Ask someone to list every place their money lives, and they'll usually name three or four. Then they remember the old savings account, the e-wallet with a balance they'd forgotten, the cooperative share, the policy from years ago, the Pag-IBIG account.
The reality is often a scattered map. If you don't know where everything is, neither does anyone who would need to find it.
Why it matters
For you: you can't plan with money you can't see.
For your family: if something happened to you, the people left behind would have to hunt. Accounts and policies that can't be found are a common reason benefits go unclaimed.
An inventory solves both.
What to include
For each item, record:
- What it is: bank account, e-wallet, cooperative share, retirement account, insurance policy, investment, loan.
- Where it is: the institution's name.
- Account or policy number, or at least the last few digits and where the full details are kept.
- Roughly how much, or how much it pays.
- Who is the beneficiary or joint holder, where relevant.
- How to reach them: a number or website.
What not to include
Passwords and PINs. Don't put these on the same page. Keep them in a password manager or a separate, secure place, and make sure one trusted person knows how to reach them in an emergency.
Find the forgotten ones
Some places to look:
- Old email accounts, searching for "statement" or "welcome."
- Your past employers: provident funds or benefits you might not have claimed.
- Your government contributions: SSS, Pag-IBIG, PhilHealth.
- Old bank accounts that may have gone dormant.
- Insurance policies you remember buying but haven't paid recently.
Where to keep it
Somewhere safe and findable. A printed copy in a folder at home, plus a secure digital copy, with one trusted person knowing where both are. Not in a place only you can reach.
Keep it alive
Update it twice a year, perhaps when you check your calendar. An out-of-date inventory is better than none, but a current one is a gift.
A conversation to go with it
Tell one person the inventory exists, where it is and what it's for. You don't need to share every figure. You need to make sure that if they ever need it, they can find it.
This weekend
Take a sheet of paper. Write "Where my money lives" at the top. List everything you can think of in ten minutes. Then spend another twenty hunting for the ones you missed.
You'll be surprised by what you find, and your family will be grateful you did it.
The Family Money Map at lifereadywithvenus.com has a page for this, free and with no sign-up.
