What is a financial notebook? A financial notebook is
basically a record of "All Things Money" when it comes to your family. Your book
should have everything you, (or someone else) need to know about your finances
and other matters of daily living.
Why do you need a financial notebook? I can't stress how
valuable it may be to you someday, or to your family. Last year I finally got mine together. It was work, and I
mean a LOT of work. At times I even got confused- and my family's finances are
I had to sift through file folders (which always become
clogged), make phone calls, review information, search out and record account
numbers, web sites, passwords, pins, phone numbers, addresses, contact
information and more. I found I wasn't nearly as organized as I thought I was.
It was a huge endeavor. However, when I was done, everything was at my
fingertips, in an easy to use binder.
Another thing that makes me sleep better is that I know that
when I get older, and my brain isn't quite as "sharp", this notebook will make
things easier for me and I am less likely to get confused about my finances.
Building your financial notebook requires nothing more than a
notebook, dividers, paper, and a lot of hard work. I created all my pages on my
computer first, so that I could easily update and print them again, when
necessary. I also have them stored online - so I know the information will never
There are certain documents you will want to keep in a Fire
Safe, but you can either make copies of them, or just make a few notes and
reference where you have them stored.
- Personal Info and Children. You will want to list your
basic information, such as your residence and phone number. Then add you
children and their contact information
- Banking Information. This will include all checking account
and saving account information, including account numbers, pins, passwords,
webpage access, etc.
-Credit, Mortgage and Credit Report. List all credit cards
and related information as above, and do the same thing for your mortgages or
Lines of Credit.
-Life Insurance. List all your policies, account numbers , as
well as who to contact if you need to make a claim.
-Retirement Money. This is where you can list pension
information, IRA,401K funds, and any other places where you have money saved for
retirement. Again, most of these investment vehicles have websites and
-Social Security. Each year the government sends you a social
security statement. Keep that in this book, along with any other information
that you feel is important.
-Health Care. List your health care insurance, phone #'s,
coverage or places to find them, your doctors, etc.
-Disability Insurance. If you have disability insurance,
place all related info here.
-Long Term Care. If you have Long Term Care Insurance you
will have a policy. Make a note where to find it. You can also summarize your
benefits, and update it yearly if you have inflation protection.
-Insurance - Home. If you have an insurance claim you are
going to be upset. Again, this will make it easier.
-Home Real Estate Taxes. This makes it easy to find your tax
bill, especially if someone else has to pay it.
Some of the other information you may wish to include....
- Car info, such as insurance information and the location of
your vehicle License or pink slip. - Utility information for your home. -
Homeowner Association information - Vendors you like, such as plumbers,
carpenters, piano tuners, etc.
-If you have a home business, you will want to include
instructions on how to close it down should something happen to you.
Finally, be sure to include the location of your Will, and
other legal documents relating to your death.
When I was done making my Financial Notebook, I found my file
cabinet was almost empty. Now I do not have to dread the yearly "purging" of the
One last thought. There is some risk in making a Financial
Notebook. If it falls into the hands of the wrong person, someone could steal
your identity, or use your credit.
You do not want to leave this notebook just lying around.
Ideally, it should be locked up. At a bare minimum it should be in a place where
it isn't noticeable, like between other notebooks or scrapbooks.
If you feel there is someone living in your home and the risk
is too great, then I would suggest you just make it on your computer in Word,
with password protection. When you are comfortable, you can print it.
Make it a goal to make a Financial Notebook for you and your
family this year. It is a lot of work, but well worth it!