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Calculate Your Monthly Savings Balance

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In this video, you will calculate your monthly savings balance by comparing how much money you make with how much you spend.

Your balance is the amount left over after you subtract total expenses from total income.

Calculating your balance will show you how much money remains after you pay your expenses each month.

This is money you could use to increase your savings.

To calculate your monthly balance, you will make a spreadsheet table, enter your monthly income and expenses, and create a spreadsheet formula to calculate your monthly balance.

To begin, open your spreadsheet.

Your spreadsheet is automatically saved in Google Drive, and you can come back to it anytime.

To calculate your balance, you will subtract the total amount of your monthly expenses from your monthly income.

First, set up a table for your calculations to the right of your expense table.

Next, enter the values for each category.

Your spreadsheet already lists the total amount of your monthly expenses.

Enter this value in the new table.

Now, enter the total amount of your monthly income.

Your primary form of income is probably your monthly salary.

In any given month, you may also have other forms of income, such as a check you receive as a birthday gift or money you gain from the sale of a personal item.

For this lesson, you don’t need to know the exact amount of your income, just an estimate.

Next, create a spreadsheet formula to calculate your monthly balance.

Your balance is equal to income minus expenses.

Formulas begin with an equals sign.

To calculate your balance, the formula should subtract the cell containing the value of your expenses from the cell containing the value of your income.

The spreadsheet automatically calculates your balance.

Nice job!

Now you know your monthly balance.

You could choose to save this money in your bank account, invest it, or use it for other purchases.

Keeping track of your monthly balance is an important part of managing your personal finances.

Now, it’s your turn. Make a spreadsheet table, enter your monthly expenses, enter your monthly income, and create a spreadsheet formula to calculate your monthly balance.

Choose an Extension
Track More Monthly Expenses by Adding Sheets
Students add a sheet to their spreadsheet to extend their budget from month to month.
Sort Your Expense Data
Students use data sorting to reorganize their expenses.
Use Data Validation to Create a Drop-Down Menu
Students use data validation to organize their expense categories in a dropdown menu.
Calculate Your Monthly Savings Balance
Students use a spreadsheet formula to calculate their monthly balance.
Calculate Expense by Category
Students use a spreadsheet formula to calculate the total cost of each of their expense categories.
Highlight Data with Conditional Formatting
Students use conditional formatting to highlight selected parts of their expense data.
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Instructions
Choose one of the extension videos below to learn additional skills and continue working on the project started in the main lesson.