If one of your goals for 2016 is to manage your money more effectively, you may want to consider setting up a financial dashboard.
For busy business professionals, it can be easy to lose sight of the big picture without a financial dashboard amidst the flurry of paperwork, i.e. bank statements, tax records, investment and retirement account statements, loan documents, and other financial records. Even with the proliferation of e-statements, tracking and organizing emails isn’t much easier.
In essence, a financial dashboard tracks several key metrics, such as savings, debt and goals, in order to provide an overall look at your financial health. The greatest benefit is that the tool readily shows where you are financially, including how things are going over time. That is important in planning for spending, saving, investing and retirement.
You can create a basic financial dashboard using a spreadsheet program like Microsoft Excel. The process involves creating different columns for each major aspect of your financial life and entering the relevant information. For many people, the process of creating the dashboard can be just as enlightening as the finished product. Below are several key “buckets” to address:
Professional and/or life-stage milestones:
Life changes can be disruptive to the best laid financial plans. Getting married, having a child, starting a business, and retiring are the most significant milestones, but family health changes and changing jobs, can have a financial impact.
Savings:
Long-term cash/liquid savings should have its own column. Unlike investments, these funds can be accessed quickly and should not fluctuate with market conditions. Since the dashboard is for future planning purposes, most financial advisers recommend leaving out short-term savings.
Investments:
For many, this part of the dashboard will be the most labor intensive. Investments should ideally be sub-divided into how much you are contributing and how much the portfolio is growing. You can also further divide the category by type of investment, i.e. 401(k), mutual funds, brokerage accounts, alternative investments, in order to see how each is performing and make adjustments as needed.
Debt:
For those approaching retirement or otherwise seeking to pay down debt, it is imperative to track mortgage payments, student loan debt, credit card bills, business loans. List current balances as well as expected pay off dates. Knowing when certain debts will be eliminated can help determine how the funds can be allocated in the future.
If a DIY dashboard sounds daunting, templates are available online. In addition, there is always “an app for that.” There are several applications, such as Mint, that promise to keep track of financial statements without having to visit each website to track down the information. In addition to being constantly updated, online financial dashboards also offer a number of useful extras, such as fancy charts and graphs, that show how your money comes in and goes out.
Related Article: Top 5 Legal Mistakes Start-ups Make
Ten Best Apps For Small Business Owners
Crowdfunding Crash Course For Small Business Owners
Business Productivity: Wi- Fi in the Sky
Is It A Good Time To Start A Business?
Selling Your Business? Tips For Surviving Due Diligence
Does Your Small Business LLC Have An Operating Agreement?
Special purpose acquisition companies (better known as SPACs) appear to be making a comeback. SPAC offerings for 2025 have already nearly surpassed last year’s totals, with additional transactions in the pipeline. SPACs last experienced a boom between 2020–2021, with approximately 600 U.S. companies raising a record $163 billion in 2021. Notable companies that went public […]
Short Form Merger: Streamlining the Process for Businesses
Merging two companies is a complex legal and business transaction. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process that involves important corporate governance considerations. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process. However, […]
Tariff Response Options for Small Businesses Facing Financial Distress
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Common Causes of Partnership Disputes and How to Resolve Them
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Businesses Are Facing Financial Headwinds—A Practical Guide
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
President Trump's Termination of Member Gwynne Wilcox
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
