How to manage investment related documents effectively

In times like these, it is recommended to keep your financial documents handy, so that you have them handy if the need arises.

The Money9 Helpline hosted Viral Bhatt, founder of  Money Mantra to help our callers resolve queries relate to the management of investment-related documents and information.

Ashoke Mukherjee, Kolkata: My wife lost her job last year, hence I am the sole earner for my family. Our family income is Rs 45,000 while we spend Rs 40,000 per month. Will writing down daily expenses help in managing my expenses better?

Bhatt: Yes definitely, writing down your monthly budget is extremely helpful to plan your finances ahead and understand your mistakes as well. There are a lot of digital apps available today that can help you better track your monthly expenses. This will help you in understanding your unnecessary expenditure which can be avoided.

Tushar Ahuja, Delhi: I lost my brother recently. How can his family find out his pending loans and EMIs?

Bhatt:  There two ways to approach this. One is through the bank statement.  There are different types of loans, loans by NBFCs, home loans, personal loans, etc. You can check his bank statement to find out about these loans, except for personal loans. Another approach is through a credit report. With the help of his phone number and email id, you can access his credit report and find out about loans.

Rishi Panchal, Mumbai: I have made some bad investments in stocks and mutual funds. Should I book losses and move on to some other investments or should I wait for some time? Is there a way to keep track of all my investments on a single platform?

Bhatt: If you are not in a dire need of money, then I don’t think you should book your losses now. Wait for some time, see how markets are moving ahead.

Yes, you can access all your investment information with the help of your registered email id and phone number. You can take out a consolidated statement from NSDL, CDSL, etc.