Dashboard Development: Personal Budget for Young Adult

2021 Financial Literacy Dashboard Development: Personal Budget for Young Adult

Anis Sofiea Yahaya Analytic Trainee

Prepared by Centre for Testing, Measurement, & Appraisal Universiti Utara Malaysia

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Table of Content Dashboard Development: Personal Budget for Young Adult Guideline Workshop on Financial Budgeting with Dashboard (Hands-On) Flowchart Workshop on Financial Budgeting with Dashboard The Financial Budgeting Common Rule The Visualising Budgeting Step 1: Financial Budgeting with Google Sheet Step 2: Dashboard with Google Data Studio Income Table 50/30/20 Pie Chart Description Table 50/30 Scorecard Description Line Chart Add controls for Dashboard Report-Level vs Page-Level

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References

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Dashboard Development: Personal Budget for Young Adult Guideline Workshop on Financial Budgeting with Dashboard (Hands-On) Budgeting can be in many terms as we speak, some would use it to save money in order to buy their new desired items whilst others do it for future investment. Without us realising, we have been caught up with the thought where if we have no money or are short in cash, our parents would be there to top-up our spending spree. This mentality is wrong. The lack of action to be independent and to be unprepared to strive on your own in the future will reduce your capacity to make good decisions for your life.

We need to change this concept and try to start working to stand with our own two feet and have financial strength independently rather than relying on others.

Therefore, the following is the introduction and guideline of an easy way to do your financial budgeting using Google Sheet and the Google Data Studio platform.

Flowchart Workshop on Financial Budgeting with Dashboard

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The Financial Budgeting Common Rule The category for the 50/30/20 thumb rule of budgeting consist of: 50%, Needs ● ● ● ● ● ●

Housing Groceries Utility Bills Transportation Insurance Etc.

● ● ● ● ● ●

30%, Wants

20%, Savings

Entertainment Shopping Dining out Charitable Gifts Hobbies Etc.

● Retirement Savings ● Long-term Dreams ● Etc.

The Visualising Budgeting

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Step 1: Financial Budgeting with Google Sheet Firstly, create a sheet under the name “List” and list down the category items that you think could organise your budgeting. To incorporate the 50/30/20 thumb rule of budgeting, I listed down “Needs”, “Wants”, “Savings”, and “Income”.

Now, create your next sheet and rename it “Income”. Add in “Date”, “Description”, “Category”, “Income”, “Debits”, and “Running Balance” (Remember we will duplicate this format but with different name sheets). Now we need to format the “Category” with the “List” we created previously.

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Right-click the first column, go to ‘Data Validation’ Choose ‘List from a range’ Go to your list, select and drag down your list An arrow will be created in your “Income” sheet

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5. Drag down and duplicate to 3 other sheets, “Fixed Expenses”, “Other Expenses”, and “Final”.

You can start jotting down your income and expenses in “Income”, “Fixed Expenses”, and “Other Expenses”. These 3 sheets will be your ‘editing’ version of your budgeting. The “Final” sheet will be an automatic format based on your 3 sheets combined.

After you have written down the 3 sheets of your budgeting, we will proceed with the “Final” sheet. Firstly we need to know our starting balance of either the previous month or year that will be brought forward. Since this is on a monthly basis, we will take it from the previous month to this month. (Remain your running balance empty) A reminder to this section, it will be format based. You only need to add your starting balance’s date, description, category, and income.

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The format that I will share will be different to you, either your 3 sheets names are different or the range of columns in your sheets. You can still follow the format, all you need to do is change the range (if you follow the same name sheet).

Formula

1: =QUERY({Income!A2:E4;'Fixed Expenses'!A1:E16;'Other Expenses'!A2:E10},"Select * Where NOT Col1 is Null ORDER by Col1 ASC", 0) You can manually select your sheets with their range.

1. Click the date area on the second row.

2. Type =QUERY (which this format is already in the Google Sheet).

3. Insert ({ 4. Click your 1st sheet, let’s say it’s ‘Income’, it will automatically write it up for you. All you need to do is drag from your first date and your first ‘Debits’ to the last date and last ‘Debits’.

5. Add; in between the select sheets 6. Closed the 3 sheets with } 7. Copy pasted the remaining formula.

With the formula that was stated above, the 3 sheets that you have done will automatically be in the “Final” sheet. As long as you update the range in the formula, all your details in the 3 sheets will be in there. The reason we only take the range from the date until debits are because there will be another formula for the “Running Balance”.

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Formula 2: =D2-E2 The formula above will be the first ‘Running Balance’ from the ‘Starting Balance’, where the: Income - Debits = Running Balance

Formula 3: =F2+D3-E3 The formula above will be the second ‘Running Balance’. This formula will then be dragged down till the end of the data in the ‘Final’ budgeting sheet. Where: Previous Running Balance + Income - Debits = Present Running Balance

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Step 2: Dashboard with Google Data Studio This section will be about using the Google Sheet that you did previously with the help of Google Data Studio to create your personal Dashboard. By clicking “new create”, you need to add the data to the report, which will be your Google Sheet.

By having your “Final” sheet in your Google Sheet, you are able to create your Dashboard without inserting your other 3 sheets for your financial budgeting.

Once you add your worksheet, the Dashboard will automatically add in a table. We will use the table and edit the data. You can drag or edit the data of any chart. We can even change the data name to the desired name that we like. We will also add in several filters, especially those descriptions that state ‘null’ since it is not under a certain category.

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But firstly, we need to edit a bit of the data where we have to register the ‘income’, ‘debit’, ‘running balance’ as currency.

1. Go to ‘Resources’ 2. Go to ‘manage added data sources’ 3. Go to “Edit” 4. Go to the small arrow next to the ‘number’ in the ‘Type’ column and change its value to the currency

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Income Table 1. Change the metrics, from “Record Count” to “Income”

2. *Optional; you can change the title of “description” and “debits” when you hover on the ABC or SUM box next to the title.

3. Ticked the “Summary Row” so there will be the total amount of income in the table 4. Create a filter to remove the null.

5. Create another filter to remove the starting balance

6. Change the style of the table to remove the ‘row numbers’ and ‘show pagination’ 11

50/30/20 Pie Chart 1. Add a pie chart 2. Change the data by dragging or editing the ‘dimension’ and ‘metrics’

3. Add in your filter to remove the income in the pie chart

4. Change the style of the pie chart to remove the “Legend” from ‘right’ to ‘none’

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Description Table Just like the previous income table, we will create a description table where we can see what we have been spending on that particular date/month/year.

1. Change the data of the dimension and metrics 2. Change the style of the table to remove the ‘row numbers’ and ‘show pagination’

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50/30 Scorecard This scorecard will be the indicator where we either have exceeded or not 80% of our income.

1. Add scorecard 2. Change metrics to “Debits”

3. Add in the filter to remove savings from the scorecard

4. We will create a style for this scorecard to change its colour to indicate if we exceeded or not 80% of our spendings. a. Go to style and add on the conditional formatting b. Based on my example, my income is RM3000 and 80% is RM2400 of my spending. Therefore we need to set if we go above 2400 to a certain colour and if we go below 2400 to a certain colour.

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Description Line Chart We now add in the line chart to see the pattern of our spending within the period of time.

1. Change the ‘dimension’ to “Date” and drill down to choose the ‘Year Month’ 2. Add the “Description” to the ‘breakdown dimension’ 3. Make sure “Debits” is in the ‘metrics’

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Add controls for Dashboard 1. Add in the date range for the Dashboard

2. Select ‘drop-down list’ to create a control panel for the “Category” selection. Make sure that the ‘Control Field’ states “Category”.

3. Do the same for the “Description” selection control panel.

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Report-Level vs Page-Level If you were to right-click on any of the charts or control panels that you have inserted in your Dashboard you can see that it shows “Make report-level”, this means that the control panel that was selected is a “page-level”.

The difference between the two is that; ● Page-level: Will change with the change from the control panels ● Report-level: Will remain the same after the change from the control panels

We want to make sure that only the Income Table, 50/30 Scorecard, 50/30/20 Pie Chart, and Date Control stay the same while the remaining charts will change with the other 2 controls.

If you right-click the chart or control panels, and it shows “Make page-level”, it indicates that the chart or control panel is on “report-level”.

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References Google Sheet: Budget Spreadsheet | Google Sheets Budget Template | Personal Finance Tips Google Data Studio: Create an Awesome Budget Dashboard with Data Studio & Google Sheets | Google Data S…

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