Data is not always collected or stored in a way that makes it easy to interpret.
Spreadsheets are helpful for collecting, organizing, sorting, and storing data,
so you can work with and interpret it more easily.
In this activity, you will develop a budget, or a plan for spending and saving.
Using banking data, you will use a spreadsheet to categorize and add together -- or sum -- data.
Then, you will analyze your budget to identify areas
where you could potentially save more money.
Any time you spend money using your debit card to withdraw cash or purchase something
at a store or online, the bank takes the money from your checking account.
The transactions you make, or expenditures, automatically update in your online bank account,
where you can check all of the debits and credits you accumulate.
Income, or money you have earned and deposited, is called a credit.
Credits usually appear as positive numbers in your bank statement.
Money you have spent is called a Debit, and usually appears as a negative or subtracted
number in your bank statement.
In this activity, you will copy and paste data from a simulated checking account.
You will use formulas to calculate total income and expenditures.
Then, you will categorize the expenses to get an idea
of what kinds of purchases were made.
Finally, you will use the SUM-IF formula to calculate how much money
was spent in each category.
Calculating your total income and expenses gives you the bottom line of your spending.
But totaling categorized expenses gives you an even more complete picture
of how you spend your money.
You will create this spreadsheet using a simulated bank account statement, but you can re-use
it to keep track of your own spending every month.
To get started, create a new, blank spreadsheet.
Name your sheet Checking Account.
Then, move on to the next video to copy and paste spending data.
Now, it’s your turn:
Create a blank spreadsheet.
Name the spreadsheet Checking Account.
Then, move on to the next video.
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