Microsoft Office Tutorials and References
In Depth Information
Developing a Savings Plan
The data shows how increasing the monthly amount that Diane and Glenn save
toward a down payment quickly adds up. For example, if they save $800 per month, at
the end of three years (36 months), they would have saved $28,800. This is just a little
less than the $30,000 they want to save for the down payment. You will add the transfer
of $800 from the main savings account to the home savings account each month to the
proposed budget. So that Diane can explore the impact of transferring different amounts
of money per month, you’ll enter the $800 value at the top of the Budget worksheet
where it can be easily referenced and modifi ed.
To specify the $800 transfer amount:
1. Return to the Budget worksheet.
2. In cell L10, enter 800 . See Figure 3-28.
Figure 3-28
Home savings plan
amount to transfer from the main account
to the home account each month
Next, you’ll apply this monthly savings goal to Diane’s proposed budget. You’ll start
by calculating the impact of transferring $800 on the January balances in the two savings
accounts.
To modify the January balances:
1. In cell C39, enter the formula = $L$10 to insert the amount of money withdrawn
from the main savings account in January. The ending balance for the main
account falls to $1,140. You used an absolute cell reference so that this formula
continues to refer to cell L10 when you copy it into the remaining months of
the year.
2. In cell C41, enter the formula =K6 to insert the starting balance ($0) in the home
account.
3. In cell C42, enter the formula =C39 to insert the amount deposited from the main
account into the home account.
4. In cell C43, enter the formula =C41+C42 to calculate the ending balance in the
home account.
5. Use the Format Painter to copy the formatting from the range C38:C40 to the
range C41:C43 .
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