- Prepare Required Applications
- Working with Power BI
- What is personal finance company?
- Personal Finance Company
- Personal Finance Software
- Best Free Personal Finance Software
- Personal Finance Advisor
- Free Personal Finance Books
- Personal Finance Books
- Personal Finance Planning
- Best Personal Finance Blogs
- Best Personal Finance App
Hello and welcome to the personal finance companies.
I’m going to teach you how to efficiently record your expenses. And based on the average expenses you can determine mine your monthly and annual budget. After that I would show you how you can follow up your expenses and monitor them on based on the budget you set.
Playing what you done from this course you will be able to do the following things. You can determine your estimated expenses and budget on monthly annual basis on monthly basis. You will track your expenses and compare them against the budget. And you can check how much lift is spent.
You can’t combat expenses against incomes for each category of expenses you’ll be able to find what exactly you spent how your expenses distributed.
And how you did combating the budget to you will have an overall look at all the expenses and the average amount you spend like a goody you will also be able to track how was your expenses incomes and savings time.
You will be able also to talk to your bed for most of this year and based on the four months you would be able to see what is your estimated expenses at the end of the after we have everything set up you’ll come up with a plan for the next 12 months or 24 months as you need.
And that is based on the budget we set and that is limited expenses and incomes you would do a lot because you need a few tools First you need an application to record the expenses in discourse. We will use an app called social finance and later on I will explain why I chose this app but also you can use another application like Microsoft Excel or Google sheets or any other software that serves the purpose.
But you always should use the same template because we need it for the next step which is analyze software and he we use one software only which is Microsoft or be-I. And for most people who don’t know what is or PIII it is that software to use to analyze data and show them.
So it was a riot of beautiful graphs and charts maybe Excel can do that. But what extinguish Corbier is the speed and the ability to change data easily. You don’t need to learn BBY I as I will provide the source file to get back to you but as an advice I recommend if you learn BBY I for your benefit I will put a link for a free course from Microsoft which I personally found very beneficial.
So again you don’t need. You don’t need to learn any new application at all you need is dedication. Because if you want to get the most benefit from this course you need to have the will to record your expenses and incomes which should require a daily effort. Just a few minutes ago the that’s all I have for the introduction in the next chapter.
Prepare Required Applications
To begin tracking your expenses you need to record them first and you need to put them into categories and to do that. It is a nice called Tosha.
There is also other groups like mentor expenses manager but I found Tosha that is the best I’ve been decided after trying your options. Anyhow I’ll fix it. I will explain in the next lecture how to use Excel to record the expenses. Or if you use another you can export that to excel and continue.
So it is social Doeschate is an expensive management let you record all expenses put them in into categories and also record your incomes most of into features are free. You don’t need to buy them unless you need to do some premium features like attaching photos to your records or managing multiple accounts.
What makes Doeschate so special. Is that cloud saving features. That means everything is told in Doeschate surface. You can access your account from anywhere using any device or platform. Android iPhone or a web application. Let’s set up the account. If you are using a PC just go to the website Darsheel dot com or you can search for the app on Google or Google Play Store Apple store. You will find it under the name of social finance.
I will explain how you can set up the account on the PC. Same procedures can be applied on the.
This is the social finance Web site you can see that links all the apps you also you can log in with Facebook or Google but we will sign up with e-mail and the first name last name email repeated or email again and just click sign up he had in step 2 you can find the options that you can get from push or Doeschate and really see what you can see also that poisonously make all of these options available for free. So what it is important here is they all to see S V.
So we’ll just continue to sleep. Now here is you Toshio kind of set up. Here is your account ready. On the left side you can see the navigation menu on the right side you can see the least menu and here there are the expenses but on all incomes or a budget let’s add something here and here that is an option to choose another currency.
If you want to adding another currency or you use another call or see and it will get the exchange rate from the current exchange rate for this currency. Let’s go back to the origin of currency. Let’s add something here.
20 as food and drinks and drinks is here and the tags will be close towards you for eating so you can eat it that day. Or I can add more options like prescription or something.
And colleagues say gunnels or blogs or another one amongst those who click right or left and you can also choose the accounts. Anyway here is our account ready if you can. If you want you can go to the starting Topes but we will just check the expenses tab here.
You can find that $20. We will tell you click on it in categories you can see here the different categories that I shall for that and you. This is you can’t change.
You can delay it all he can do to go to sports. You don’t have any sports get to go to your car. Just click on it then delete some activity here.
For example if you have a babysitter category save that incomes stub. And here you have the same auction ad income or its categories. Here you can find grants loans salary old school and in the same way you can.
I’d say that if for example $1000 salary save and hit it here’s everything you need to know. You can add these options also of them that will bite on Android or iPhone.
It is pretty similar and I think it is easy to add on this publication here you can change the month you are working going backward and forward or you kind of click click on the most name to see The Constantines times.
That’s what 2000 teen or 17 or you can go back to the financial month which is January 18 here to kind of deal with the expenses by date or by category and that’s all you need to know.
In this picture, we will try to record expensively with an accent if you don’t like it or not who you are or if you are using that sort God in your expenses you can explore them to Excel using the next template you can see here.
So this template is the one we would use in our course. This template is the same term that you can export from torsion or if you have any other.
You have to modify you expenses to look like this. So this template is a pretty symbol just date count to choose cash or just under control Tosha the category food or drinks or tags like what we put in the example the expense amount would be paid all that income amounts would be added.
It is an income currency. And the main currency this is if you are using a currency difference from the main currency you can have two options here.
And this number will be the same number that you would as expenses or incomes would not touch the stem to the resources of this lecture. So you can download it and if you would like you can just record your expenses with it.
Final Result for Data
Study calling you did let’s say for a month or two months you would have something like this if you are using torture you can find optional expenses that you have and also incomes or it Schmalz that you are required for and if you are using Excel you can find the expenses and incomes has at least based on the same template we provided before.
Setup Power BI and Download, Source File
you’ll need to download Microsoft or be-I to continue a discourse you need to download or be. Did because I did years on Microsoft on this think.
So if you go to this link here you’re on the board be-I just click on download Microsoft for the iPhone desktop that is also for Android or Windows. So all eyes will click on download after you downloaded that.
I would ask you to sign in to your code. This is just for shared work if you’re working with somebody else but you don’t necessarily need to need to do that so just click on the can some. And also you need to download that the source file that you need to use here.
And I loaded this client on Dropbox. You can find it on this chart in all.
Export Expenses and link it to Power BI
Now after you have enough data to export on Teuscher And let’s see how you can exclude data from the on the left side you can see export reports click on it and you can find the export page here that you want to export expenses and incomes and make sure that it is clicked on all the time because you need all that you can get then click on the see the not to see that says is a free option if you want to export to other formats. It is called the program but all you need is only the CS e-file.
So after you clicks the cxxviii you will get export quite seriously as a result.
Now go to the resources file you downloaded before and unzip it and you’ll find three to folders and one file here Gobbi the export files here see that you get from torture and bestit inside this folder here. The total exported file and replace the file there.
Run Power BI and fix Paths
Study you bested the export files from Teuscher. Now it is the time to run up or be click on the expenses management site need some time to start up or be now we are here just by these sidebars if you don’t like.
And here is the card that you need to use up your overall report. Here is the report. And here is the data and it is a relationship. Click on the data for the first time if you have some problems.
This is the table that we are using in some cases this tables were not being noted successfully and I think this would have been for you on the first time because I use different paths for each one of these tables and this doesn’t apply what what we want.
So for doing that let’s fix that. Click on the idiot queries to fix it or is who and we need to fix the data source. So click on data source settings is was not working correctly.
Just click on the data source settings and here you have to make sure that these files on the correct path is on your computer on the same folder that you are in was it before.
So just click on Change source and make sure that this or this is the same back of the file that you exported before database file.
And the other part is that Tosha will expose quite so Change source and then you want to click on blogs and choose the file that you exported different torsional. OK. So this is bad. Just go to the back of the Tosha exported hide and change the back. Only don’t change the filename because it is important to read the same name.
Or you can change it you change it from the origin of flight. OK here the same. The other one will make the same procedure. Could be correlated here. No. OK. Close save by now we are here again click on reports.
This is the over all the rebought will be correctly made. Mostly. But the only thing that we need to set up now is the budget. So let’s see how we can do that.
Working with Power BI
Determine your Budget
To set your budget you need to do the following things go go to tables by category. And if you have you can see here the amount you spent there a year and the average amount is spent buried.
If you have enough that I say for 2017 you can assume that you’ll spend in the next year the same amount you spend in 2017. For the average expenses in each month 2000 17 it is showing that it is 1365. This is the average expenses per month in 2017.
So this is our base of budget for 2018. So you have to go to the the source file. Just go to the database click it. You can see the Budget sheet in the Budget sheet here you have to fill it in the same information you got from toyshop.
So go to 2072 and getting the information that you get from 2017. In this column you have to make sure that this is applicable in 2018 that is any small difference you have to either through your budget on bills total this make one thousand three hundred seventy one dollars. Let’s say you add the budget to be sixteen thousand four hundred fifty two.
This is monthly and this is the annual budget by Goody-Goody. Save it. Let’s go to our be-I under pressure that data to get latest resource pardon’s it’s refreshed. OK. Nothing changed much but it is here. The budget monthly budget on 1371 the annual budget sixteen thousand one hundred fifty two dollars.
Analyze Data on Power Bi
Now after you have your budget in place and your expenses exported from push into here let’s take a look to the RBI. We will try to analyze the data we get here.
So first sheet you have to look at it every month is the month. But here we are in 2018 and January you can change it a month from here.
That’s 2017 December and then everything would change according to that go back to 2016 in July and you can find a monthly report for each month for let’s say for example for 16 to lie your expenses amount was 1119 your income 2600 you were saving was 1003.
Four hundred forty three. And this is your expenses by category the last category was for home travel food and drinks and so on and the expenses by tags Bryant this is related to the home now leaves for travel or my phone for other phone bills.
And your income was once so was salary and it is it was around $3000 or two thousand six hundred dollars. Here you can compare your expenses with the budget and you can also see this go here. This one will convert your expenses each month so your expenses go was one thousand one hundred ninety.
And your budget is 1371 So you are below budget for this month and for the year of 2000 16 from the beginning until in July. You spent eight thousand one hundred ninety nine. So let’s take a look of December 2016 you see that you spent fourteen thousand dollars and your budget was 16000. That’s why you are below budget for this year. So what you need to take a look also here is the expenses by category.
So all the expenses was categorized in this sheet like this. So it shows how use how much you spent in this month’s. So this is a budget and this is expenses. So your expenses is a little higher than your budget and your annual budget is like. Is that how much your expenses was this year and the remaining budget. This one will help you a lot if you are running for the current month.
So this is our current Mounseer. And I spent this year for these expenses like this and it shows to me how much the remaining budget I have to spend for the rest of the year. Then again let’s take a look on that.
Mostly this means here that you spent for the car 200 percent of your budget. And that is correct. You spent 197 on your budget is 90 95. So you spent a lot here. So these graphs here will give you an overall look directly to the things that you are overspent. Like this one here and the kids and also for the fort and this one will get you how much you spend from your annual budget in this month.
So I spent 17 percent of my annual budget for card in the first month only. This is all you need to know about the monthly report. Let’s go to the annual report here. It is pretty same. The first one but it is by by your only. So let’s choose that year of 2017 for example it will show it to you all the expenses versus incomes for each month in this year. So the blue one here is the income amount.
The red one is the expenses amount it will show you how much your expenses and incomes on saving in this year and the most important thing here in this table for the current months. So sorry for the current year. So we’re talking about 2018. We spent 16 days up to now in 2000. And that means you spend four percent of the time 2018. And in this 4 percent of time you spend 734 US dollars.
What this number means here that if you if your expenses versus budget was like this I mean 734 compared it to the budget to the things that you should spend. You will end up on this year spending sixteen thousand seven hundred ninety dollars and that will be above your budget around $300. This is just estimating you or your performance this year.
Your performance up to now for the 16 days that you spent in this year and went over whenever you will continue spending and this year this number will change here to show you that how much you will before most affecting or how much your boss before us in 2018 affecting your expenses and it will show you at the end of the year how much you are probably to spend if you continue in the same performance on the same previous best moments.
So let’s go back to 2017 it shows here that expenses by category and this means that you spent the most expenses on home who’d done the ratings like Baghdad and also in each month of 2008. 17 you can see how much your expenses was distributed by Montse by category. How much you and what got us for each category. And also we saw your performance.
So again 2016 was like is you all that spent on Dickov spent on the gadgets of spectacles that was hornbills. And I spent time in the health and so on 2000 18 shows everything that’s triggered although the report in the overall report it would show all the detail you have in your previous history.
So you have 2000 15 16 17 and 18 and you spent like this your income or 75000 savings like this and this beautiful graph here shows you how much your expenses and incomes where you and the green one shows you are saving here.
So in this time here which is 2018 it was like this is just the same as 2018 because we are not there yet. But if it shows the debt up to 2020 anyway. That’s all you need to know about the monthly and those are the bought will continue in the next picture about the other things you need to analyze.
That’s going to be an expense you get really bored here. So you need to take another perspective to it here.
Let’s say you want to know your expenses by category. That’s just about home and you want to see the data for 2016 17 almost in school. You can find a few things here if you choose home. These he will show you all your expenses for on their years. So this one. So this chart is not linked with this number. So she was 17 or 16 this one and this one. And also this one will be changed.
What will be changed. Only if you choose 2017 this one will change only so few things to note here that some categories you need to check by year. So let’s say you are taking home by 2017 and the expenses get set get a good year which is the tags will be like this. So you spent for home in 2017 4700.
All right home improvement 600 Internet on the church cleaning and electricity and these records will be the records that we all put in total. So one important thing here if you want to know a few things about today let’s say about nature you want to know when exactly you bought the furniture.
You don’t need to go to Tosha and you just click on the furniture here and the records would show that was spent on furniture one hundred dollars in 21st of January and $29 on 15th of June. What about cleaning services one that is called Client rerecords and it will also filter the other expenses here.
So out on that show you see everything is filtered by this one. So this is a beautiful thing about all the art that everything is linked together. Beautiful. Also you can check your expenses this year. The annual budget for these items because we have 2017 budget is the same of the expenses.
That’s about 2016 your budget was five thousand 5500. But you spend less. 2000 15 months on she own two countries and you want getting all of these things together. 16 it would be like we use sometimes the category doesn’t have subcategories like the food and drinks. This is mainly the category.
This is the dogs in total up anyhow. It would show the expenses by year. The summary of the monthly average. This is the monthly average expenses beer month. So for all the underlings who are spending 2700 So you are spending 232 euros per month on food and drinks and 17 that go to that income report.
It’s almost the same but it is comparing incomes yearly to all your income per year but category also records and also to ensure the important thing you it would show that your average income year this is the monthly average income monthly average period. So in this way you can have an overall look how much your salary that’s increased or decreased. This is still a book. All of this started to 2015. That’s why it isn’t showing the correct number.
But in 2000 and it was who is now going to these decrees uses 30 called Belmont’s somebody how it was changed and also the exact records here. Click on 2016 here to show all the records related to it. Next one will show you the tables by category.
This one we talked about before when we set up our project but we’ll talk about it again. In each year it will sort the amount of expenses used built by category and the average amount Corot this is important to know how much you’ve changed from month to month from year to year.
In regards to your expenses to save Horcoff I was spending $27 in 2007 16 months in 2016 because it could be used to change the card or something like that. And 17 degrees latitude sixteen dollars again.
It will do the same for the incomes. How much your income was in 2016. 16:17. Now strict a budget. She had budgeted just Graaff pie chart showing your annual budget monthly budget.
So the same one that we would encounter in our database which is here. But as you put it in our database so file which is located in the resource part that I provided before go back to you. And finally this is the plan. Let’s talk about the plan in the next lecture.
Set A Plan
How to put a blanket expenses let’s say you want to set it up in you to expect your expenses and your incomes for the next year or the next two years.
Let’s do it in this. You have to go to the income category report that we showed before and when the average income last year let’s say for 2017 you average income was 2600. This is month the average income for 2017 go to that expenses to report point the average expenses for last year.
This is the average expenses you spend every month in 2019. Then you have the average incomes minus the average expenses. This gives you the average saving a month. So in 2017 you actually save two thousand one hundred twenty two dollars every month.
Go to the database. It’s hard to see. And you have to diffuse things here. These two rows you have to go dim as the current standing of your current assets. So if you have a bank quote unquote you $1000 or you have zero dollars or if you have minus a hundred dollars that you or to your friend just put it here in the same number.
This is Thursday into January 18th This is my first day. It may be different from yours so you can. You did this. Also you want now you have to where did the land saving steps the one that we calculated before just did everything here the same and saved database don’t except if you got about the right plan sheet you will find the following chart.
This is your current standing here the blue line means the plan. The dark one means the actual. So in this day your first day of October 2019, you actual was the same as your plan.
Now after a few months of adding the time of the actual data your assets will change. So you’ll start to update your assets on the find on the Excel file that you got from the database. And these assets would look like this.
This is the dark line means your assets sometimes less than the expected and so on. At the end of 2000 it here in showing how much you actual saving or actual assets were in 2000 18 comparing to your plan.
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Personal Finance Planning
Financial planning for Beginners basic steps that you yourself can take in order to become a better financial planner for yourself
02 Cutting Expenses
03 Getting Out of Debt
04 Saving for Retirement
The importance of financial planning first and foremost, you want to create your goals set up your short-term, medium, and long-term goals.
A lot of spending is emotionally driven once you understand why you spend. then you can go ahead and manage your spending and basically bring it down to your budget and plan to achieve your financial goals.
Let’s talk about four basic steps that you yourself can take in order to become a better financial planner for yourself. you want to know how you’re doing financially at the moment you want to know your net worth that is your assets.
The combination of all of your assets your car your home your cash minus all of your debt the second thing you want to do is actually creating that savings plan creating that investment plan and the third thing is that you want to keep up and keep on track with your budgeting with your goals.
You want to keep on updating it you want to make sure you’re not being underpaid and if you are you want to negotiate you want to go and ask for that raise or you want to get on another job or an extra job or an extra gig or something else at the end of the day basically financial planning is understanding, how you doing right now and having a roadmap into how you can make your life better in the future.
Best Personal Finance Blogs
The top personal finance blogs that I follow and have followed for years so as you guys know it’s very important to follow people who know their stuff people who have education or experience in the personal finance field and/or someone who potentially maybe is just like you going through the motions going through the steps of trying to pay off debt and find financial freedom. but you want to be careful about who you listen to and what advice.
They’re giving and how to apply it to your own personal financial situation before you just dive right in and drink their kool-aid. so I’m gonna tell you my top personal finance bloggers of 2019 who I love and what I love about them.
So let’s get started so I’ve been following Dave Ramsey from Dave Ramsey calm since 2005-2006 so for quite a while and I really love everything he’s danced for you know following his baby steps trying to pay off debt trying to achieve wealth.
So that you can live and give like no one else later on in life it’s an awesome premise okay we have been trying to follow his baby steps for a very long time and I will tell you when you are a free-spirited nerd like myself you struggle a little bit more than your average person trying to pay off debt your your normal person trying to pay off debt.
So a free-spirited nerd has the tendency to overspend or get distracted by flashy objects that have nothing to do with their goals and. but they know logically and practically what to do they’re able to sit down and put together a budget every single paycheck every single month.
But they still get sidetracked and they still struggle with this for us my family we had a car problem we traded like 12 vehicles in eight years and I mean I’m embarrassed and I’m ashamed to say that but it’s the absolute truth I have to be 100% honest about this so you can follow these people for years and years and years and years but if your behavior doesn’t change if nothing changes then you’re not going to be moving forward with your finances.
Best Personal Finance Blogs USA
- Finance Companies
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- Finance Companies
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Best Personal Finance Blogs UK
- Finance Companies
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Best Personal Finance Blogs Canada
- Finance Companies
- Boomer and Echo
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- Best Money Management App: Mint
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- Best Visuals: Mobills
I hope that you enjoy discourse and if you have any questions just put it in the comment section. I would reply and I will try to answer all of your inquiries. Thank you. I’m having a great time.