As indicated in the guidance for Week 3 Excel can be used for many purposes. For example, Excel can be used to develop and track your personal income and expenses against a monthly budget. Assume a family has developed a monthly budget and desires to compare actual expenses for July to their budget.
Before we begin, for income and savings we use the formula (Actual – Budget) and for costs or expenses we use the formula (Budget – Actual). We do this because we are trying to determine whether the difference or variance is better or worse. It is better to earn a higher salary but it is worse to spend more than budget.
Here are the detailed instructions:
Be sure to expand the columns so that the contents don’t overlap the adjacent columns. At this point, this is what your spreadsheet should look like:
The following set of instructions will build your line items list:
This is what you should see in your line items list:
Next, let’s add the Factors:
This is how it should appear:
The following set of instructions will help you create formulas in your spreadsheet. Excel has built in formulas to make calculating data easier. Formulas always begin with the equal sign (=) which tells Excel that a formula is being entered.
This is what your spreadsheet to this point should look like:
To see all the formulas you’ve entered into the spread sheet, click on the Formulas Tab and select Show Formulas to see the formulas.
This is what the formulas should look like in the spreadsheet:
Click Show Formulas again to return to the normal spreadsheet view.
Then make the selections indicated in the options box pictured below.
These selections will remove the decimals and add a dollar sign to the columns.
Making a Chart for Budget Expenses
To view a brief ‘How To’ video for creating a chart in your spreadsheet, click on the video below.
Your columns should look similar to this:
Select 2-D Column
In Microsoft Office version 2010 and prior, you will see the Chart Tool activated at the top of the screen for the formatting elements. Click the chart and press the help key (F1) in Microsoft Office to open the help function for the options available in your version. This is a clip of Microsoft version 2010 for your reference:
In the 2013 version of Microsoft Office which is demonstrated below, you should then see something similar to the following graphic
Your finished spreadsheet should look similar to this example:
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