Creating a Finance Tracker in Notion

Introduction to the Finance Tracker

• The tutorial introduces an updated finance tracker using Notion's Formula 2.0, designed to simplify financial management.

• Key features include account management, budgeting tools, goal tracking, and seamless income/expense records.

Setting Up the Dashboard

• Create a new page titled "Finance Tracker 2.0" as the main dashboard; customize with an icon and adjust settings for better layout.

• Establish a database for financial accounts to centralize all account information.

Creating Account Database

• Remove unnecessary rows/properties and rename columns (e.g., "Account Name") for clarity.

• Add a Select Property to categorize accounts (e.g., savings, checking), adjusting colors for uniformity.

• Set up an initial account amount property formatted in USD or local currency; create a default template for adding new accounts.

Budgeting Setup

• Leave the account database open for future adjustments; proceed to create an expense budgeting database.

• Rename this database and add properties like "Expense Type" and monthly budget amounts (e.g., $500 for food/utilities).

Income Tracking Database

• Create an income type and target database to categorize income sources (main job, business).

• Add properties such as monthly income targets; leave this database open for later configuration.

Recording Income Details

• Develop an income record database that captures details like amount, date, category, and receiving account.

• Include properties for date recording and additional notes; set up a default template with today's date pre-filled.

Expense Record Management

• Create an expense record database with necessary properties including amount and notes; allow file attachments for receipts.

• Establish a default template for ease of use when logging expenses.

Transfer Records Creation

• Set up a transfer record database to document money movements between accounts or towards financial goals.

• Include properties like transfer date and amount while differentiating types of transfers.

Subscription Tracking Database

• Finally, create a subscription database to monitor recurring payments by renaming it appropriately and removing unnecessary fields.

Creating a Subscription Tracker and Financial Goals Database

Setting Up the Subscription Tracker

• Begin by creating a billing amount property for tracking subscriptions, ensuring to include a default template for ease of use.

• Add various subscription billings, such as Netflix, to the tracker. This will help in monitoring recurring expenses.

Establishing Financial Goals

• Create a financial goals database to set and track objectives like emergency funds or vacation savings.

• Include properties for initial and target amounts, along with a date property for setting target dates. A checkbox can indicate goal completion.

• Enhance the visual appeal of financial goals by adding cover images and ensure to create a default template.

Enhancing Functionality with Relations and Formulas

Connecting Databases

• Establish relations between expense records, accounts, and expense budgets to create an interconnected financial overview.

• Rename relation properties (e.g., "expense type") for clarity when categorizing expenses.

Implementing Expense Tracking Formulas

• Develop formulas that flag current month expenses with their respective amounts; if outside this month, set amounts to zero.

• Test formulas by changing expense dates; they should return zero if dated in previous months.

Income Records and Transfer Tracking

Income Record Relations

• Create relations between income records and both account databases and income types/targets for comprehensive tracking.

• Similar to expenses, implement formulas that flag current month incomes; those outside this month should also return zero.

Setting Up Transfer Records

• For transfer records, establish two relations with the account database: one indicating where money is transferred from ("from") and another indicating where it goes ("to").

• Connect transfer records with the goals database to facilitate fund transfers towards financial goals.

Budget Utilization and Income Target Setup

Aggregating Data through Rollup Properties

• In the expense budget database, create rollup properties to retrieve total monthly expenses categorized accordingly.

Budget Utilization Status

• Develop formulas showing budget utilization percentages alongside labels that will be explained in subsequent chapters.

Finalizing Account Database Setup

Customizing Account Database Features

• Set up rollup properties within the account database to aggregate total income, total expenses, total transfers out/in effectively.

How to Calculate Current Balance and Set Up a Financial Dashboard

Calculating Current Balance

• To determine the current balance of each account, use the formula: Initial Amount + Total Income + Total Transfer In - Total Expense - Total Transfer Out.

Setting Up Goals Database

• Create a rollup property in the goals database to retrieve the total funded amount. Then, add a formula that combines the initial amount with the funded amount to calculate total balance.

• For tracking progress on financial goals, create a formula for percentage completion and add a rollup property to display accounts that have contributed funds.

Designing the Dashboard Layout

• Begin setting up your dashboard by creating a two-column block layout for better organization.

• Implement a collapsible navigation menu using toggle blocks for easy access to sections like account management, income, expenses, transfers, subscriptions, and goals.

Configuring Account Management Section

• Add an "Account" heading and customize background colors. Use dividers for visual clarity.

• Display the account database in gallery view while hiding non-essential properties. Utilize previously created labels for important indicators.

Budgeting and Income Records Sections

• Establish an expense budget section with gallery view settings. Follow similar steps to set up an income target database view.

• For income records, rename views to reflect monthly data (e.g., "This Month's Income") and apply filters accordingly.

Managing Expenses and Transfers

• Replicate previous steps for managing expenses by changing views to list format and adding filters as needed.

• Create transfer record sections similarly by establishing list views filtered for current month transactions.

Subscription Management

• Add subscription databases with filters set to show only active subscriptions alongside another view displaying all subscriptions regardless of status.

Finalizing Goals Section

• In the goals section, change views to gallery format showcasing cover images. Include checkboxes for marking completed goals while filtering out completed ones from view.

Quick Buttons Implementation

• Introduce quick buttons in navigation menus for rapid transaction recording (expenses, income, transfers). Test functionality after setup.

Navigation Menu Configuration

Finance Tracker Configuration

Configuring the Income Menu

• Begin by copying the navigation menu and pasting it into the income menu page.

• Navigate back to the dashboard, copy the income target section, and remove the expense budget view as it's unnecessary for this section. Consider adding a table view of income targets if preferred.

• Copy the income record section from the dashboard and paste it into the income menu page to complete its configuration.

Setting Up the Expense Menu

• Repeat previous steps: copy the navigation menu into the expense menu page. Then, return to the dashboard to copy and delete unnecessary views like income target.

• Copy the expense record section from the dashboard to finalize setting up your expense menu.

Creating Transfer Menu Page

• As usual, start by copying over the navigation menu into your transfer menu page.

• Go back to your dashboard and copy over transfer record sections; consider categorizing transfers based on type for better organization.

Subscription Menu Configuration

• For configuring subscriptions, again copy over navigation menus. Separate subscriptions into active and inactive sections for clarity.

Goals Menu Setup

• Finally, configure your goals menu by copying in navigation menus. You can add another view if you prefer a table format.

• Add funding record sections by copying from transfer records in your dashboard while filtering only for funding type transfers.

Testing Finance Tracker Functionality

Account Creation and Budget Adjustment

• Create a new account where properties can be rearranged or hidden as needed; set an initial amount for this account.

• Adjust monthly expense budgets; observe that changes in budget amounts affect percentage utilization dynamically.

Testing Records Functionality

• Test adding new business income; note that PayPal balance increases accordingly with each addition.

• When adding expenses using newly created accounts, observe that account balances decrease appropriately reflecting payments made.

Transfer Records Management

• Add transfer records between accounts; transferring funds will increase balances in respective accounts such as Capital 1.

Introduction to Wealth OS Notion Template

Overview of Financial Management Features

• Introduce Wealth OS Notion template designed to enhance financial management through a comprehensive dashboard serving as a command center for finances.

Key Functionalities:

• Account Management: Track various financial accounts including checking, savings, investments, and credit cards while monitoring net worth effectively.

Planning & Budgeting Tools:

• Budget Suite: Set monthly targets while tracking spending habits alongside top expenses efficiently.

Transaction Logging:

• Transaction Record Section: Log all financial movements including incomes, expenses, loans repayments etc., ensuring no bills are overlooked with reminders integrated within subscription management tools.

Investment Tracking:

• Investment Management Page: Monitor assets performance with live charts embedded directly within one interface providing insights on profit/loss scenarios easily.

Liabilities & Goals Management:

• Liabilities Section: Manage debts seamlessly ensuring timely payments across loans/credit cards while tracking progress towards financial goals through reporting features available within template structure.