Prepare Personal Finance Scorecard with These Indicators

Personal Finance KPI KPI - Balanced Scorecard metrics template example KPIs in Personal Finance ScorecardScorecard to analyze an employee's financial position is a tool being increasingly appreciated and adopted by organizations. These provide in a 'nut-shell' a way to have an idea of the credit position of the individual.

BSC can be utilized to assess the performance of the process and it should ideally cover the areas mentioned below. Structural Perspective - is indicated by metrics such as Number of emergency funds, Average outstanding balances on Credit Card, Retirement Plans Index and Number of Insurance Schemes subscribed to.

Credit and Savings Perspective- can be calculated via Household Expenses: Gross Salary Ratio, Credit History Report Frequency, Savings: Gross Salary and Savings Improvement.

Financial History Perspective - can be had with indicators like Credit History being questioned index, Instances of non- fulfilment of schemes ratio, Instances of Tax rules non- compliance and Credit Position Improvement.

Benefits and Transparency aspect - can be evaluated using the metrics like Cost savings on Credit Card Index, Time Savings, Transparency Level and Increase in options for loans.

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When applying for loans or asking for financial assistance of any mode, the needy one is evaluated on the basis of credit history maintained so far. This is to know about both the 'capability' and 'interest' of the individual in paying the debt in timely manner.

To have this information, one requires a way to know about the 'financial stand held by the individual.

People are increasingly getting inclined towards the usage of a 'performance measurement and management tool' called BSC (Balanced Scorecard). This depends on the metrics that are dug and grouped on it under the categories found useful. This is to evaluate the progress or growth of the task in an unbiased and practical manner.

In other words, by framing a personal finance scorecard to assess the financial position of the concerned individual, one can carry out the job of 'personal finance management' in an effective and precise manner.

Some of the aspects that can be tested using this tracking tool are- 'structure', 'savings', 'financial history' and 'benefits arising'.

The steps comprised as 'personal financial planning' can be put together as 'assessments of personal financial documents like balance sheets and income statements', 'fixing goals and aims', 'developing a plan', 'administration of the plan' and 'monitoring and assessing the results'.

More useful information for Financial Evaluation

Personal Finance Evaluation Balanced Scorecard Screenshots

The Balanced Scorecard (BSC) dashboard indicates performance within each perspective and the total performance of .

This is the actual scorecard with Personal Finance Dashboard and performance indicators.

Metrics for Financial Evaluation

This is the actual scorecard with Personal Finance Dashboard and performance indicators. The performance indicators include: structural perspective, number of emergency funds, average outstanding balances on credit card, retirement plans index, number of insurance schemes subscribed to, frequency of fixed assets updation, credit and savings perspective, household expenses: gross salary ratio, credit history report frequency, savings: gross salary, savings improvement, financial history perspective, credit history being questioned index, instances of non-fulfillment of schemes ratio, instances of tax rules non-compliance, credit position improvement, benefits and transparency perspective, cost savings on credit card index, time savings, transparency level, increase in the options for loans.

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