Financial Master List
PROTECTING YOUR FINANCIAL INDEPENDENCE
A Simple Guide to Your Money
Think of all your money papers like a treasure map. This guide helps you create that map, making it easy to see what you have. It will walk you through how to fill out your "Clear Guide to My Affairs" master list, so your trusted people (like your Attorney or Executor) can help you if they ever need to.
Doing this now takes away stress later on.
A Smart First Step: Simplify!
Before you starting, think about bringing your money into fewer places. If you have lots of different bank accounts or super funds, it can be messy and cost you more in fees. Putting them together is called consolidating. It means less paperwork and makes it much easier to track your money.
Step 1: List Your Money and Savings
This is the master map to your financial world. Write down everything you have.
Bank Accounts: List every account. In your Financial Master List, write down the bank's name, the type of account (like 'Cheque' or 'Savings'), and the full account number.
Super (Your Retirement Money): List all your super funds. Write down the fund’s name and your member number.
Money-Saving Tip: If you have more than one super fund, you are likely paying extra fees. Think about putting them all into one fund. This is called consolidating your super and it can save you thousands of dollars over time.
Investments: If you own shares or other investments, write down where you hold them (the platform, like CommSec) and your account or holder number (HIN/SRN).
Step 2: List Any Money You Owe
It’s also important to have a clear list of any money you need to pay back.
Loans: List any loans for your house or car. In your master list, write down who you owe the money to (the lender's name) and the loan number.
Credit Cards: List all your credit cards. Write down the provider (e.g., Westpac Visa) and the last 4 digits of the card number.
Step 3: List Your Property
If you own a home or land, you need clear records.
Property Address: In your Financial Master List, write down the full address for each property you own.
Title Deed: The 'Certificate of Title' is the official paper that says you own the property. It's a good idea to make a note of where this is kept (for example, with your lawyer or at the bank).
How You Own It: Note if you own the property with someone else as ‘joint tenants’ or ‘tenants in common’. This is important for what happens if you pass away. Your lawyer can tell you which one it is.
Looking After Your Future
Keeping Your Money Safe and Planning Ahead
Now that you've listed your assets, let’s make sure your future plans are clear.
Step 4: Write Down Your Insurance
Insurance is like a safety net. Make sure the people helping you can find it.
Make a List: In your master list, write down all your policies. For each one, include the type of insurance (e.g., 'Life' or 'Home'), the insurance company's name, and your policy number.
Step 5: Plan for What's Next
This section is for your future wishes.
Planning for Aged Care: It's smart to think about your aged care preferences now. Please see !SELF-HELP GUIDE: Planning for Aged Care.
Emergency Money: Decide which bank account is best for urgent expenses, like fixing a leaky roof. Write down the bank and account number in the space provided in your master list so your Attorney knows which account to use.
Your Super Money: Your Will does not automatically cover your super. You must tell your super fund who gets it with a Binding Death Benefit Nomination. Note in your master list if you have done this and when you last updated it, as it usually needs to be renewed every three years.
Step 6: Watch Out for Scams
Scammers often try to trick people. Here’s how to stay safe.
Get Bank Alerts: Ask your bank to send you a text message for large transactions. In your master list, make a note of which banks you have set up alerts with.
Don't Trust Surprise Calls or Emails: Never give your bank details to someone who calls or emails you out of the blue. Hang up and call them back using their official phone number.
Use Strong Passwords for all your online accounts.
Final Step: Put It All in One Safe Place
Gather your completed My Financial Master List and other important papers into a single folder.
DOWNLOAD TEMPLATE: MY FINANCIAL MASTER LIST
Keep this folder somewhere safe at home or with your lawyer. Do not put it in a bank safe deposit box that only you can open, otherwise your Attorney or Executor won't be able to access it.
The most important part: Tell your Attorney and Executor that this master list exists and exactly where to find it. A brilliant plan is only useful if the people who need it can get to it.
Disclaimer: This guide provides general information only and is not a substitute for professional advice. The information is provided "as is," without any guarantee of its accuracy or completeness.
Any action you take based on the contents of this guide is at your own risk. We are not liable for any loss or damage resulting from its use. Please consult a qualified professional to address your individual circumstances.