there are a few tasks like evaluating a stock that needs deep understanding and a specialised skill.

But there are few other simpler tasks, which everyone can do.

At the outset, they may appear difficult. However, they are simple if you understand the basics and practice it.

At the outset, they may appear harder. However, they are simpler if you understand the basics and you start practicing it.

It is our attitude at the beginning of a task which, more than anything else, will affect its successful outcome.

So let’s see what these simple financial tasks are that can change your life for better.

Table of Contents:

    1. Budgeting
    2. Taxes
    3. Estate Planning
    4. Information Vault
    5. Preparing A Will

1) Budgeting

“Every young man should have a hobby. Learning how to handle money is the best one.” Jack Hurley.

Budgeting, simply means being aware of where you are spending your money.

If you want to learn about this concept then there are a great number of books, blogs and tutorials dedicated to this topic. There are certain other websites also which freely guides you about every detail of budgeting.

But take a minute to think, apply your common sense to evade the illusion of complexity.

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Do we need to refer a book or website for creating our own budget?

To create a budget, first you need to have income and expenditure list in your hand. Add all those details in a simple excel sheet and see if the money going out is more than coming in.

Once you learn to tally it, you can add things like setting financial goal etc.

To project the expenses for the future, you can take the clue from your past expenses. So you need to refer your old bank statements and credit card statements. Also don’t forget add the annual expenses like car insurance, property tax, festival expenses.

Taking your past expenses is a start. It will give you a ballpark figure of what is about to come.

But most importantly you have to be aware of the cash inflow and outflow in the present.

That is, you must make budgeting your habit. You can do that by downloading and using our own expense tracker or any other good tracker app.

Once you do this, it will lead you to the most important step of budgeting—finding your Investible Surplus.

An investible surplus is the untapped investible money from your cash inflow that is slipping through your fingers. No matter how careful you are, unless you write it down this investible surplus money will keep leaking forever.

Download our Investible Surplus Calculator to calculate your investible surplus.

Since you already have established a budgeting habit, it will give you the clear picture and make you self-aware in calculating your investible surplus.

Budget and find your investible surplus; create something out of nothing.

Once you know how much investible surplus you have, you can go ahead and decide which financial goal you should feed with the surplus.

2) Taxes

“The hardest thing in this world to understand in Income Tax”

Fortunately, this is a wrong notion to have.

Most of us think, the tax planning and tax filing are complicated things and we need to have more knowledge to do so. Actually it is not.

If you are a salaried person, tax planning is much easier than you think. You need to pay close attention to your form 16 to understand more about where and how to save tax.

Now a days, you can file the income tax return online. The process is completely easier and user friendly.

But if you want to know about the Income Tax Act 1969 tax saving sections, you can read all about them here:

“Are you A Salaried Employee? Here’s All Your Income Tax Deductions!”

3) Estate Planning

Estate planning is nothing but planning about how your assets need to be shared between your Legal heirs after your death.

  • If you have not created a Open-ended funds so far, create one now. List down all the assets, movable, immovable, financial… Also decide which asset needs to be passed on to whom and mention that.
  • Update all your investments and insurance plans with Intrinsic value and Beneficiaries. You need to review this periodically.
  • Make sure the nominees or beneficiaries registered in the investments and person to whom you want the proceeds to go after your death needs to be same. This will make the entire asset transmission process easier.

Estate planning will help your legal heirs to get the transmission happen not only faster and also makes sure the transmission happen without a conflict.

A best estate plan is the one which will not leave the heirs with conflict, confusion and cost.

4. Financial Information Vault

A Financial Information Vault is a simple protected document file where you can enter and save all your essential financial information.

An Information Vault keeps it all in one safe place for easy and secure access rather than being scattered all around.

But is it necessary though?

Consider this,

How many times have you searched for a financial document or other financial information like an account ID or policy number and couldn’t find it in time?

You will be sure it’s in the second drawer but when you look, it won’t be there. It is at that moment questions start to pop up in your head.

“Is it in the other room?”

“Did I leave it in my office?”

“Did I leave it in the car?”

“Have I lost it?”

The stress you feel in those moments are unnecessary and easily avoidable with the Information Vault. And avoiding those moments can make a huge difference in your day.

With an Information Vault, you know where to look and get when you need it.

Here’s the list of essential information that you can save in a Financial Information Vault.

  • Life Insurance Documents & Details
  • Bank Documents & Details
  • Investment Papers & Details
  • Property Details & Documents
  • Income Tax Details &Documents
  • Loan Papers
  • Monthly Bills
  • Other Important Documents
  • Financial Advisor Contact Details
  • Legal Advisor Contact Details
  • Location of Physical Documents

So next time you feel like losing your patience while searching for a document…No, wait!


You can download your free editable Financial Information Vault template here.

Financial Information Vault Download Link

Get started now!

Although I insist you read about the Financial Information Vault in detail here:

“How To Practically Organize Your Financial Documentation?”

It will guide you how to prepare your Financial Information Vault and get the best benefit out of it.

“An hour spent in preparation can save hundreds of hours wasted in confusion”

5. Preparing A Will

“Where there is a Will, there is a way”

Here, “Will” is not a verb but a noun.

With risk management and the information vault, the financial security to your family is certain in your abrupt demise.

With a financial plan, achieving your financial goals is certain.

And there comes a time when you have to leave it all to your successors as you go to rest in peace.

If you had not prepared a Will by then, it is probably too late.

Very often, people tend to think that preparing a Will is a big complex process.

But the fact is, it is a simple process that you can do by yourself.

The outlook to prepare a Will is this,

    i. List all your assets
    ii. List Beneficiaries
    iii. Take legal advice (if necessary)
    iv. Draft the Will
    v. Appoint an Executor
    vi. Have two witnesses
    vii. Sign the Will
    viii. Register (If necessary)

If you look at it, you can see that you can prepare a will by yourself with a very little willing family and friends.

If anything, drafting the Will may take some effort. But you can find numerous samples online to get an idea and write your customised Will.

Even a legal advice is not always necessary. Although it is good to consult a lawyer to avoid legal complications with certain assets, like an inherited property.

Another significant thing is that it is not mandatory in India to register you Will.

Here is “A step-by-step guide to write your Will!”

Does it look like a complex or a hard step to take anymore?

Do not hesitate or put off this significant yet simple step in your financial life. And make it more structured and stress free, you have earned it.

Conclusion

Even though they sound too big and complicated, there is no complication in doing these tasks.

The complication is there only as an illusion in our minds. If we could overcome that by taking the first small step, these tasks will become simple as they can get.

In short, make use of these smart and handy tips to simplify seemingly complicated financial tasks. It will definitely make your financial life better and easier to get with.

And above all, one of the simplest task to make your financial life easier is to get a professional’s help for a comprehensive financial plan.

All you have to do is click “Register Now!” below to register for your FREE 30 Minute Consultation.

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Comments

  1. Sandhya says

    June 14, 2018 at 2:41 pm

    Hi there, keep doing what you’re doing!

    Reply
  2. Sreedhar says

    August 19, 2013 at 7:17 pm

    Fantastic Text! I appreciate your content. You give Very descriptive information.

    Reply
  3. Rahul Pareek says

    August 16, 2013 at 3:07 pm

    It`s really useful!

    Reply

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

Google Reviews

Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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