Budget in Excel

Scenario Part 1
You have decided that it might be a good idea to create a personal household budget for yourself. You know you are able to pay all your bills, attend school, and even have money left for fun get a-ways. But you really want to be able to save money to purchase a house after you graduate with your degree.

You decide to create a personal budget and decide to use MS Excel 2007 to help you with this. You begin to gather your pay stubs and all the bills you have to pay each month and sit down in front of your computer and open Excel 2007.

Project Details
Open Microsoft Excel 2007. You will begin with a new worksheet.
Step 1: Create and format a row to show the months for the year (Jan-Dec).
Step 2: Create and format a row, beneath the month row, to show yearly income for each month (Jan-Dec), and properly label the row and value.
Step 3: Add each expense in a separate row (as identified in step 4) and properly label each row and value.
Step 4: For the expenses and income, create a year's history by month. Use different values for each month. For example, for electric, you would pick a number between $125 and $142 for January, a different number between $125 and $142 for February, and so on. Feel free to make up the amounts you use for each expense.
Step 5: Select an appropriate style for your budget and apply it to your worksheet.

Project Part 2
Now that you have all the appropriate budget data added to your workbook, you want to analyze it to determine how much your expenses are each month and year as well as how much you make per year to determine if you are spending too much and where you are spending it.
NOTE: For this part you will add formulas to your workbook. In the following unit you will create a chart to visually show your expenses.
Step 6: Create formulas or use the AutoSum function to have Excel calculate total the expense for each month.
Step 7: Create formulas or use the AutoSum function to have Excel compute the Total Annual Income.
Step 8: Create a formula or use the AutoSum function to have Excel calculate the Total Annual Expenses and properly label it.
Step 9: Create a formula to determine the percentage of income used for each expense. Be sure to format it as a percentage. Place that formula in the column next to the total of each monthly expense. (GEL 2.3)
Step 10: Rename your worksheet tab to Budget Detail.