How Do I Manage My Financial Data?

Managing personal finances can be overwhelming, especially when dealing with a lot of financial data. In this article, I’ll share my strategy for efficiently organizing and managing my finances.

Financial Data Security

Yesterday, I posted a thread on X (Twitter) regarding this topic. But this message is specifically for those who might have missed it on X (Twitter). Although it may not guarantee complete data protection, I’m sharing my data here based on what I know so far.

How Do I Manage My Financial Data?

Let me share the complete details of how I handle and organize my financial information.

  • To keep my financial data secure, I have stored it in an Excel sheet that is password-protected. This serves as the first line of defense in safeguarding my valuable information.
  • I store this Excel in my Google Drive. To ensure the utmost security, I have implemented a double layer of protection by enabling two-factor authentication. This adds an extra level of safeguarding to my files. Moreover, the email I use to store this particular file is exclusively created for this purpose, ensuring it is not connected to any banks, Aadhaar, or publicly accessible platforms.
  • My wife and brother are the only ones who know the password to the sheet. Every quarter, I make sure to send them the latest updated data sheet via email.
  • In the event of the worst-case scenario where they cannot access my drive, this setup ensures that they still have the most up-to-date data at their disposal.
  • Our family sheet starts with a compilation of user names and passwords for the diverse accounts belonging to each member of our clan – myself, my wife, and our daughter. This encompasses everything from social media accounts to other online platforms.
  • My wife and I have provided our bank account details on the second sheet.
  • The third sheet provides comprehensive information on emergency fund details and ongoing RDs. This sheet covers recurring expenses such as insurance premiums, school fees for your daughter, or even travel expenses.
  • The third sheet provides comprehensive information regarding the insurance coverage for a family, encompassing Life Insurance, Health Insurance, Vehicle Insurance, and Accidental Insurance. It includes essential details such as the Insurer’s name, Policy Number, and the schedule for premium payments.
  • I would like to remind you that I utilize my Google calendar to set reminders for all insurance premium payments, and I have also included my wife in those reminders. Typically, I prefer to make payments one month ahead of time.
  • The subsequent one pertains to sheets associated with goals. I have devised distinct sheets for each goal. I have two financial goals. The first one is my daughter’s education, while the second one revolves around retirement. Hence, I have prepared two sheets specifically for these objectives.
  • The educational goal for the daughter, which has already been accomplished, includes specific information such as the investment made for her 12th standard fees, graduation expenses, and post-graduation funding particulars.
  • The information provided consists of various details such as product specifics (such as FD details or fund folio details), the date of investment, the amount invested, and the asset allocation (particularly for post-graduation, which includes a certain percentage of equity).
  • The retirement document includes – Items, Date of investment, sum, present worth, and distribution of assets (as per my last calculation).
  • The final document contains information regarding the specifics of physical assets such as the house, gold (jewelry), car, and two-wheeler. It includes details such as the vehicle number, make, engine number, and chassis number. Additionally, any other physical assets that I possess are also listed.

That’s everything…You are welcome to incorporate it into your own life and share the wisdom if you find it helpful. The rationale behind this is that life is brimming with unpredictability. We are never aware of when it will hit us. Hence, the most effective approach is to be ready.

I appreciate any suggestions for enhancements. Thank you!

12 Responses

  1. Dear sir
    Would you please share us the sample Excel sheet for us. So that we can also create our personal sheet taking help from sample sheet.
    Thank you.

  2. As usual a highly useful article from you. A most useful advisory article for anyone, specially the ones scared of security and privacy, of financial data. It will be good idea if you or someone (from excel experts) put up excel sheets formats to help recording various types of data format the basic requirements you have already detailed in a most useful manner. However, your effort is commendable. Keep it up

  3. Hi,

    Thanks for sharing the information with us. Only thing surprised me that is you kept the file on Google drive. As per Google’s T&C they can read your data, mail etc. They read means they will use it in one or other way. Is it still safe to put such data on Google drive?

    Curious to know your view on it.

    Thanks & Regards

  4. I would recommend to use password manager like KeepassX or KeepasXc to store all the accounts and passwords. You get Military grade encryption, not connected to internet (encrypted safe can be put on google drive), complex password auto generator, tag login url, track password rotation and many more features.

  5. Excellent Sir.
    You have made a sincere attempt to share your financial data management to your readers like us and it tells how important is sharing, transparency and updation of all the financial informations to our family members. Most of the court cases in India are because of the fact that the beneficiaries/heirs are not aware of their parents’ wealth and the distribution thereof.

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