first step in plan

CHARTERED ACCOUN- TANTS know it only too well: the basis of any personal money-management system is a set of effective and casily understood records.

By John Withrow

Contributing Writer

So before you even begin to think about money management, start with basic record keeping.

Your personal record system should be simple enough to use— and understandable to anyone who has to take over your affairs in the event of an emergency. So here is at basic system that may be kept in a special (and inexpensive) loose-leat notebook.

On page one stan with your own persona] identification: name. address, postal code, Social Insurance Number and Health Card humber. And record similar infor- mation in respect to your spouse and children, if any.

if it applies. also record your employer's name and address, and details of employce benefits such as pension plan or group insurance,

Page two might be devoted to banking. Record here the names and addresses of banks or trust companies where you do business. List your account numbers and types of account, whether current, savings, or chequing, cic.

On another page list your credit card information — names and account numbers, An easy way ts handle this is to simply photocapy

HUGH

STARK

your cards on one page and insert in your record book.

On page four fist your invest- ments. For Canada Savings Bonds, for caample, show the series, matu- rity. dates, certificate numbers and face amounts, For other bonds show the issuer, certificate number, face amount, rate of interest and maturi- ly date. :

If you have Guaranteed Investment Certificates, record the bank or trust company name and address, dhe maturity date, rate of interest and face amount (similar to the bond information),

For stocks, show the name of the company issuing, the type of stock {common or preferred), the year of purchase. the cost (including com- mission or brokerage), the certifi- site number and the number of shares.

This is an effective beginning for investments, but i may be expanded to cover other assets such as real estate. personal property, hobby equipment and details of life and property insurance,

It's also a xood idea to encour: age each member of your family to prepure a similar record. The reason being that hopefully at some time in the future you HL have capital gains to think about. When you do, you'll have all the information right at your fingertips.

With such a system in effect, anyone — such as your financial or legit adviser — can pick up your record book and know exactly where you sland.

Retired chartered accountant John Withrow offers financial and mroney-management advice through Canada's chartered accountants,

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