![]() ![]() People in life feel that they should not be controlled by anything or anyone. In the real sense, keeping personal budget is not complicated at all. In this case, individuals believe that the budget is complicated and consumes much time than expected. In addition, people have developed a myth that keeping personal budget wastes much time. It is worth noting that many people do not keep a budget because they do not know how to create it (Ryan, 2012). One of the causes of not keeping personal budget is ignorance on how to create it. There are various reasons why people do not keep a personal budget. Not keeping a personal budget is very dangerous because people in the modern society face a lot of financial issues. In the general perspective, personal budget is the solution to most of the financial issues that individuals have. ![]() Not keeping personal budget can lead to the adverse effect in life. As people grow, and responsibilities continue to increase, individuals tend to realize the importance of personal budget. Life can sometimes prove to be very complex. Individuals in some countries graduate with many debts, making it very difficult for them to allocate their limited resources and income. It is worth noting that people have problems in life, especially when they have jobs and many responsibilities. It is worth noting that a people have problems allocating their resources. Personal budget is one of the important documents that help in distribution and allocation of resources. It can help you to analyze your budget and make important decisions on augmenting the income and savings, and reducting the unnecessary expenses. The dashboard provides a summary of the various expenses and savings. The report provides a summary of the personal budget based on the Income pie chart, Expenses bar graph, annual expense distribution pie chart, and income expense, and savings chart. ![]() The dashboard’s worksheet makes the budget easier to comprehend and analyze with the help of graphs and charts. What does the Personal Budget Dashboards worksheet do? The value will be achieved if the savings goals have been attained. The ideal value is 0 (zero), which indicates that any increases in the income or decreases in expenses are automatically allocated towards savings. The potential to save is the amount of money a person can save in a month either by an increased income or a decreased spending. What does the "Potential to Save" value mean? The following groups are reflected in this chart: The line chart depicts the status of the various categories, such as income and expenses for each month relative to the previous month. The chart enables you to determine categories with most and least expenditures, which can help you to analyze your budget farther and possibly identify some categories with partly or altogether avoidable expenses. This pie chart shows the percentage share of the summarized expenses incurred throughout the year. The Annual - Expense and Distribution Pie.The same data is also used in the doughnut charts, which shows the share of each expense category. The bar chart is a representation of the monthly expenses by category. The chart makes it easy to interpret the income source with the largest and smallest shares. The Income pie chart reflects the share of each source of the income, which you receive. The Dashboards worksheet shows a summary of your personal budget in four different charts. This value is calculated both on a monthly and annual bases. Potential savings made by an individual are calculated by simple subtraction of the sum of the Total Savings Goal and the Total Expenses from the Total Income. It also helps with making better savings and expenditures decisions. ![]() The monthly analysis helps to obtain a projected image of the overall savings targets that individuals aim to achieve and the amounts they can potentially allocate towards their savings. The net value of the savings goal is calculated monthly, as well as on the basis of an aggregated annual amount of savings. The savings goal can be a single goal or a set of projected goals. The worksheet also includes a savings goal set for each month that one should aim to achieve through successful budgeting. There are various sources of income included by default in this template: The first worksheet is the personal budget worksheet that will hold the details of the possible sources of income, as well as amounts received through each of the sources. Start by downloading the template and recording into the spreadsheet your income, followed by expenses. ![]()
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