In this course you will learn how to track and control your personal/family spendings to be able to enjoy life and save money. Together we will create a transparent month-by-month personal/family financial plan for you to follow. By the end of the course you will set your financial goals (e.g., buy a house 5 years from now, save $1m for retirement) broken down into measurable and achievable milestones.
Section #1 to #3 will introduce the basic concepts regarding personal and family finance, how to use google spreadsheets to manage your finances and how to discuss your financial situation with the family and identify your financial habits.
Sections #4 and #5 will show you how to set realistic goals, plan your budget accordingly and balance your income and expenses.
Section #6 will offer you ways to travel and have fun while saving.
Section #7 will advise how to bring up financial matters to your family members and close friends and find out about potential next steps.
This is a "living" course, I instructed it as a workshop several times and elaborated according to what participants requested. If you find I went through a subject to fast, please say and I will record an explanation.
During the course and a year after I will revise your progress and comment on your financial plan and goals.
To introduce myself, my name is Daniel Moran, I am a business and personal finance consultant. I have been working in this field for 5 years. Along the way I have consulted dozens of families managing their budget, paying back debts, taking a mortgage and other financial issues. Every Monday I start the week with reviewing my family's finances.
In this lecture I am going to show you how our spreadsheet where we will put all our financial data will look like.
If you want to skip the google spreadsheets section, you can use the link to the sample, copy it to your own google drive or download it as Microsoft Excel spreadsheet, erase the sample data and use it as your own.
Here I will show you how to start creating the spreadsheet step by step, by creating the file, writing the titles, wrapping text, adding fixed rows, filters, etc.
In this lecture I will show you the basics of using pivot tables. A very powerful reporting tool.
This lecture will teach you how to have data validation on your transactions sheet so you will be warned if you entered invalid data
Time to face the numbers...
In this lecture, we will start writing down past expenses and discuss how to write a facts based list of all transactions.
Facts about expense are usually in the form of: “On D date, X amount was spent from Y account”, three factors: amount, where from and date.
When it comes to the question of “what the amount was spent on”, it is hard to keep opinions out. For example, if I bought earrings for my fiance for her birthday - what should be written in the 'what the amount was spent on?' - gift for birthday?
Here we'll learn how to categorise transactions in a mutually exclusive way to avoid confusions when analyzing.
In order to make our lives easier when making reports, we can generate some additional information automatically.
Usually people earn money to their bank account and spend from their credit card or withdraw cash from ATM. Since a transfer involves two accounts, it will be written as two rows in our spreadsheet.
In this lecture I will show how to do it
Finding a mismatch between our reports and the real data (e.g., from the bank website) should not be frustrating. You can easily filter the transactions of a specific account and track which transaction you missed writing down.
A short introduction to goal setting
First step of setting goals is to have a vision. Here we will work together to articulate it and translate it to financial requirements
In this lecture we will learn the SMART framework to set up goals.
Use the worksheet attached to write your own goals and share them on the discussions.
Identify good/bad examples of goals and fix them.
This lecture will discuss about why you set your specific goals, and why you don't already have them.
In this lecture we will discuss how to work on a budget based on your goals and your current expenses
In this video I will explain about when you should take a loan, and more importantly, when you should not.
I will show you how to plan a loan payment schedule and how it will affect your monthly budget.
In part I I explained when it is right to take a loan and how to build possible payment schedules.
In this part I am explaining how to decide which payment schedule to choose based on your future income.
This section is all about tips & tricks I picked up along the way.
This lecture is about how to travel cheaper.
Add some of your own tips.
This lecture is about how to enjoy cooking what you love to eat at home can benefit your financial state and your social life
This lecture is about hobbies. I added examples on how to study, read, play chess, and learn programming for free.
Add your own examples in the discussion board.
In this lecture I will share my ideas on how to discuss with family members about money.
It can be frustrating to raise the issue and the purpose is to make the discussion more natural and hopefully productive.
In this lecture I will share my ideas about how to discuss money matters with your friends (close and less close).
Friends can (and should) help you achieve your financial goals and not discourage you. If you communicate it right - they will help you.
Thank you for participating in this course.
I hope you enjoyed and benefited from the material.
Feel free to write me any question you have to the email.
If you have a suggestion related to the course I would appreciate you writing me in an email.
Thanks and good luck!
Daniel has extensive experience mentoring families & individuals in all stages of life how to manage their finances. While working as a management consultant at Boston Consulting Group, he has volunteered in Paamonim, an Israeli organization teaching financial management basics to families in need.Daniel got engaged in 2014 and while planning their marriage in the Caribbeans, they managed to purchase a house and a car. Nowadays, Daniel works at EMC Israel as a development manager, consulting start-ups with technology issues and continues to mentor families with financial planning, mortgage planning, etc.