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Using Excel to Build a Budget. BTA – 2012 Accompanies NEFE page 23. Building a budget. Determine the specific period of time the budget will cover – weekly, monthly, annually. This will impact the income or expenses calculations.

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Using excel to build a budget

Using Excel to Build a Budget

BTA – 2012

Accompanies NEFE page 23


Building a budget
Building a budget

  • Determine the specific period of time the budget will cover – weekly, monthly, annually. This will impact the income or expenses calculations.

  • Title your budget: In cell A1 type the label Jessica’s Monthly Budget.


Building a budget1
Building a budget

  • In cell A3, type the label Estimated Income.

  • Look at Jessica’s income, she has a weekly paycheck and earns interest on savings.

  • In cell A4, type the label Paycheck (after taxes).

  • In cell B4, we need a formula that will calculate the amount of her MONTHLY net pay:

    =((8*25)*.70)*4


Building a budget2
Building a budget

  • In cell A5, type the label Interest Earned

  • In cell B5, type the value 15

  • In cell A6, type the label Total Estimated Income

  • We now need a formula to in order to add up the total estimated income, so in cell B6 :

    =B4+B5


Building a budget3
Building a budget

  • Let’s do a little cleanup:

    • Resize column A to the exact width needed

    • Format the following cells

      • B4 – accounting

      • B5 – number

      • B6 – accounting

    • Select the range A6:B6 and place a top and bottom border on this range

    • Bold cells A1, A3, A6, and B6


Building a budget4
Building a budget

  • In cell A8, enter the label Fixed Expenses

  • Bold cell A8

  • In cell A9, click the increase indent button and enter the label Savings (PYF)

  • In cell A10, click the increase indent button and enter the label Car Payment

  • In cell B10, enter the value 235


Building a budget5
Building a budget

  • In cell A11, click increase indent and enter the label Car Insurance

  • In cell B11, enter the value 50

  • In cell A13, enter the label Estimated Variable Expenses

  • Bold cell A13

  • Resize column A


Building a budget6
Building a budget

  • In cell A14, click increase indent and enter the label Cell Phone

  • In cell B14, enter the value of Jessica’s estimated cell phone bill: 40

  • In cell A15, click increase indent and enter the label Gas

  • In cell B15, enter the value of the estimated cost Jessica will spend on gas: 50


Building a budget7
Building a budget

  • In cell A16, click the increase indent button and enter the label Miscellaneous

  • In cell A18, enter the label Total Expenses

  • In cell B18, enter a formula that will add up all of Jessica’s expenses:

    =B9+B10+B11+B14+B15+B16

    OR… use auto sum and click and drag to get the formula: =SUM(B9:B17)


Building a budget8
Building a budget

  • Let’s clean up again:

    • Select the range A18:B18, bold the range and place a top border and bottom border on this range

    • Format cell B9 and B18 as accounting

    • Format the range B10:B17 as numbers


Building a budget9
Building a budget

  • In cell A20, enter the label Total Income – Total Expenses

  • In cell B20, enter the formula to calculate total income – total expenses:

    =B6-B18

  • Select the range A20:B20, bold and add a top and bottom border

  • Format cell B20 as accounting


Building a budget10
Building a budget

  • Look at cell B20, Jessica has $200 left over after paying all her bills. We need to reallocate this money so that she is saving some and she has some for miscellaneous expenses.

  • In cell B9 and cell B16 enter the value you feel Jessica needs for saving and for miscellaneous expenses.

  • Look at cell B20. The value should now be 0 or “-”.


Building a budget11
Building a budget

  • Add cell styles and themes using colors, fonts, etc. of your choice.

  • RESIZE columns if necessary.

  • Save this workbook to your P: drive as Jessica’s budget

  • Print to NORWOOD 3600 and turn into your class folder