Personal Financial Planning Software

Personal finance software: Finances secured, future planned

:&Nbsp;I am 35 years old and have been investing in ICICI Tax Plan (Rs 2000/month), Fidelity Tax (1000/month), HDFC Top 200 (1000/month). I have shortlisted following for investing Rs 1000/month ineach of the funds. They are ICICI Pru Focused Bluechip Equity Retail, Franklin India Bluechip, Mirae Asset India Opportunities Regular, HDFC Equity, Reliance Equity Opportunities, IDFC Small This is the time when people scramble to figure out what they have earned in the previous fiscal (2010-11) so that their tax calculation can be done correctly—either on their own or with the help of a chartered accountant. In either case, the legwork to get all the numbers—for interest, dividend, stock sale (for capital gain/loss), salary (along with tax deducted at source—TDS)—has to be done by each person. There is no genie that can do this for us. Every taxpayer has to examine bank statements from multiple banks, mutual fund statements and salary slips to figure out the state of their finances for the previous fiscal. The best tax-planning option is to be proactive and keep a tab on consolidated financial holdings. One should also ensure that money is not falling through the cracks due to ignorance. Often, people forget to deposit cheques or don’t realise that, sometimes, their stock purchase is not reflected in their demat accounts, because this sum may be inadvertently lying in the broker’s pool. Apart from money, people find it difficult to keep track of expiry dates of important documents like passports, drivers’ licences and even forget the passwords of numerous email addresses that they might have. There are a number of online tools for managing all these, but there are always concerns over Internet security. Vault, offered by Vsoft Solutions & Consultancy (P) Ltd, helps in document management, tracking the investment mix and analysing ‘what-if’ scenarios. This tool also helps in creation of wills, helps in asset allocation, has a reminder facility and aids financial planning. The idea of Vault was developed due to a real case where the earning member of a family died and the family was clueless about his investments, bank accounts and insurance details. It took a long time for them to collect all the information and they still lost a lot of money due to lack of information. It was sad that the very purpose for which the man had worked—to secure his family’s finances—was itself defeated.

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