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follow the instruction, and make the budge numbers up create your personal budget worksheet in Excel with YOUR budget numbers that you thought about when you filled in the income and expenses survey last week. Attached you will find the instructions.This is a LONG exercise, so it will take some time. When you have finished creating your personal budget, make sure to name the Excel file yourname_personalbudget and submit it.WORKSHEET SET UP
Start a new Excel file for your budget. See the screenshot below of what your file should
look like.

Use merge and center for the title, and format it nicely (you don’t have to follow the
exact font or colors I have, but the title should look different from the rest of the

Use the fill handle to fill in the months.

Make sure you bold and underline Income and Expenses, and bold Total Income
and Total Expenses.

Also indent the categories under income and expenses.
Fill in your regular monthly salary by typing it in the column for January, and then using
the FILL HANDLE to repeat for the remaining months.
If you have other regular sources of income, do the same in in the Other row.
Otherwise, if you get a bonus or other extra income, put that in the month or months
where you receive it.
Remember, your numbers will be different from mine.
Now when it comes to expenses, put your regular expenses in each category for the
month of January, then use the FILL HANDLE to repeat them for the remaining months.
Skip the healthcare expenses for now.
For the non-regular expenses, be sure to put them in the months where they
correspond. For example, if you take a long major holiday in the summer, and a shorter
holiday in winter, put those in the corresponding months.
Remember, your numbers will be different from mine.
Your next challenge is to calculate the sum of each category. You should also calculate
the sum of each month’s income and each month’s expenses.
What is the formula in cell N5?
Take a careful look at what appears in the formula bar for the cell N5:
Think carefully about the formulas in the cells in column N, and the cells in rows 7 and
Now let’s move on to the Healthcare expenses, which we will break down. First, rename
your original sheet as “Summary”. Make sure you create another spreadsheet named
Healthcare with a title, months of the year, and the categories.
Next, input your regular and non-regular expenses and then calculate the sums of each
category and for each month.
Remember, your numbers will be different from mine.
Now we want to make sure that the total expenses from January for healthcare appear
in the summary sheet. How do we do that? I’ll let you think about it.
Remember, if the January healthcare expenses, change— for example, if you have to
have an emergency visit to the dentist and it costs you an extra 200 in January, that
new number should also automatically appear here in the summary sheet for January
healthcare expenses.
Think carefully about what formula is in cell B17 in the Summary sheet. What formulas
are in the rest of the cells in the Healthcare row (row 17)?
Remember, your numbers will be different from mine.
Next, we need to calculate the cash balance for every month, that is to say the
difference between your income and expenses. If your total income is more than your
total expenses then this number will be positive! If your total income is less than total
expenses for that month, then the number will be negative 🙁
Think carefully about what formula is in cell B25. What about the rest of the cells in row
Remember, your numbers will be different from mine.
The required exercise stops here. But for extra credit, you may do the following:
Let’s say that you start the year with money in your bank account (put in any amount
you like for your bank balance). At the end of the month, your cash balance will either
add to, or subtract from what you have in the bank, and result in a net balance.
What formula is in cell B26 for net balance?
Whatever is the net balance at the end of one month, is the bank balance for the
following month (think about it, if I start the month with $2000 in my bank account, and
have $200 more income than expenses that month, I put the $200 in my bank account
for a total of $2200. The next month I start with $2200 in my bank account).
What formula is in cell C24?
Remember, your numbers will be different from mine.

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