You interview with a financial services firm on Wall Street and you are offered a management training position which pays $40,000 annually. You eagerly accept the offer!
You find out from your prospective employer that you will be paid twice each month and that after taxes and deductions your biweekly paycheck will total $1241.59.
Your task at hand is to now find an apartment and budget how much your monthly expenditures will be. You also will need to budget in some money to start paying off your student loans.
Here are your monthly expenses:
Rent: $850.00
Utilities: $150.00
Food: $500.00
Transportation: $100.00
Personal Care: $250.00
Entertainment $200.00
Loans $200.00
Savings ??
Using formulas create a Budget Spreadsheet that will keep track of your monthly income and monthly expenses for one year. Then total all income and expenses. Determine how much you will be able to save in one year? Create a pie chart comparing the annual totals for all expenditures. Include data labels showing amount and percentage. Place the chart into a new worksheet.
Format the budget spreadsheet using your own discretion.
Rename the worksheet tab “budget”.
Attach the completed file to Week 4 assignments in blackboard. Please do not hit submit until you have attached all files for week 4!
What is your question? You are supposed to create a spreadsheet.
Yes but i do not know what to put in it or how to even begin
To create a budget spreadsheet to track your monthly income and expenses for one year, follow these steps:
1. Open a blank spreadsheet in a software program like Microsoft Excel or Google Sheets.
2. Create the following column headers in row 1: "Month", "Income", "Expenses", "Total Savings".
3. In the "Month" column, enter the names of the 12 months (e.g., January, February, etc.) in cells A2 to A13.
4. In the "Income" column, enter the amount of your monthly income ($2,000) in cells B2 to B13.
5. In the "Expenses" column, enter the amounts of your monthly expenses in the corresponding cells:
- Rent: $850 (cells C2 to C13)
- Utilities: $150 (cells D2 to D13)
- Food: $500 (cells E2 to E13)
- Transportation: $100 (cells F2 to F13)
- Personal Care: $250 (cells G2 to G13)
- Entertainment: $200 (cells H2 to H13)
- Loans: $200 (cells I2 to I13)
6. In the "Total Savings" column, subtract the total expenses from your income for each month. Use the formula "=B2-(C2+D2+E2+F2+G2+H2+I2)" in cell J2, and drag it down to cells J3 to J13 to calculate the total savings for each month.
7. In cell J14, sum up the total savings for the year using the formula "=SUM(J2:J13)" to get the total amount saved in one year.
8. Create a pie chart by selecting the income and expense columns (B2:I13) and selecting the chart option in your software program. Include data labels showing the amounts and percentages.
9. Move the chart to a new worksheet by right-clicking on the chart and selecting "Move Chart" or a similar option, and then choosing to create a new sheet.
Remember to format the budget spreadsheet based on your own discretion, such as applying currency formatting to the income, expenses, and total savings columns, and adjusting font sizes or colors for easier readability.
After completing the spreadsheet, save it and attach the file to the Week 4 assignments in Blackboard.
Rename the worksheet tab to "budget" for clarity and organization.