Explore the fundamentals of simple statistical analysis in data analytics, covering classification of data with the aid of graphs.
Ever wondered how you could plan your spends better to ensure you hit your savings goals?
Lets look at the possibilities using TalktoData.AI.
In this tutorial we'll look at the below Data Analysis :
With this Analysis, we are trying to understand how the spends are going to increase and what should be our personal earnings growth to survive.
Please use the attached sample data set to follow along with this Tutorial
Fig. 1 : Snapshot of the Data in .CSV file
Step 1:
Login in to your Free Talktodata.AI account and upload the data set. Below is the screenshot for reference.
Fig.2 : Steps to Login and Upload the sample data file
Step 2:
Asking the Tool to perform the first Analysis. For this, i'm using the command
"what are the Current Average monthly spends per category and can you show me the Future monthly average spends taking 6% inflation per year for the next 5 years"
Fig. 3: Graph Output
Now we know that we need to spend 15.5K instead of 11.5K in the next 5 years taking a constant inflation of 6%.
Step 3:
Now lets further analyse the data and see what should be our Salary to hit the 1 Million savings target.
First I'm using the prompt : "what should be my salary Year on Year to reach the 10 lakhs goal in 5 years. Also give me the year by year breakdown of expenses savings and income?"
Year | Projected Annual Expenses (INR) | Required Salary This Year (INR) | Savings This Year (INR) | Accumulated Savings (INR) |
---|---|---|---|---|
1 | 139,003.87 | 339,003.87 | 200,000.00 | 200,000.00 |
2 | 147,344.10 | 359,344.10 | 212,000.00 | 412,000.00 |
3 | 156,184.75 | 380,904.75 | 224,720.00 | 636,720.00 |
4 | 165,555.84 | 403,759.04 | 238,203.20 | 874,923.20 |
5 | 175,489.19 | 427,984.58 | 252,495.39 | 1,127,418.59 |
Fig. 4: Table Output & Explaination
This is one example of how you can rationalise your income and expenses to reach your financial goals.
Don't stop here, here are a few thought starters for further analysis :
To ensure accurate results, it's important for us to ask the right questions.
Here is a simple guide on how to ask the right questions
You can further enhance this visualisation by asking the assistant to add data tags, change graph colours, add an average line etc. Now go-ahead and start your AI Assisted Data Analytics Journey.
Click here to Download the sample data set.
For any queries or support, please visit https://talktodata.ai/