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T3 Drake Family Budget Example

# T3 Drake Family Budget Example

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09/12/2012

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# 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

270 Monthly Savings Starting Balance in 4.020 1.050 750 195 110 210 175 0 0 530 200 3.100 1.100 1.525 3.100 SUM function calculating Main 1. MAX.300 4.275 2.000 in the Main savings account.100 Diane Glenn Total Savings Accounts School Summer Cell F9 contains the 3.300 4.060 3.100 2. 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.400 1.600 4.450 1.985 Starting Ending 4.700 1.495 205 2.570 3. and the sum of these values appears in cell K7 Year-End Summary The ranges F10:F12 and F13:16 use the AVERAGE.300 4.460 -2.380 3.200 425 210 200 4. 1000 Cell L10 of the Budget worksheet contains 900.190 3.300 4.600 4.400 1.300 4.475 4.100 1.600 4.945 3.050 750 235 110 210 175 0 0 400 200 3.605 2.400 1.875 1.565 3. 0 in the Home savings account.700 45.300 4. and MIN functions to calculate the average.050 750 160 110 210 175 0 0 190 200 2.000 1.285 3.100 2.450 0 8. minimum.100 1.620 1.700 1.300 4. 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 M M 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 3.400 4.795 6.180 3.763 2.000 12.050 210 200 6. with the Tan.300 4.050 750 175 110 210 175 0 0 950 200 3. Diane's monthly income for the school months is changed to 3.300 4.050 750 200 110 210 175 0 0 325 200 3.400 1.050 750 230 110 210 175 0 0 150 200 2. and the result merged and centered in K1:L1 with a cell border Cell K5 shows a starting balance of 4.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 D5.400 1.100 1.080 2.100 1.130 1.700 Total 53.830 1.550 The label "Current Date" is merged and centered in cells I1:J1.845 1.150 525 200 6.400 1.100 4. and a cell border.000 4.600 the total annual income Home from the range C21:N21 4.875 1.400 1.795 1.100 2.050 750 165 110 210 175 1.100 1.400 1.525 p g t r 3.470 4.400 4.700 1.700 4.600 4.080 The range C33:N33 contains the formulas to subtract the monthly expenses from the monthly M M v No Au c De Fe b Se Oc Ap n Ju n Ja l Ju ay ar p g t r .050 750 200 110 210 175 0 0 180 200 2.555 3.220 1.985 -2.050 750 160 110 210 175 0 0 175 200 2. the TODAY function is entered in cell K1.050 750 255 110 210 175 2.100 1.300 2. Background 2 fill.150 3.940 2.400 1.650 1.050 750 150 110 210 175 0 0 150 200 2.050 750 165 110 210 175 2.100 1.100 2.380 4.175 4.560 2.

020 900 4.400 2.450 7.300 900 7.560 3.175 2.700 4.400 2.875 900 2.380 3.500 4.700 6.500 4.945 4.940 0 0 0 4.700 4.200 4.600 4.800 4.800 900 2.460 0 1.400 3.220 900 3.200 900 8.400 6.400 900 6.700 3. and conditional formatting is used to highlight the months with negative cash flows with red fill and red text Home Main .600 0 3.600 4.400 3. formatted to match the month abbreviations in C18:N18 The range C36:N40 details the monthly deposits.500 0 4.845 900 3.Deposits Withdrawals Transfer to Home Ending Balance Starting Balance Deposit from Main Ending Balance 4.100 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.500 900 5.400 4.600 900 4.190 900 900 1.400 3.400 2.875 900 3.400 2.830 900 2. and ending balance of the couple's monthly income to display the net cash flow for each month.300 4.985 0 2.400 2.130 900 4.700 900 3.620 900 4.600 5. withdrawals.495 0 4.565 0 900 900 4.080 6.470 1.795 900 4.275 4.

.1. and 0 and the income .

000 36. and the resulting values are formatted with a thousands separator with no decimals. and cells with cell borders .800 25.400 21.800 10.200 14.000 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 12.600 19. 24.000 18.200 28.600 32.000 12.200 9.000 24.600 8. and 36 months.400 16.800 21.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.400 12.000 7. and formatted with the Heading 2 cell style Savings Deposit per Month 600 700 800 900 1000 Months 12 24 36 500 6.

000 is entered in cell B8 The PMT function is entered in cell B10 to calculate the monthly loan payment .50% 30 360 \$175.00% 12 0.21) The range B3:B8 contains the values for calculating the monthly loan payment The loan amount of \$175.049.000 (\$1.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.

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