Budgeting with Excel Formulas
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Budgeting with Excel Formulas (Solution)
📚 Part 1: Guided practice — SUM and Subtraction
Step-by-step instructions (follow in Excel):
1. Open Excel and start a new blank sheet.
2. Type the headings and values below into these cells:
B1: Monthly Income ($) — $3,500
B2: Laptop repayment — $75
B3: Software subscriptions — $60
B4: Mobile data — $45
B5: Cloud storage — $20
B6: Accessories (mouse/keyboard) — $40
3. Click cell B7 and type the SUM formula to total the expenses. Press Enter.
Hint: Use =SUM(B2:B6) to add all the expenses together.
4. Click cell B8 and type a subtraction formula to find the remaining balance (Income minus Total expenses). Press Enter.
Hint: You can use =B1-B7 to calculate the remaining balance.
Hint: Look for the formula that starts with an equals sign and uses the correct syntax for the SUM function.
Hint: Remember, the SUM function only includes the cells specified in the range B2 to B6.
Hint: Start with an equals sign and use the SUM function with the correct cell range.
Hint: Add each expense together step by step to find the total.
Hint: Use the format =B1-B7 to find the remaining balance.
Hint: Subtract the total expenses from your monthly income.
✏️ Part 2: Understanding & Extra Support
Hint: Think about accuracy and efficiency when using Excel versus manual calculations.
Hint: The colon indicates a range of cells. What does that mean for the cells included in the calculation?
Detailed explanation for extra support:
= — starts every formula so Excel knows you are entering a calculation.
SUM() — a function that adds all numbers inside the brackets. Example: =SUM(B2:B6) adds B2, B3, B4, B5 and B6.
: (colon) — shows a range from the first cell to the last cell (B2 to B6). Excel includes every cell between them.
- (minus sign) — subtraction operator. Example: =B1 - B7 subtracts the number in B7 from the number in B1.
Hint: Think about what each symbol does in a formula and how it helps you perform calculations.
Hint: Reflect on your learning process. What concepts were clear, and which ones need further clarification?
✅ Answer Key
Answer: =SUM(B2:B6)
Answer: B2, B3, B4, B5, B6
Answer: =SUM(B2:B6)
Answer: $75 + $60 + $45 + $20 + $40 = $240
Answer: =B1-B7
Answer: $3,500 - $240 = $3,260
Answer: It is more accurate and saves time compared to manual calculations.
Answer: The colon indicates a range of cells from B2 to B6, meaning all cells in between are included in the calculation.
Answer: (Answers will vary based on student reflection.)
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