3
Create an excel sheet and make your home budget.
You are required to show total amount available in start of the month.
Write different titles for expenditures and amount date wise.
At the end of the month, you will show the remaining amount available by using
formulas
(6 marks)
Answers
Answer:
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Explanation:
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Answer:
How to Make a Budget in Excel Using Premade Templates
Step 1: Open a Blank Workbook
Your goal here is to create a zero-based budget where you account for every dollar you spend and earn. It’s a great way to keep track of your money because it is so darn accurate. Honestly, once you start using this type of budget, I don’t think you’ll ever use a different style of budget again.
Start by opening Excel and choosing “Blank Workbook” or go to File>New>Blank Workbook. Now you have a fresh canvas to start with.
Step 2: Set Up Your Income Tab
Once you have a blank workbook, block off a chunk of columns to use as a heading for the month. To do this, select the first two rows in columns A-G and select “Merge and Center” from the workbook’s “Home” menu. That will make the whole section now A1, and you can label it as you desire.
Next, select cells A3-A11, choose “Merge and Center,” and write and center the word “Income.” If you want to get creative, feel free to choose different fonts and colors.
Then, merge cells B3 & C3 and label them as “Source” to represent where your income is generated – i.e. your main paycheck, your side gig, etc. You’ll also want to merge each row of B&C individually through row 11.
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Label cell D3 as “Date” to help keep track of when this payment came in. Adding a date section is optional and helpful if your income sources are varied each month. It may not be useful if your paychecks are predictable.
Next, label section E3 as “Planned” or “Budgeted.” This is the amount of income that you’re planning on coming in. Section F3 is your “Actual” column, and this represents the actual amount of money that hits the bank account – hopefully more than you planned for. Finally, a “Difference” column in G3 will automatically keep track of the difference between your planned and actual income.
Step 3: Add Formulas to Automate
To make your Excel budget look a little cleaner, select the entire section. Then, use the borders tool on the workbook’s “Home” tab (looks like a square divided into four) and choose “All Borders.” To make it even easier to read, you can also shade a few areas.
Once you like the look of your budget spreadsheet, it’s time to add the formulas that will automatically calculate everything for you. In the example below, I added “Total” to the B11 cell. However, you can add it at the bottom of however many sources of income you want to track.
After you have your “Total” label, select everything in the “Planned” column and use the “AutoSum” feature to get your total for the month. Alternatively, you can also select the last line in that column and input the formula “=SUM(E4:E10)”. Of course, you’ll want to replace the E4 and E10 designations with the range of cells you want to add together. Repeat this process for your “Actual” and “Difference” column.
To automatically calculate the difference between your “Planned” and “Actual” income, input the formula “=SUM(F4-E4)” after each row. Again, replace the F4 and E4 with the cells corresponding to your “Actual” and “Planned” sections. Repeat this for each row of income.
Step 4: Add Your Expenses
Once your income section is figured out, it’s time to calculate your expenses. You can either do this on the same sheet or start a new sheet. To keep expenses on the same sheet, create a new area underneath the “Income” section and customize it how you like. Then, use the same column headings – Due Date, Planned, Actual, and Difference – as you did earlier.
Create the formulas the same as you did earlier, with one major exception. In the “Difference” column, rather than using the “=SUM(Actual Number-Planned Number)” formula, you’ll need to switch it around. For calculating your expenses, you want to use the formula, “=SUM(Planned Number-Actual Number)” to calculate how much you overspent.
If you’d rather list your expenses on a separate sheet, just click the + sign at the bottom by “Sheet 1.” You can then rename each sheet by right clicking and selecting “Rename.”
When listing your expenses, you can customize the categories to your liking. Make it as specific or vague as you want. The key is to make tracking your regular spending easy. Some people might want to track their natural gas, trash, and electric separately while others may want to lump it together as “utilities.” It’s totally up to you!
Step 5: Add More Sections
Now it is starting to get fun! Add as many sections or sheets to your Excel budget as you want. In the example, I added a “Funds” and “Savings” section. You may notice that I removed the “Difference” column from these sections since we aren’t concerned about over-saving. If you’d like to see how much extra you saved than what you planned for, feel free to leave them in.
Step 6.1: Totaling Numbers from Other Sheets
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