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Budget Essay

1765 words - 8 pages

Personal Budget Exercise – MS Excel
For a review of the complete rubric used in grading this exercise, click on the Assignments tab, then on the title Personal Budget (Excel) click on Show Rubrics if the rubric is not already displayed.
Creating a spreadsheet to track personal expenses is an excellent use of Microsoft Excel. For this exercise, you will create a spreadsheet to enter a personal budget and track actual expenses for the year. You may choose to use real data or create a fictitious budget using a monthly income amount of $3,500
Here are suggested budget categories if you are not using a real budget. At a minimum, you must have 9 budget categories:
Housing (mortgage or ...view middle of the document...

A minimum of 9 categories is required. | 0.25 | Text format is Arial 10 point, Normal. Align text Left in the cell. |
6 | Format all cells containing numeric data to Currency, using two decimal places. If you have this set up correctly MS Excel will automatically insert a "$" in front of the amounts that you enter. | 0.25 | I will be able to tell if you simply typed in the "$." This will result in zero (0) points for this item. If any other format is used besides Currency, the score will be zero (0) for this component. |
7 | In the column under your PROJECTED COSTS label, enter a monthly budget goal amount for each BUDGET ITEM category. This would be the limit of what you want to spend on each category in one month's time. | 0.25 | Arial 10 pointBoldAlign text Right in column |
8 | Enter the label "PROJECTED BUDGET TOTAL:" in the next row in the BUDGET ITEM column.Use the SUM function to calculate the total amount of the PROJECTED COSTS column in the cell to the right of this label (under the PROJECTED COSTS values). (This amount should equal your income amount of $3,500.)
Note: do not enter each cell in the column individually when using the SUM function | 0.35 | Use the following formats:Arial 10 pointBoldBlueAlign text Right in the cell |
9 | Under the heading for each Month, enter an actual expense amount for that item for that month. (For example, in the winter months, your utility bills might be higher). While some items might be the same from month to month, DO NOT enter the same amount for all items across the months. In each month you want to be close to you monthly income number but do not always have to match it exactly. | 0.5 | Use the following text format:Arial 10 pointNormalAlign text Right in the cell |
10 | In the next row in the BUDGET ITEM column (under the PROJECTED BUDGET TOTAL label) enter the label "Total Monthly Expenses." | 0.1 | Use the following text format:
Arial 10 point
Align text Right in the cell |
11 | For the cells in this Total Monthly Expenses row, insert a formula that will calculate the total actual expenses for each month. Use the SUM function to add the amounts in each column and show the result.
Note: do not enter each cell in the column individually when using the SUM function | 0.5 | |
12 | In the next row under the “Total Monthly Expenses” label put the label “Projected versus Actuals.”` | 0.1 | Use the following text format:
Arial 10 point
Align text Right in the cell |
13 | Then in the cell under the Total Monthly Expenses for each month, use a formula that will subtract the actual total expenses for the month from the projected budget total (the target amount in the PROJECTED BUDGET TOTAL column). You must use Absolute Reference in your formulaIf the result of your calculation is a positive number, then you are under budget for the month. (You have money left over). If the number is negative, then you are over budget for the month. (You didn’t have...

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