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What is ‘Watch My Budget’ Software to visualise, plan and track Personal Finances Comprehensive: budgeting, cash flow, accounting and debt calculation Can be used in different ways and levels Efficient: many outputs with minimal effort

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slide1

What is ‘Watch My Budget’

Software to visualise, plan and track Personal Finances

Comprehensive: budgeting, cash flow, accounting and debt calculation

Can be used in different ways and levels

Efficient: many outputs with minimal effort

Ideal tool for budget advisors (and clients)

Cost: free for voluntary budget advisors freeware version allows manual tracking otherwise US$20 after 60-day free trial

download from rsvconsulting.co.nz

Using WMB for Budget Advising

slide2

Using WMB for Budget Advising

alternative to budget sheet & cash flow sheet

not a spreadsheet, does not require Excel

not a client and advisor management system

advisor can setup budget & investigate

client can visualise finances medium-term

produces reports and graphs for office

produces printouts and graphs for client

client can record actual payments on printouts, Excel cash flow or using free version of WMB

Using WMB for Budget Advising

slide3

WMB for Budget Agency

Agency and/or advisor name on each report

Customise a budget to use as agency template:- categories to match agency budget sheet- accounts setup as recommended by agency

Customise excel budget header rows including agency logo

Signature clause for advisor & client signatures

Reports with print headings and scenario names

Comments report for various agency purposes

Using WMB for Budget Advising

slide4

Graph – future balances

Budget View

Account

Outline

- graph

Budget list

Category

Outline

- focus

Status bar - statistics

Using WMB for Budget Advising

slide5

Adding a Budget

add a new budget document

select a ‘sample’ budget as template:provides typical categories, items & accounts

Use client name (and client#) as filename: filename is used on reports

No other setup: budget is ready with zero amounts

initially ‘Without Tracking’, looking into future

customise categories and accounts

can import existing KR-budget from Excel

Using WMB for Budget Advising

slide6

Entering a Budget

Each budget each item has: category, period, amount, date, account

each item generates payments

add and delete items, deactivate

edit extra details in a form: stop date, comments, split

Using WMB for Budget Advising

slide7

Entering a Time-varying Budget

Budget items can have start and stop dates

‘One-off’ items for goals outside normal budget

Budget items can have seasons, to vary amounts by month

Time-varying budget can be more realistic

Budget reports and statistics either:- snapshot on specific date

- average over future months, using stop and start dates

Using WMB for Budget Advising

results of budget visualise results in forecast graphs right click graph to copy or print
Results of Budget

Visualise results in forecast graphs

Right-click graph to copy or print

Using WMB for Budget Advising

slide9
Results of Budget

Draft Budget Report useful to check figures

Budget Report - excludes payment details

Budget to Excel

Using WMB for Budget Advising

results of budget spending report comments report balance sheet
Results of Budget

Spending Report

Comments Report

Balance Sheet

Using WMB for Budget Advising

printouts for client cash flow can be exported to excel payment list payment form
Printouts for Client

Cash flow –can be exported

to Excel

Payment List

Payment Form

Using WMB for Budget Advising

slide12
Managing Cash Flow

Adjust payments in upcoming pay periods

Delay or Reduce payments, add overdue

Can change budget items

Using WMB for Budget Advising

slide13

Tracking of Actual payments

Possible but not often required

Client canrecord on Payment Forms

or, Client can use free version of WMB to edit and confirm payments as they occur

Client is up-to-date with current situation

Client can visualise whether following budget

Using WMB for Budget Advising

slide14

calculate repayment amount from stop date or vice versa

Debts

each debt has balance amount and date

repayment budget item has % interest

Calculation Report - total payments and interest:

Using WMB for Budget Advising

slide15

Debts

can be time-varying % interest and $ repayment

repayments since known balance are generated & can be edited: up-to-date balance for reports

Client can visualise debt being repaid, in graphs

Debt Report summarises total debt situation:

Using WMB for Budget Advising

slide16

Investigating

Edit/Deactivate budget items to see affects: Reduce expenses Increase income Sell assets Consolidate/reschedule debt

Use category outline to focus on part of budget

Change budget period to see annual figures

Setup scenarios with multiple items (advanced)

Save As or Copy As then edit

Compare Spending Report or Calculation Report

Using WMB for Budget Advising

slide17

Multiple Accounts

Current a/c, savings, bills, cash, journal

Not necessary for basic budgeting

Budget by Account Report calculates transfer

Can calculate bank OD and credit interest

Favorite accounts, exclude savings

Using WMB for Budget Advising

slide18

See the website for further details:

http://rsvconsulting.co.nz/

Including overview videos:

Future http://rsvconsulting.co.nz/WatchMyBudget.mp4

Historyhttp://rsvconsulting.co.nz/WatchMyBudget2.mp4

Using WMB for Budget Advising