B EGINNINGS TO B UDGETING MS Office 2

O BJECTIVES I can… –Format text and insert formulas in Excel –Develop and utilize a budgeting tool for day-to-day living –Communicate with peers whether through assistance or blogging

P ROCEDURES Today we will… –Check the blog – responses? –Review budgeting –Begin creating a user-friendly budget –Review – React – Reflect

B LOGGING ABOUT B UDGETING Any blogging agreements? Did anyone blog this weekend? Let’s check it out… –Technology BreakoutTechnology Breakout

B EGINNING THE B UDGET Paper or Electronic (software program)? –Why? –How? Monthly tracking or Daily tracking? –Why? Let’s get started…

B UILDING THE B UDGET STEP 1: Create/Format the Template –Create new workbook in Excel Save in Z drive>MS Office 2>Excel File name: budget_FILN; save as template –Enter text for projected and actual budget comparisons on Sheet1 –Enter text for daily tracking in categories on Sheet2

B UILDING THE B UDGET STEP 2: Formulating the Budget (Sheet2) –Freeze header row for easier browsing –Enter projected budgeted amounts (from worksheet) at bottom of each category in the row labeled “Budgeted” –Sum column totals in row labeled “Total” –Calculate columnar spending balances in row labeled “Balance”

B UILDING THE B UDGET STEP 3: Linking the Data –Link “Budgeted” amounts (Sheet2) back to Projected Budget (Sheet1) –Link “Total” expenditures (Sheet2) to Actual Budget (Sheet1) –Calculate subtotals, income, and balance (Sheet1) –Apply Conditional Formatting to “Difference” amount on Actual Budget (Sheet1)

U SING THE B UDGET Now that you have a budget TEMPLATE: –Create workbook from template for each month –Update totals according to expected expenses that month –Track daily spending – once habit is made, can be VERY effective! –Reflect and adjust accordingly

R EVIEW & R EACT What are some benefits of budgeting? Objective Review: –Format text and insert formulas in Excel –Develop and utilize a budgeting tool for day-to- day living –Communicate with peers whether through assistance or blogging How will you use these skills/tools?

R EFLECT Reflection in Action (exit slip) –2 new things you learned today –1 question/concern you may still have Comment on blog Please return budget worksheets and exit slips upon completion. You are dismissed at the bell. Have a great day!