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Yogi Zone

Useful articles for your finance management by our team of experts

a quick guide to creating your budget

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This quick guide will help you get started with creating your budget on the InvestmentYogi Budgeting Tool.

Step 1

On your My Budget Home, click on the Get Started image as shown below.

Get_started

This takes you to the My Budget Spreadsheet page. By default, the starting 6 months for the current year are displayed.

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Step 2

Start entering your income and expense details for the current year, or browse to earlier years using the time period browser (highlighted below).

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The My Budget Spreadsheet is divided into two parts:

  • Budget Summary
  • Income and Expense tables

The Budget Summary details a summary of all the information entered by you. It has the following rows:

  • Starting Balance – to be entered for the first month of a year and the rest of the months are computed based on your income and expenses for the previous month (s).
  • Total Income – Sum of the values entered by you for the income sources for that month.
  • Total Expenses – Sum of the values entered by you for the expense heads for that month.
  • Net Savings – Net of the Income and Expenses for that month.
  • Projected End Balance – The end balance for that month, computed as the sum of the starting balance for that month and the net income for that month.

Below the Budget Summary are the Income and Expense tables. These tables consist of seven tables, to enter all your income sources and expense heads. The tables are below:

  • Income Sources
  • Communication Expenses
  • Household Expenses
  • Housing and Utilities Expenses
  • Entertainment Expenses
  • Transportation Expenses
  • Health and Beauty Expenses

Each of the above tables can be hidden from view by clicking the link above the table (highlighted below).

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Once you have entered your data, be sure to save your data by clicking the save button (shown below). You can edit your data later if you feel you have made a mistake, but be sure to save often as you are entering the data.

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Step 3

If you have data for a few months of a year, you can start using the charts. You can access the charts by clicking on the “Analysis” tab at the top of the page (highlighted below).

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You can return to the Spreadsheet tab at any time by clicking on the “Budget” tab.

The charts feature consists of the following sections:

  • My Budget Analysis – Total Income and Expenses Area Chart
  • My Budget Analysis – Income/Expense Bar Chart
  • My Budget Analysis – Income Breakup Pie Chart
  • My Budget Analysis – Expense Breakup Pie Chart

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The period displayed is by default the same as that of the Spreadsheet tab, but you may change the period by using the browser (shown below).

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The Income and Expenses Area Chart is displayed by default when you access the Analysis tab. This graph displays two lines for Total Income and Total Expenses. The areas below the lines are shaded as below:

Untitled-4 Savings – represents where income exceeds expenses for a month

Untitled-3 Expenses – represents that part of income which has been spent due to expenses

Untitled-2 Losses – represents where expenses exceeds income for a month

This graph is useful for tracking how your income and expenses have fared over the current year. You can also notice important trends, for e.g. if your expenses are rising faster than your income.

While the Income and Expenses Area Chart is displayed, the Income Breakup Chart displays the breakup of your Income sources for the entire year. The Expense Breakup Chart displays the breakup of your Expense heads for the entire year.

The Income Breakup Chart is useful for understanding where your income comes from. The Expense Breakup Chart shows you where your money is spent most.

You can view the Income/Expense Bar Chart by selecting any Income source or Expense head from the Income and Expense drop-downs respectively above the charts (shown below). You can return to the Income and Expenses Area Chart by selecting either “Total Income” or “Total Expenses” from the Income and Expense drop-downs respectively (highlighted below).

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An Income Bar Chart is shown below:

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The Income Bar Chart is useful for understanding trends of each of your income sources.

An Expense Bar Chart is shown below:

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The Expense Bar Chart is useful for understanding trends of each of the expense heads, as well as the contribution of each of the sub-heads(through the bar graph itself) and the Expense Breakup Chart (explained below).

While an Income Bar Chart is displayed, the Income and Expense Breakup Charts are blank.

While an Expense Bar Chart is displayed, the breakup of the particular expense head for the various sub-heads is displayed in the Expense Breakup Pie Chart. The Income Breakup Chart remains blank.

Step 4

Go back to Budgeting Home by clicking on the “My Budget” from the main menu.

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The Home Page consists of the following areas:

  • My Budget Home – My Budget Alerts
  • My Budget Home – My Expenses (for current month)

My Budget Alerts displays how your expenses for each of the six expense heads for the current month compare to those of previous months. If your expense has increased, the red arrow is displayed:

redarrow

If the expense has decreased, the green arrow is displayed:

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My Expenses displays the breakup of your expenses for the current month. On hovering over the chart areas, you get to see the expense head each area corresponds to and what the share of that expense head is in your overall expenses for the current month.

That’s it! You now know how to create, analyse, and manage your budget on InvestmentYogi!

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