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How do I manage my budget with monday.com?

How important is this one for any business or even personal needs, right? We have you covered, no need to worry. monday.com offers a couple of ways to manage your budget! 💰

To get a feel for how useful budget planning on monday.com can be, let's start of with our use case - event planning. 

To get started, go ahead and build up board, jotting down each event that will take place, and each expense that you'll need to account for. 

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Use the numbers column to track expenses

Using the numbers column, we can easily track and manage our expenses for each and every event.

Let's say we want to manage expenditures for each event, having a quick tally of the actual expenses as opposed to the expected ones.

We can simply add two numbers columns to the board to track:

  1. Estimated Cost
  2. Actual Cost 

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As you can see from the use case there's an option to change the UNIT and FUNCTION! Just click on the very bottom of the status column and from there you can choose which unit and function you need or even create your own! 

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Use the formula column to add value to your boards!

Available on the Pro plan, our Formula Column allows you to balance a budget by making calculations across different number columns. Spanning from basic calculations to complex formulas, here are a few use cases to show you just how helpful these can be:  

  • Seeing our actual budget vs estimated budget  

As we saw earlier, using the numbers column, we can track the estimated budget vs the actual budget for a particular item. To gain a quick, visual overview of whether we are over or under our budget, we can use the IF function on the formula column. 

 Formula: IF({Actual Cost} > {Estimated Cost}, "Over budget", "Good")
 
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  • Projects Profit Margin 

We have a few projects running simultaneously in August, they all have the same steps. We want to see our profit margins on a per-step and overall basis, let's see how we can get it done.

 Formula: ROUND({Profit}/{Revenues}*100,1)&"%"
 
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  • Budget Roll-Over

We're very busy with loads of different events going on every month. Some months our expenses exceed our budget while other months we're under the budget. So for every month, we'd like to be able to see how much roll-over we have for each event, and overall. Here's how :)

 Formula: {Actual Cost} -{Estimated Cost}&"S"
 
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For more use cases about our formula column, check out this article. 

Use Board Views to see your budget breakdowns!

We're always interested to see what are our biggest expenses for our events every month, so this allows us to see those analytics visually, with just a couple of clicks.

To see this data, add Chart Views to your board:

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Then, customize the type of chart you'd like to see, and what data your interested in. In our chart view, we can see that 68% of our monthly costs went to FOOD! 🍩

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To learn more about what you can see with Chart Views, check out this article.

Create Dashboards to get insights at a glance!

Dashboards are a great place to keep all of your expenditures in one space, to see breakdowns of all your expenses and compare budgets to one another.

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On our boards, where each board allows us to track and manage all our events' budgets, we use dashboards to compare these monthly budgets to one another as well as see overall budgets for any given time period.

The Numbers Widget is specifically great for that, allowing us to connect all the expenses across different boards.

Below, you can see the September's Actual Expenses compared to August's, as well as each one's Actual Expenses compared to their respective Expected Expenses.

Using the Chart Widget, we can also see a breakdown of each event over the past 2 months, based on their Expenses giving us insights into our most costly events that took place recently.

As the saying goes - Knowledge is power!

There are many more useful widgets that can be added to your dashboards to empower your budgeting. You can check out this article for more info.

Automate your workflow!

To reduce the amount of manual work you and your team need to do, add in some automations such as due date reminders, recurring tasks and events, dependencies and more!

Stay tuned for some more budgeting-related automations soon! 

If you have any questions or feedback at all, feel free to write to us at [email protected] 😊