Drake Family Budget Author Date Purpose Diane Drake 3/1/2013 To create a monthly budget for Glenn and

Diane Drake and to come up with a savings plan for a future home purchase

The file "Drake" is saved as "Drake Family Budget.xlsx" in the Excel3\Tutorial folder

The student's name is entered in cell B3 and the date in cell B4 of the Documentation sheet

Drake Family Budget

Projected Income and Expenses

Current Date The range D5:E7 calculates the family's monthly income during school and summer months

1/25/2012

Monthly Income
In cell D5, Diane's monthly income for the school months is changed to 3,100

Diane Glenn Total

Savings Accounts School Summer Cell F9 contains the 3,100 2,100 SUM function calculating Main 1,300 2,600 the total annual income Home from the range C21:N21 4,400 4,700 Total 53,700 4,475 4,400 4,700 45,150 3,763 2,795 6,985

Starting Ending 4,000 4,450 0 8,100 4,000 12,550

The label "Current Date" is merged and centered in cells I1:J1, with the Tan, Background 2 fill, and a cell border; the TODAY function is entered in cell K1, and the result merged and centered in K1:L1 with a cell border Cell K5 shows a starting balance of 4,000 in the Main savings account, 0 in the Home savings account, and the sum of these values appears in cell K7

Year-End Summary
The ranges F10:F12 and F13:16 use the AVERAGE, MAX, and MIN functions to calculate the average, minimum, and maximum monthly income and expenses

Total Income Monthly Average Monthly Minimum Monthly Maximum Total Expenses Monthly Average Monthly Minimum Monthly Maximum

Home Savings Plan Monthly transfer to home savings Minimum required net cash flow
Cell F13 contains the SUM function calculating the total annual expenses from the range C32:N32

900 1000

Cell L11 contains the minimum net cash flow amount, 1000

Cell L10 of the Budget worksheet contains 900, the amount to transfer from the main account to the home account each The range C19:N20 uses formulas with absolute references to calculate the monthly income for Diane and Glenn The range C32:N32 uses the SUM function to calculate the total monthly

v No

Au

c De

Fe

Se

Oc

Ap

n Ju

n Ja

l Ju

Income & Expenses Diane Glenn Total Rent Food Utilities Phone Car Payments Insurance Tuition Books & Supplies Travel Miscellaneous Total Expenses Income Net Cash Flow

ay

ar

b
3,100 1,300 4,400 1,050 750 230 110 210 175 0 0 150 200 2,875 1,525

3,100 1,300 4,400 1,050 750 255 110 210 175 2,450 1,050 210 200 6,460 -2,060

3,100 1,300 4,400 1,050 750 200 110 210 175 0 0 180 200 2,875 1,525

3,100 1,300 4,400 1,050 750 195 110 210 175 0 0 530 200 3,220 1,180

3,100 1,300 4,400 1,050 750 150 110 210 175 0 0 150 200 2,795 1,605

2,100 2,600 4,700 1,050 750 165 110 210 175 1,200 425 210 200 4,495 205

2,100 2,600 4,700 1,050 750 175 110 210 175 0 0 950 200 3,620 1,080

2,100 2,600 4,700 1,050 750 165 110 210 175 2,650 1,150 525 200 6,985 -2,285

3,100 1,300 4,400 1,050 750 160 110 210 175 0 0 175 200 2,830 1,570

3,100 1,300 4,400 1,050 750 160 110 210 175 0 0 190 200 2,845 1,555

3,100 1,300 4,400 1,050 750 200 110 210 175 0 0 325 200 3,020 1,380

3,100 1,300 4,400 1,050 750 235 110 210 175 0 0 400 200 3,130 1,270

Monthly Savings Starting Balance in

4,000

1,940

2,565

3,190

3,470

4,175

4,380

4,560

2,275

2,945

3,600

4,080

The range C33:N33 contains the formulas to subtract the monthly expenses from the monthly

v No

Au

c De

Fe b

Se

Oc

Ap

n Ju

n Ja

l Ju

ay

ar

Deposits Withdrawals Transfer to Home Ending Balance Starting Balance Deposit from Main Ending Balance

4,400 6,460 0 1,940 0 0 0

4,400 2,875 900 2,565 0 900 900

4,400 2,875 900 3,190 900 900 1,800

4,400 3,220 900 3,470 1,800 900 2,700

4,400 2,795 900 4,175 2,700 900 3,600

4,700 4,495 0 4,380 3,600 0 3,600

4,700 3,620 900 4,560 3,600 900 4,500

4,700 6,985 0 2,275 4,500 0 4,500

4,400 2,830 900 2,945 4,500 900 5,400

4,400 2,845 900 3,600 5,400 900 6,300

4,400 3,020 900 4,080 6,300 900 7,200

4,400 3,130 900 4,450 7,200 900 8,100

The IF function is used in the formulas in the range C39:N39 in the Monthly Savings table to determine the monthly transfer amount from the main account to the home account

The range C35:N35 contain the month abbreviations, formatted to match the month abbreviations in C18:N18

The range C36:N40 details the monthly deposits, withdrawals, and ending balance of the couple's

monthly income to display the net cash flow for each month, and conditional formatting is used to highlight the months with negative cash flows with red fill and red text

Home

Main

1,

, and

0 and the

income

Home Savings Projections

Ranges A5:A7 and B4:G4 are formatted with the Input cell style

The text "Savings Deposit per Month" in B3:G3 is merged and centered, and formatted with the Heading 2 cell style

Savings Deposit per Month

600 700 800 900 1000

Months
12 24 36

500

6,000 12,000 18,000

7,200 14,400 21,600

8,400 16,800 25,200

9,600 19,200 28,800

10,800 21,600 32,400

12,000 24,000 36,000

The text "Months" is entered in cell A4 and formatted in bold

The formulas in the range B5:G7 use mixed references to calculate the savings amounts for 12, 24, and 36 months, and the resulting values are formatted with a thousands separator with no decimals, and cells with cell borders

Home Loan Calculator

Annual Interest Rate Payments per Year Interest Rate per Period (RATE) Number of Years Total Number of Payments (NPER) Loan Amount (PV) Monthly Payment (PMT) 6.00% 12 0.50% 30 360 $175,000 ($1,049.21)
The range B3:B8 contains the values for calculating the monthly loan payment

The loan amount of $175,000 is entered in cell B8 The PMT function is entered in cell B10 to calculate the monthly loan payment