There are several mobile applications and other digital platforms to calculate and manage the household budget. Here, applications have interactive features and options available which calculate and control the budget layout. However, no other application is better than MS Excel. Here, a lot of users make a budget spreadsheet and calculate the number of days in excel when they spend money.
Mostly, users prefer MS Excel in place of other budgeting apps. Here, users enter manual transactions and prices and calculate the total expenditure. Creating a spreadsheet is a common practice to help users avoid debts and pay expenses on time. In this post, we will discuss how MS Excel helps in managing the household budget.
How is MS Excel useful to manage a household budget?
Manage expenses smartly with Money in Excel
Undoubtedly, controlling household finances is a challenging task for users. Therefore, MS Excel introduces features like Money in Excel (In upgraded versions like Ms Office 10 or 13). It gives personalized tips to manage finances without leaving Excel. Moreover, it securely imports the data into spreadsheets and helps users manage the budget.
Currently, this premium template is only available in the United States. Hence, for other nations, users can manage the budget by adding multiple rows and columns on budget data. Include information like description, Paid date, Actual costs and remaining finances in the spreadsheet. Use calculation features and manage the data.
Make income and outgoing expense sheet
As mentioned above, create multiple rows and columns, which includes vital income and outgoing expense data. Furthermore, include the projected income data in the sheet and tally it with the actual payment to know the difference. Once users find the difference between both, they will learn about how much money should be spent.
So, users have the freedom to utilize logical functions like IF, SUM and others. Readers who are unaware of using the IF function may refer to online blogs to know how to use IF function. Besides, MS Excel offers conditional formatting options to users to highlight and manage their finances. Therefore, several bread earners use this digital tool to manage the household budget.
Data visualization with charts
Data visualization is an important feature to consider while managing household budgets. But, many of the digital applications lack features to give the visual interpretation. Hence, it is advisable to prefer MS Excel to manage household expenditures. With it, users have the option to create pie charts, bar graphs and other features to visually interpret the data.
Besides, there are several templates available that help users track monthly budgets, income and expenses. They have to enter input costs, payment and they will get the difference in the calculated gain. Thereby, it hones the budgeting skills and avoids any kind of flaws. Users can track their utilities, credit card and other types of monthly expenditure and create the budget accordingly.
Using formulas to automate a spreadsheet
There are many Excel users who are unaware of the function option which automates the spreadsheet. Several logical functions like SUMIF, MAX, AVERAGE and others are used to calculate data and find the accumulated value of the figures. Thereby, time-consuming calculations take less time using these formulas.
Therefore, many businesses use this spreadsheet application to manage the expense. They work their business operation cost. Calculating multiple data and information is a challenging task for humans. Also, sitting with the calculator is a time-consuming process. Therefore, MS Excel is the preferred tool to manage complex calculations quickly. So, for the average layman, we recommend using this application to work the household income.