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Daily Budget

February 15, 2010 Leave a comment

When creating a budget in excel whether it is for your personal finances, your business, or both the basic layout and structure is the same. Your columns describe your time line and your rows describe your categories or sources of income and expenses. If you are using something to track your income and expenses like QuickBooks or Excel then you will want to set up your categories in a manner consistent with what you have in that program.

The key to setting up a budget that works is really not just setting up a budget, but setting up something that is fun and easy to use as well as something that makes you check back with it regularly so that your attention is repeatedly placed on it. Otherwise you can overspend and then go back and say oops! Oh well, better luck next month! That won’t really help your situation though.

MS Excel makes it very easy to set up and customize your budget in exactly the manner that best fits your situation. It’s the flexibility of excel that makes it so great, and you can easily expand upon things to increase the level of detail.

Your budget will start to get real exciting when you begin to see the results. It’s sort of like working out at the gym. At first it is a chore, until people start noticing. Then it gets exciting. Well the budget gets exciting when you tie it up at the end of the month and see that you can transfer $1,000 to your savings account where you were never able to do that before.

In addition to learning how to set up a budget, this video tutorial teaches you a number of skills in excel – some simple, and some pretty advanced:

Simple formulas – addition, subtraction, and division

Weekday formula

Vlookup

Getting the date to light up when it matches today’s date

Conditional Formatting with a conditional formula embedded.

How to calculate and analyze your variances

Formatting to make it easy to read.

Please enjoy the video tutorial – MS Excel – Setting up a daily budget by clicking on the image:


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