DEMO 6 - BONUS: Savings plan

Financial Management 101 BONUS: guided videos on your Finance Compass
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Transcript

Last step, and I called it bonus, because this is not something that you have to use to be able to gain the best value from your finance compass. If you stick to your monthly reviews, that that is the real purpose of your finance compass. But I thought I would just do a little bonus here and give you an extra feature on planning for your savings. So if you think about it, the work you've done through this finance compass allows you to know your bottom line figure, which is the amount of money that you can save each month. Now what we could do as an exercise is simply plan ahead a year from now and say, well, knowing what you can save. Let's look at how much it would bring you if you were to save this exact amount every month.

And this is what these huge showing you. So here on this curve, you have two lines here, the two blue lines, and those are your small and max range. Have savings. So with your bottom line figure being 272 and 297, you would go up to more than actually 3000 by the end of 12 months from now, and what this year is then doing, so you have nothing to enter here manually, you have no input. This is just a consolidation of everything you've done so far, including your monthly review, if you remember is Step five, we finished by saying okay, when you've done all your inputs for the month, you've saved 412. So, on that bonus savings, we're going to find back here, our actual save for month one being 412.

Now, you're going to do this for month after month. And this is actually the bar you can see here. So it may be confusing here at the first time. At first, but when you look at this graph, there are two scales. On the left is your monthly saving. And on the right is your total accumulated saving.

And so, again, you should not change those numbers, and you should not make any addition, on this view. Everything comes from the monthly reviews, and from the other views. But for the sake of demonstration, I'll just break the structure for a while. And just imagine that you've entered everything on the other views and that this is pretty much showing a view of how a year could look like. So I'm just now assuming that months have passed and you've successfully used your finance company as well done and when you enter your monthly reviews each month, this is what skilling is giving you. Yeah.

So you have varying amounts of savings that you've accumulated. And the green layer green line here is showing you your accumulate accumulated saving, which is at the moment up to 2902. This is the amount you can see here looking at the secondary scale, you can also see that you're way above you know, at the time of MONTH seven way above your plan, which is great. And this should just give you a snapshot of course, you know, I could finish and if we continue throughout the year, let's imagine and then suddenly month 11 and 12 and that's it. This is your total picture for the year and you fell just within your range almost looking at the the minimal range of of savings, but you have successfully saved 3300 on the year on the on the cumulative 12 months whenever you started, so what would you do, then simply you would go back to your monthly reviews, you would update your expenses.

And you can scratch this, this data and start from from zero again. Yeah, or you can even do a six month range, and only did it the last six months could be the rest, etc. But I think you get the point. So this was a bonus, I hope you enjoy it. It's just a way for you to celebrate the money you're saving. Yeah.

And you can actually look here and say, yes, not only I have this money saved on an account, but actually here I can visualize my progression over time. And really, I hope this encourages you to invest the effort and time of looking back at your finance compares every month at the end of every month, and really do those reviews. Yeah, and adjust your ranges when you do. So. This is how you're going to max out the value of this tool. And I really hope Do it.

Thank you very much.

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