Instructions On How To Create A Personal Budget On Excel
Students are always challenged with managing their budget. In addition to normal household expenses, they have college expenses to consider. You have decided to keep track of all of your expenses using an personal budget Excel spreadsheet application to help with financial responsibilities. You will use Excel to estimate your monthly college expenses for the school year.
In your personal budget worksheet, include the following information about your budget:
- Decide on your additional expense categories such as housing, food, electricity, transportation, water, etc. Add categories as needed.
- Determine your list of college expenses such as books, supplies, computer hardware and software. Add categories as needed.
- Identify all sources of monthly income and organize this in your spreadsheet. After you have entered this data into your spreadsheet, you will want to analyze this data. (Use comment feature)
- Include totals of expenses projected for each month. (SUM)
- Calculate the projected savings left over each month after the expenses have been paid. (Income subtract expenses)
- Highlight any months where there may be a challenge by a deficit in income.
- Determine the maximum and minimum expenses and highlight each a different color. (MAX, MIN)
In your personal budget Excel worksheet, remember to use the following key worksheet elements:
- Columns, rows, and cells
- Cell formatting
- Formulas to produce your calculations
- Use the comments feature to bring attention to 1 or 2 cells that contain values important to the analysis of the budget.