Microsoft Office Tutorials and References
In Depth Information
Developing a Savings Plan
4. Click cell A35 to deselect the main savings account data. See Figure 3-26.
Figure 3-26
January through December savings
savings balance
at the end of
each month
5. In cell L5, enter the formula =N40 . The ending balance of the main savings
account in December—12,550—appears in cell L5. Diane can quickly see that the
couple’s savings in the main account will increase by \$8,550 in the upcoming year.
Developing a Savings Plan
Under her current budget projections, Diane expects to have \$12,550 in the main
savings account at the end of the next year but nothing in the home savings account. She
wants to transfer money into the home savings account each month. Because the home
savings account is used for longer-term savings, Diane cannot withdraw money from it
without penalty. So, she wants to make sure the main savings account always has enough
money to meet monthly expenses and any unexpected bills without relying on money
from the home savings account.
Diane needs to balance her desire to keep a reasonable amount in the main savings
account and her desire to save enough for a down payment on a home mortgage. To
achieve this balance, she needs to determine her overall savings goal and how soon she
and Glenn want to meet that goal.
Diane wants to know how much money the couple can save if they transfer \$500 to
\$1,000 into the home savings account each month for the next three years. You’ll create
a table that shows the total amount saved in one, two, and three years from deposits
starting at \$500 that increase in \$100 increments through \$1,000.
To create a table for different savings plans:
1. Go to the Home Savings Plan worksheet.
2. Merge and center the range B3:G3 , enter Savings Deposit per Month in the
merged cell, and then format the merged cell using the Heading 2 cell style.
3. In cell A4, enter Months , and then format the cell in bold.
4. In cell B4, enter 500 and then, in cell C4, enter 600 . You entered the first two
values in the series so that you could extend the numeric series.
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