When we talk about financial wellbeing, we often focus on the numbers coming in – our salary, our salary sacrifice savings, or our monthly budget. But have you ever stopped to look at the big picture of everything you actually own?
This is where an Asset Register comes in.
Think of it as a master inventory of your financial life. Whether you’re looking to get a clearer view of your net worth or want to ensure your family is protected if the unexpected happens, an asset register is the simplest way to take total control.
Based on insights from Hargreaves Lansdown, here is why this simple list is a game-changer for your financial health.
Table of contents
What is an asset register?
An asset register is a single, secure record of all your financial “bits and pieces.” It’s not just about your bank balance; it covers everything from your home and car to your “hidden” assets like:
- Pensions: Both your current workplace pension and any old pots from previous jobs.
- Investments: ISAs, stocks, shares, or even premium bonds.
- Digital Assets: Crypto wallets or even valuable digital subscriptions.
- Insurance: Life cover, critical illness protection, or death-in-service benefits.
Why do you need one?
- Clarity and confidence: It’s hard to plan for the future when you don’t know your starting point. Seeing everything in one place gives you a true sense of your “net worth.”
- The ultimate “In Case of Emergency” kit: If you were to pass away or become incapacitated, would your loved ones know where to find your pension details or life insurance policy? An asset register prevents your hard-earned money from becoming “lost” in the system.
- Easier legacy planning: An asset register is the perfect companion to your Will. It makes life significantly easier for your executors and ensures nothing is missed.
How to build your asset register
You don’t need a complicated spreadsheet to get started. Here’s what you should include:
- The Basics: Bank accounts, savings, and property values.
- The “Paperwork”: Policy numbers for insurance and your National Insurance number.
- The Locations: Where do you keep your physical documents? Who is your solicitor?
- The Digital: A list of where your online accounts are held (but never share your passwords!).
How Maji supports your journey
At Maji, we believe financial wellbeing is about removing the “noise” and giving you a clear path forward. We help you move from a cluttered financial life to one that is organised and secure.
- Digital guidance: Our platform provides a central place to track your financial health, helping you stay prepared for life’s big milestones.
- 1:1 financial coaching: Not sure what counts as an asset or how to value your pension? Our coaches can help you untangle your finances and see how your benefits add to your overall wealth.
- Access will-writing experts: Once your asset register is complete, we can connect you with vetted experts to ensure those assets are legally protected for the next generation.
| Feature | The old way | The Maji way |
|---|---|---|
| Organisation | Scrutinising old emails and paper files | A clear, digital view of your wealth |
| Family Security | Loved ones left to “guess” your assets | A clear roadmap for your executors |
| Net Worth | Hard to calculate | Real-time insights into your financial health |
Taking action
Creating an asset register might take an hour of your time, but the peace of mind it provides lasts a lifetime. It’s about more than just numbers; it’s about making sure the life you’ve built is documented and protected.
Ready to get organised? Log into your Maji dashboard today to explore our financial planning tools or book a session with a coach to help you map out your assets.
