Gain control over your finances and save money | Greg Henriques | Skillshare

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Gain control over your finances and save money

teacher avatar Greg Henriques, Discover l Achieve l Live

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

15 Lessons (35m)
    • 1. INTRO

      3:57
    • 2. 1 Introducing your finance compass

      1:52
    • 3. 2 Visibility = Power

      3:35
    • 4. 3 Adding your expenses

      0:37
    • 5. 4 Adding your invisible costs

      2:10
    • 6. 5 Adding your revenues

      1:10
    • 7. 6 Your bottom line figure

      2:10
    • 8. 7 Your monthly review process

      2:12
    • 9. Conclusion

      1:43
    • 10. Demo 1 expenses

      2:20
    • 11. Demo 2 invisible costs

      2:05
    • 12. Demo 3 revenues

      1:06
    • 13. Demo 4 bottom line figure

      1:48
    • 14. Demo 5 monthly reviews

      3:40
    • 15. Demo 6 savings plan

      5:02
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About This Class

Gain access to your own individual copy of your "Finance Compass" financial tracker and learn how use it best!

This course is a step by step guide to create your personal finance tracker. By the end of this course, you will have created a powerful tool to manage your finances each month, which will provide you 100% clarity on how much you spent, including the invisible costs that most people don’t consider, and will also enable you to know what your bottom line figure is: the range of money you have the opportunity to save each month!

By registering to this training you will get your individual copy of the personal finance tracker called the “Finance Compass” and the videos will guide you on how to use it. It makes it simple, easy, and straightforward for you. 

In addition to your own downloadable version of the Finance Compass, which is a powerful financial tracker, this course includes 2 sets of videos:

  • A first set of videos introducing the fundamental principles of successful financial management
  • A second set of videos that are recordings from the Finance Compass to help you understand how to use it. An interactive manual!

Meet Your Teacher

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Greg Henriques

Discover l Achieve l Live

Teacher

The common denominator of my story is personal growth and continuous improvement, my journey includes various steps such as professional DJ, 7 marathons, 2 IRONMAN, certifying in NLP, living in the US, Greece, London and then Amsterdam.

For 12 years I built an exciting career in some of the biggest FMCG companies of the world: Mars Inc, SABMiller, ABInbev and Heineken. 

In 2016 I finally made the move from corporate to full-time entrepreneur, creating a company called Villa Feria in Portugal.

I invite you to consult my website for more information about me, for a free well-being questionnaire and for lots of free materials related to personal growth.

See full profile

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Transcripts

1. INTRO: Do you know how much money you spend each month? Do you actually know based on your revenue, how much you could be saving? Wouldn't it be great if you could gain transparency and control over your finances once and for all with very little effort. This is what this training is going to help you with. Through this training, you're going to build step-by-step. Your personal finance tracker, which I call the finance can pass. The finance compass, is a very simple tool that will help you, first of all, to gain, gain clarity on your expenses. That will help you anticipate the invisible costs that you don't anticipate, but that's still impact your accounts and your savings. It will provide you a visibility of your bottom line figure. The bottom line figure is this amount of money that you can securely save at the end of each month. And it will help you to project into the future how much money you could be saving for your personal projects and dreams. It will do this in a very simple manner, in an automated way. We, you will need to put the minimal amount of efforts and input into it to get the results. So many people just IQ, found that managing their finances was not very appealing. It was tedious that it requested a lot of efforts and time working on Excel wasn't very attractive and appealing to them. And what they found is that by using the finance companies, it made it so easy, automated, and repetitive that they could do this quickly with little effort and even started to gain joy and excitement from it. Because it's one thing for sure is that when you gain clarity and visibility over your finances, when you have this sense of control that you know exactly what you're doing and how you're tracking against your plans. It gives you tremendous power and a sense of being in control of your destiny. This is what I wish for you, that this finance Compass helps you to gain control over your life and your future. My goal is that this course is simple and easy. This is why it's going to be a short-course because I wanted to be representative of the amount of effort it takes to use the finance compass. And remember, at the end of every lesson, after introducing the principles, I'm going to guide you through the finance companies. So you will have a chance to see on the screen how I'm using the tool to update it with concrete examples. Using this, you can then update the numbers based on your situation. And after every lesson, you will complete one module of the final structure. By the end of the training. It will be already for you. So what are the chapters? First, I'm going to start by introducing your finance compass and making sure that you get your own copy of it. Then I will talk about the power of visibility and transparency. We will then add your personal expenses on to your invisible costs and then switch to your revenue, which will lead us to the bottom line figure. And when we have this, we'll get you on track for your monthly review process so that you can use your finance compounds on a monthly basis forever. This is it. Following those simple steps and through my guidance, at the end of every lesson, you will progress towards completing your personal finance compass. By the end of this training, you will be all set and your finances will remain in control. 2. 1 Introducing your finance compass: Do you remember learning how to ride your bicycle? Wasn't extremely difficult at the beginning. Didn't it seem so impossible to keep the balance and move forward while still focusing on the surroundings, the environment, the road, when you need it to turn and look at the calming cars and behind you, what's going on? What about now you can ride your bicycle was one hand thinking about what you're gonna do in the weekend and listening to music. So every skill takes some time to learn and master. It's the same with finances. And what people have found with this finance company is that as complex, it may seem to be at the beginning. They very quickly once from the learning curve and get out, got out of it with a sense of comfort and confidence that actually managing their finances lot on it was possible, but actually quite easy and enjoyable. So your finance compass is going to be your best tool when it comes to finances and finance management. Let's get started. This chapter is about getting your own version of the product and using the simple instructions that following this lesson in the paper, you will have the details on how to get it. Like I said, remember that every lesson guide you through how to use this tool and how to populate it. Now is not a time to, for you to look into the tool and start scrolling through all the sections and panicking about how complex looks like. Remember, we're gonna do this together step by step. So your homework for this one is simply to get your own version of the tool, your personal version, getting ready, and move on to the next chapter. See you there. 3. 2 Visibility = Power: Before we get into updating your personal finance compass with real numbers, I want to start with the right guiding principle in mind. So this lesson is really about the mindset of financial management. And the rule is that visibility is power. You don't have to change anything at all. It is critical for you to accept that you need to know exactly how much you spent. You need to be transparent and you need to be aware of your spending habits. We're spending routines. And that's how you're going to unlock some ideas and some potential opportunities for a better savings or a better financial management in the future. But like I said, now, the point is simply to say, you have to know what those numbers are. Okay? So visibility is power. And I know that for some of you, this may bring up a feeling of guilt. This may bring up discomfort that pushes you away from willing to look at those numbers. And yet, if you are here, if you're having this training, it's most definitely because you're keen to learn, you're keen to change and you want to know how you can get to a better place. Well, let me tell you the first step is to accept that visibility is power and to confront the numbers. So how can they live campus help you in gaining more visibility? The first step will be for you to categorize all your span into different buckets, is like having buckets of goals that you fill in with certain activities or certain fence. So for example, you may have your grocery, your transfer, your rans, your hobbies, your restaurants and bars. Anything that you do and spend money on should be falling under a bucket. And your finance companies will come with some standard categories that you can use. And you will also be free to add your own individual categories. The rule here is to absolutely avoid the other bucket. It needs to be as small as can be. And the reason for this is because many people tried to use the other buckets to excuse some of their expenses, you must gain visibility. Remember the principle? So I'm going to challenge you to put as much transparency in your categories as possible so that you have a clear bucket for every expense. For example, if you spend time learning a new language as an extra activity, make sure that you have a bucket for extra courses and education. If you like, to put a lot of makeup and that you spend considerable amounts on cosmetics. Make sure that you have a cosmetic category. If you workout and you use special nutrients and proteins, maybe you want to split this from your grocery bucket and have one just on workout related to nutrition. You see the point, the point is split those buckets down as narrow as possible so that you gain the best granularity and the best visibility. Visibility is power. Now, we are ready to start filling this finance campus where you're going to look at your expenses and put them into buckets. Remember, visibility is power. Apply this principle is gonna make you successful. 4. 3 Adding your expenses: Okay, this is going to be a really, really short video because the essence of this lesson is on the finance compass. So I'm going to be guiding you and we're going to go through each field and tab of the finance compounds for the part one, which is putting down your expenses. Remember the principle that we agreed on that visibility is power. So by now you should already have a pretty clear idea on what your expense buckets are. And we're just gonna make sure that they're well registered into your finance compass. Let's dive into it. 5. 4 Adding your invisible costs: So do you have your expenses written down in buckets categorized in your finance compounds? Well done. If you haven't, get back to the previous lesson and make sure you do this because there is no point for you to keep going through the course. If you don't complete the homework step-by-step, the amount of work that will be remaining for you by the end will be demotivating and you will not do it. So make sure that you take each chunk piece by piece as we go through those lessons. This lesson is about your invisible costs. What I mean by this is on top of the cost that heat your accounts on a monthly basis. You also have more longer-term expenses, things like taxes, things like products that you buy on a less regular basis. It could be health related. It could be maintenance of your car or your property. It could be insurance. It could be any type of annual subscription for your Internet, your electricity, or your TV. It's all of those are counseled. All those all those expenses that heat your account on an annual basis, on a BI annual basis or on a quarterly basis? I don't know, but it's things that are not monthly. And so we also want to incorporate those expenses and spread them out through your plan. This way. There's no surprise. This way, you anticipate every expense before it arrives. And when he comes as no surprise, you were prepared, you are saving the money for it. And it doesn't affect how much you can say. Does it make sense? If you have incorporated every single thing that you can possibly is a expanse and span. Well then you will know your bottom line figure. But that's coming up later. So for now, let's get into the IVC campus and work together on categorizing what those invisible expenses are. And make sure that we spread those out over the coming month. 6. 5 Adding your revenues: You now have a full picture of your expenses, not just monthly, but for the entire year. How does it feel? Probably not so great because we're been talking about spending so much of this money. Stick with me, stay with the process. I know that it may be painful by now, but it's part of it. It's part of your journey to manage your finances. And we're now going to start to grey more positive energy and appreciation into this process. So stick with me. What you've done so far, by the way, is actually advanced financing because we are accrued. This is the technical term. All the costs and expenses that are planned for the 12 month, and we have accrued for them on a monthly basis. So well done. This is really anticipation and acting in a proactive manner on your finances. Now, it's time for you to add your revenue. Yeah, We've talked a lot about expenses. So in this chapter, I'm going to guide you through how you add your revenue into the picture. So that we started balancing how much you spend with homage, how much you earn. 7. 6 Your bottom line figure: By following through the exercises of the previous lessons, you have actually shaped up your personal finance campus. I'm really excited for you. It is now time for you to meet the benefits of this hard work that you've done with courage facing the truth. Because visibility is power, being proactive by looking at your invisible costs on top of your monthly expenses and balancing with your revenues. So now the finance companies will be able to give you your bottom line figure. This bottom line figure is the amount of money that you can securely save and put a sign on a monthly basis. The finance companies will also start making assumptions on how much money you will actually accumulate if you were to save this consistently over a period of time. We will show you this as well. Now, is this number positive or negative? If it's positive, congratulations, you're in a good phase. If it's negative, you only have two actions. You can either reduce your expenses or increase your revenue. And I'm sure you knew that already. So I appreciate that this might not be the solution for you in this training. I cannot give you the solution. But if you look into your expenses, there may be clues. If you have been doing a thorough work on categorizing your expenses, I encourage you to reconsider Those. Look into them again and benchmark yourself. Question yourself, challenge yourself even. And ask yourself if you're really spending as message as much as you should on all those categories. If really you stretched out and you're minimizing how much you spent. Your solution is to look at how much you can gain more revenue. And I'm sure that there is a lot of health, including elderly, on how you can make this happen. So now let's go into the last piece of your finance compass and discover your bottom line figure together as go. 8. 7 Your monthly review process: Over this course, you have created your personal finance companies, which is really a, an expense and revenue management tool that will provide you clarity and visibility on your bottom line figure, which is the amount of money you can save on a monthly basis. Now, we've done this for now. And like anything in life, it's not going to be permanent and he's gonna, he's not going to stay valid over time. So this lesson is to remind you that to continue to reap the benefits of the work you've done now, you must review your finance combust on a regular basis. I personally recommend that you spend some time each month and it will only take you 10 or 15 minutes to review your assumptions. What are your assumptions? It's the amount of money that you expand, expands, and that you earn. As you've done in the previous chapters, look back into it. Are the categories still right? Are there new categories? Do you actually want to split those down into an even more narrow break down? It's up to you, uh, really, the point here is keep it current, keep it valid, and you will maintain faith and belief in the store. If needs to be real, it needs to continue to stay your companion, your trusted source of information. Visibility is power. I haven't said it enough and I will continue to repeat it. So when CMS the end of the month, have a look at your bank statement and compare it with your finance compass. How much have we actually spent versus what you were planning? Look at grocery for example. And you have a specific bucket for that. How does it compare with what you spent this month? What about last month? Maybe you need to readjust your numbers here and there. Maybe there are some new categories. So again, make sure that your finance company is really fully up to date and you keep trusting it. Review this on a monthly basis, and it will continue to retain its power and its value in helping you manage your finances. 9. Conclusion: You're done, you're all set. You have your finance Compass. It's populated and customized to your needs and your life. And you know how you're going to keep this alive and continuously review it month after month. Well done. I just wanted to make a quick video to congratulate you. I know that talking about finances is clearly not the most pleasant thing to do. And you have such a courage to have gone through this training and having committed to perform in your finance compass up to this point, I really ungrateful for all the work you've put in and for the courage he had. Remember that visibility is power and that you've gained tremendous power through this course. You now have accountability and the accountability to keep going and you keep these up-to-date. It is not going to be useful for you to have this on a one-off. So make sure that you take accountability for updating it on a regular basis. If you have any question in this platform, you can actually start a conversation. You can ask me directly and also you can exchange with the other students. I would love to hear from you how your finance Compass has actually helped you making progress in your financial management. And how much savings you could actually gain from that. What is the value? What are the insights that you got, please share? Because so many people maybe just like you having some breakthroughs with those simple steps. Once again, well-done for your courage. Remember to keep going and keep this to very close to you and enjoy. See you soon. 10. Demo 1 expenses: Hello everyone and welcome to the finance campus. So we're gonna go step-by-step through this tool. And like I said, I would recommend that you only look at the screen we're presenting in this lesson, rather than looking through everything. If you're curious, of course you can, but it's just that I don't want you to start worrying or B, overwhelmed by this. Fine. It's actually really, really simple. As long as you watch every video and you go through each lesson before looking at the two. So on this lesson we're looking at the first view which is expenses. It's a very straightforward view really because all this is saying is it's categorizing your expenses, as we said on the video. So I've just put those as the main ones that I could think of. Feel free to add some you still have here. What is it's about 11. Yeah, ten additional rows. And feel free also to rename those. Yeah, you really, really free to make this as relevant for you as you want. So you choose your categories and remember to be as granular as possible. And then here what you do is you put your monthly estimates of what the expense is for that category. So for example, the rent is 459 in that example. And the mean and the max are the same because this is an exact amount that I pay each month. So I don't need to put a range. But when it comes to transport or say grocery shopping, here, I'm putting a range between 350 and 400 because it will vary. So here you're just allowing you yourself a little bit of flexibility range so that you pretty much fall under your estimates. And when you're done with all your categories, you've put all the means, all the max here automatically. It's going to calculate for you your total per month. So you can see here that my expenses per month are between 12121372. That is number one, expenses. And on the next video we're going to look at invisible costs. 11. Demo 2 invisible costs: Welcome back. We're now on the step two of the finance compass, which is your invisible costs. So this will look quite different from your monthly expenses simply because these invisible costs might not be monthly. So what you will find in this file and in this view is still your categories. And like I said on section one, feel free to update this based on your needs. You still have your estimates, but this time notice that it's not your monthly estimates. It's simply the estimate. And then you just have here to update the frequency. Some things say, for example, electricity for myself is something I pay three times a year. So here I'm just putting how much it is for the one below, I received three times a year and the tool will then spread this per month automatically for me, there are some expenses by income tax that I pay once a year and there are things like gym membership or banking fees that I pay actually each month. So here I've put back 12. Reason why I didn't put them necessarily on expenses is because this is something that I may not think of. Yes. So these invisible costs are things we don't see or think about directly when I ask you, what do you spend on a monthly basis? But think about all the fees and all the hidden costs, like I said in the video. So remember here what's really important is to put the right frequency so that this is then spread per month. And then, so this part here on Columns F and J are done automatically. And once again, it will calculate for you automatically your total per month. So put your invisible costs categories, min-max and frequency, and the rest is done automatically. Okay, we've done now all expenses. 12. Demo 3 revenues: Step 3, we're now onto revenues. So this is exactly the same view as you're invisible costs, except this time it's a bit of a green color theme because we're talking revenue. So income, I've put as many categories as expenses for the lucky ones. I personally only had one to maybe free, but I had my monthly net salary and my annual bonus. And then I also added one thing on occasional revenues. And so like before, you put your categories, you put your mean and max ranges. Remember this is not per month, so this is just your mean and max and then you add here your frequency. So my salary is paid monthly, so 12, but I received a bonus only one time per year. And finally, the occasional revenues is like once a quarter. And again, the tool will calculate automatically for you your total mean and max per month. And here you can have the final numbers. 13. Demo 4 bottom line figure: Step 4, this is actually quite a good step because you have nothing to do. Your bottom line figure is right there, below your eyes. You have correctly filled in steps 1, 2, and 3. So remember your expenses are all there, you're invisible costs are also spread per month and your revenues. So when you look at step 4 here, bottom line figure, it's just kinda consolidate for you and summarize this information. And you can see one line for your monthly expenses, which is the same number as what you can see here on the view one. And then same applies for you. Invisible costs 264291. Let's check. That's right. And if we look at our revenues, here's the number and it matches. So you have just here a consolidated view, very simple, that shows in summary, your expenses per month. And you can see your monthly expenses, your invisible costs, and you can also see your monthly revenues. Now, what it's doing on top of this is a simple difference so that you have your bottom line, bottom line figure. If this number right here is positive, well done. That means that you can actually save money each month and we will look at how and how much later on. But here's the number actually, yes, this is it. It's between 272 and to 97 per month. And this is the bottom line figure that you can securely saved because you've now taken into account all possible expenses, even the invisible one. So enjoy. 14. Demo 5 monthly reviews: Step 5, the monthly reviews. So hold on. I know that this view may look scary, but it's actually like one of those mixed tables that DJ's use. Yeah, it looks like there are a million buttons in there, but if you look in detail, actually all the buttons are pretty much doing the same thing as the same here. So let's have a look in detail. This table is extracting from the previous sections the information that you have keyed in. So you have nothing to do on this left part. Yeah. Make sure you don't touch it because it's automatically extracted. If you need to change a category, you are free to do so, but come back to step one, for example, if you want to change rent and call it differently, you go back to step one and you call it housing. As an example. When I go to my monthly reviews, it's going to be updated. So make sure that on the monthly reviews, use GISTIC with what is in there. So you have your monthly expenses, you have your invisible costs, and you have your revenues. So everything is just recapped here and you even have your bottom line figure is a nice summary view that you can use. But that's not the point of step five. Step five is the place where I encourage you and invite you to go at the end of each month. Yeah. And at the end of each month, you can hear on month x say that you start next month when it will be in month number one. And take your bank statement next to you and do the math and look at the reality of your expenses and your revenues compared with your plan. So this is really a moment of truth where you're going to see if your finance company is actually accurate. If it's not, don't worry, just go into your revenues, invisible costs or expenses views and change your ranges. Yeah, the point is, you want this to be as accurate as possible so that you really know how much you can say. So let's take a real case example. Much the end of the month and soft paid my rent, So that was 459 as usual. And it transports. I will just sum up all the times of both train tickets or bus tickets. So I'll just put equal and I will say it was 15 plus 17, plus 30 plus there was a taxi of eight. And that's it. Oh, I'm at 70, which is right at the bottom of my range, grocery shopping. So I look at my bank statement and he tells me that I spent 112 plus 47 and I also had one at 32 and another one at 200. Okay. 391, et cetera, et cetera. I think you get the point. So remember, or you need to do is put an equal sign and then put your numbers and a plus and another number and a plus. And when you're done, press Enter and it will calculate. Now, here I've put my expenses. Let's just for the sake of it and also my revenue. So this time my monthly salary was on the bottom of the range. I had no annual bonus and no occasional revenue this month. Yeah. And now look at this. This is telling me that actually I am able to save this month 412. And on the next video, we will see how this is being updated on your savings plan. 15. Demo 6 savings plan: 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 campus. But I thought I would just do a little bonus here and give you an extra feature on planning for your savings. 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 planner head 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 of savings. So we've your bottom line figure being 272 and to 97, you would go up to more than actually free thousand by the end of 12 months from now. And what this view 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. And if you remember step 5, 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 safe for month one being 412. Now, you're gonna 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, 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 compass, well done. And when you enter your monthly reviews each month, this is what skilling is giving you there. So you have varying amounts of savings that you've accumulated. The green layer, green line here is showing you your accumulated, accumulated saving, which is at the moment up to 2902. And this is the amount you can see here looking at the secondary scale. You can also see that you way above, you know, at the time of 17, where both your plan, she's 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 felt just within your range, almost looking at the minimum range of savings. But you have successfully saved 3000 and 300 on the year, on the, on the accumulated 12 month 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 0 again. Yeah. Or you can even do a six month range and only did it the last six month copy the rest, etc. 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 companies 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 that you do it. Thank you very much.