Weekly Budget Worksheet showing income, home expenses, daily living, and transportation categories with budget vs. actual comparisons.
Weekly budget worksheet template with income, expenses, and financial tracking for multiple weeks.
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Show Answer Key & Explanations
Step-by-step solution for: The best Excel budget templates | Digital Trends
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Show Answer Key & Explanations
Step-by-step solution for: The best Excel budget templates | Digital Trends
Based on the "Weekly Budget Worksheet" provided, here is the step-by-step solution to fill in the missing values for Week 1.
First, we look at the INCOME section for Week 1.
* Wages: The budget is $30.00 and the actual amount is $60.00.
* Other categories: Interest/dividends, Refunds/Reimbursements, Gifts Received, Transfer from Savings, and Miscellaneous are all empty (indicated by dashes), so they are $0.00.
* Total Income (Actual): Add up all actual income sources.
$$60.00 + 0 + 0 + 0 + 0 + 0 = 60.00$$
*The worksheet already shows this total as $60.00.*
Next, we look at the HOME EXPENSES section for Week 1.
* Mortgage/rent: The budget is $10.00 and the actual amount is $15.00.
* Difference: Actual - Budget = $15.00 - $10.00 = $5.00$. Since expenses are higher than budgeted, this is often shown in parentheses or red in accounting, but mathematically it is a positive cost increase. The sheet shows `(5.00)` indicating it is over budget.
* Other Home Expenses: Utilities, Home telephone, Mobile telephone, Home repairs, Home improvement, Home security, and Garden supplies are all empty ($0.00).
* Total Home Expenses (Actual):
$$15.00 + 0 + ... = 15.00$$
*The worksheet shows the Total Home Expenses Actual as $15.00.*
* Total Home Expenses Difference:
$$15.00 \text{ (Actual)} - 10.00 \text{ (Budget)} = 5.00 \text{ over budget}.$$
The sheet displays this as `(5.00)`.
Look at the DAY LIVING section.
* All categories (Groceries, Housekeeping service, Dry cleaning, Dining out, Dog walker, Other) are empty.
* Total Day Living (Actual): $0.00$
* Total Day Living (Budget): $0.00$
* Difference: $0.00$
Look at the TRANSPORTATION section (bottom row visible).
* All categories appear empty based on the visible rows.
* Total Transportation (Actual): $0.00$
* Total Transportation (Budget): $0.00$
* Difference: $0.00$
Now we sum up all actual expenses for Week 1.
* Total Home Expenses: $15.00$
* Total Day Living: $0.00$
* Total Transportation: $0.00$
* Total Expenses (Actual): $15.00 + 0.00 + 0.00 = 15.00$
*The worksheet confirms Total Expenses Actual is $15.00.*
* Total Expenses (Budget):
* Home: $10.00$
* Day Living: $0.00$
* Transportation: $0.00$
* Total Budget: $10.00$
* Total Expenses Difference:
$$15.00 \text{ (Actual)} - 10.00 \text{ (Budget)} = 5.00 \text{ over budget}.$$
The worksheet shows this as `(5.00)`.
Net Income is calculated as Total Income - Total Expenses.
* Net Income (Budget):
$$\text{Total Income Budget} - \text{Total Expenses Budget}$$
$$30.00 - 10.00 = 20.00$$
*The worksheet shows Net Income Budget as $20.00.*
* Net Income (Actual):
$$\text{Total Income Actual} - \text{Total Expenses Actual}$$
$$60.00 - 15.00 = 45.00$$
*The worksheet shows Net Income Actual as $45.00.*
* Net Income Difference:
$$\text{Net Income Actual} - \text{Net Income Budget}$$
$$45.00 - 20.00 = 25.00$$
Alternatively, you can calculate it by subtracting the expense variance from the income variance:
Income was $30.00 higher than budget ($60 - $30).
Expenses were $5.00 higher than budget ($15 - $10).
Net effect: $+30.00 - 5.00 = +25.00$.
The worksheet shows the difference as `25.00` (in green, indicating a positive outcome).
The "Month to Date" column currently reflects only Week 1 since Weeks 2-5 are empty.
* MTD Total Income Actual: $60.00$ (Matches Week 1)
* MTD Total Expenses Actual: $15.00$ (Matches Week 1)
* MTD Net Income Actual: $45.00$ (Matches Week 1)
* MTD Net Income Budget: $20.00$ (Matches Week 1)
* MTD Difference: $25.00$ (Matches Week 1)
All calculations are consistent. The key missing piece of information usually requested in these problems is the Net Income Difference or verifying the Total Expenses. Based on the visible data, the sheet is already fully filled out for Week 1. If the question implies finding a specific blank cell that isn't obviously filled, looking closely at the image reveals all cells for Week 1 contain numbers or dashes.
However, often in these tasks, students are asked to compute the Projected End Balance or verify the Difference columns. Let's look at the Projected End Balance row.
* Week 1 Projected End Balance: The cell is empty in the "Budget" and "Actual" columns for Week 1? No, looking closely at the top section "WEEKLY BUDGET SUMMARY":
* Row: Projected End Balance
* Week 1 Budget: Empty? No, it looks like there might be a starting balance not shown, or it assumes 0 start. Usually, Projected End Balance = Previous Balance + Net Income. Without a starting balance, we assume 0.
* If Starting Balance = 0:
* Week 1 Budget End Balance = $0 + 20.00 = 20.00$
* Week 1 Actual End Balance = $0 + 45.00 = 45.00$
Let's re-read the prompt. It asks to "Solve the problem". The image is a completed worksheet for Week 1. There are no obvious blank cells with question marks. However, typically, the "Difference" column for Total Income, Total Expenses, and Net Income are the critical calculation points.
Let's double-check the Week 2 column just in case the user wants the next step, but the data for Week 2 is partially filled:
* Week 2 Income Budget: 25.00, Actual: 35.00. Diff: 10.00.
* Week 2 Home Exp Budget: 10.00, Actual: 8.00. Diff: (2.00) [Saved money].
* Week 2 Net Income Budget: $25 - 10 = 15.00$.
* Week 2 Net Income Actual: $35 - 8 = 27.00$.
* Week 2 Net Income Diff: $27 - 15 = 12.00$.
Since the prompt doesn't specify which cell to solve, and Week 1 is the most prominent complete set, I will provide the summary of the calculated Net Income Difference for Week 1, which is the bottom-line result of the budgeting process shown.
Recalculating Week 1 Net Income Difference to be absolutely sure:
1. Income Variance: Actual ($60) - Budget ($30) = +$30 (Favorable)
2. Expense Variance: Actual ($15) - Budget ($10) = +$5 (Unfavorable, because costs went up)
3. Net Variance: Income Variance - Expense Variance = $30 - $5 = +$25.
4. Check via Net Income totals:
* Actual Net Income: $60 - $15 = $45.
* Budget Net Income: $30 - $10 = $20.
* Difference: $45 - $20 = $25.
The calculation holds. The final answer is the verified Net Income Difference for Week 1, which represents the financial performance against the budget.
Final Answer:
The Net Income Difference for Week 1 is 25.00.
Step 1: Calculate Total Income for Week 1
First, we look at the INCOME section for Week 1.
* Wages: The budget is $30.00 and the actual amount is $60.00.
* Other categories: Interest/dividends, Refunds/Reimbursements, Gifts Received, Transfer from Savings, and Miscellaneous are all empty (indicated by dashes), so they are $0.00.
* Total Income (Actual): Add up all actual income sources.
$$60.00 + 0 + 0 + 0 + 0 + 0 = 60.00$$
*The worksheet already shows this total as $60.00.*
Step 2: Calculate Total Home Expenses for Week 1
Next, we look at the HOME EXPENSES section for Week 1.
* Mortgage/rent: The budget is $10.00 and the actual amount is $15.00.
* Difference: Actual - Budget = $15.00 - $10.00 = $5.00$. Since expenses are higher than budgeted, this is often shown in parentheses or red in accounting, but mathematically it is a positive cost increase. The sheet shows `(5.00)` indicating it is over budget.
* Other Home Expenses: Utilities, Home telephone, Mobile telephone, Home repairs, Home improvement, Home security, and Garden supplies are all empty ($0.00).
* Total Home Expenses (Actual):
$$15.00 + 0 + ... = 15.00$$
*The worksheet shows the Total Home Expenses Actual as $15.00.*
* Total Home Expenses Difference:
$$15.00 \text{ (Actual)} - 10.00 \text{ (Budget)} = 5.00 \text{ over budget}.$$
The sheet displays this as `(5.00)`.
Step 3: Calculate Total Day Living Expenses for Week 1
Look at the DAY LIVING section.
* All categories (Groceries, Housekeeping service, Dry cleaning, Dining out, Dog walker, Other) are empty.
* Total Day Living (Actual): $0.00$
* Total Day Living (Budget): $0.00$
* Difference: $0.00$
Step 4: Calculate Total Transportation Expenses for Week 1
Look at the TRANSPORTATION section (bottom row visible).
* All categories appear empty based on the visible rows.
* Total Transportation (Actual): $0.00$
* Total Transportation (Budget): $0.00$
* Difference: $0.00$
Step 5: Calculate Total Expenses for Week 1
Now we sum up all actual expenses for Week 1.
* Total Home Expenses: $15.00$
* Total Day Living: $0.00$
* Total Transportation: $0.00$
* Total Expenses (Actual): $15.00 + 0.00 + 0.00 = 15.00$
*The worksheet confirms Total Expenses Actual is $15.00.*
* Total Expenses (Budget):
* Home: $10.00$
* Day Living: $0.00$
* Transportation: $0.00$
* Total Budget: $10.00$
* Total Expenses Difference:
$$15.00 \text{ (Actual)} - 10.00 \text{ (Budget)} = 5.00 \text{ over budget}.$$
The worksheet shows this as `(5.00)`.
Step 6: Calculate Net Income for Week 1
Net Income is calculated as Total Income - Total Expenses.
* Net Income (Budget):
$$\text{Total Income Budget} - \text{Total Expenses Budget}$$
$$30.00 - 10.00 = 20.00$$
*The worksheet shows Net Income Budget as $20.00.*
* Net Income (Actual):
$$\text{Total Income Actual} - \text{Total Expenses Actual}$$
$$60.00 - 15.00 = 45.00$$
*The worksheet shows Net Income Actual as $45.00.*
* Net Income Difference:
$$\text{Net Income Actual} - \text{Net Income Budget}$$
$$45.00 - 20.00 = 25.00$$
Alternatively, you can calculate it by subtracting the expense variance from the income variance:
Income was $30.00 higher than budget ($60 - $30).
Expenses were $5.00 higher than budget ($15 - $10).
Net effect: $+30.00 - 5.00 = +25.00$.
The worksheet shows the difference as `25.00` (in green, indicating a positive outcome).
Step 7: Verify Month to Date (MTD) Columns
The "Month to Date" column currently reflects only Week 1 since Weeks 2-5 are empty.
* MTD Total Income Actual: $60.00$ (Matches Week 1)
* MTD Total Expenses Actual: $15.00$ (Matches Week 1)
* MTD Net Income Actual: $45.00$ (Matches Week 1)
* MTD Net Income Budget: $20.00$ (Matches Week 1)
* MTD Difference: $25.00$ (Matches Week 1)
All calculations are consistent. The key missing piece of information usually requested in these problems is the Net Income Difference or verifying the Total Expenses. Based on the visible data, the sheet is already fully filled out for Week 1. If the question implies finding a specific blank cell that isn't obviously filled, looking closely at the image reveals all cells for Week 1 contain numbers or dashes.
However, often in these tasks, students are asked to compute the Projected End Balance or verify the Difference columns. Let's look at the Projected End Balance row.
* Week 1 Projected End Balance: The cell is empty in the "Budget" and "Actual" columns for Week 1? No, looking closely at the top section "WEEKLY BUDGET SUMMARY":
* Row: Projected End Balance
* Week 1 Budget: Empty? No, it looks like there might be a starting balance not shown, or it assumes 0 start. Usually, Projected End Balance = Previous Balance + Net Income. Without a starting balance, we assume 0.
* If Starting Balance = 0:
* Week 1 Budget End Balance = $0 + 20.00 = 20.00$
* Week 1 Actual End Balance = $0 + 45.00 = 45.00$
Let's re-read the prompt. It asks to "Solve the problem". The image is a completed worksheet for Week 1. There are no obvious blank cells with question marks. However, typically, the "Difference" column for Total Income, Total Expenses, and Net Income are the critical calculation points.
Let's double-check the Week 2 column just in case the user wants the next step, but the data for Week 2 is partially filled:
* Week 2 Income Budget: 25.00, Actual: 35.00. Diff: 10.00.
* Week 2 Home Exp Budget: 10.00, Actual: 8.00. Diff: (2.00) [Saved money].
* Week 2 Net Income Budget: $25 - 10 = 15.00$.
* Week 2 Net Income Actual: $35 - 8 = 27.00$.
* Week 2 Net Income Diff: $27 - 15 = 12.00$.
Since the prompt doesn't specify which cell to solve, and Week 1 is the most prominent complete set, I will provide the summary of the calculated Net Income Difference for Week 1, which is the bottom-line result of the budgeting process shown.
Recalculating Week 1 Net Income Difference to be absolutely sure:
1. Income Variance: Actual ($60) - Budget ($30) = +$30 (Favorable)
2. Expense Variance: Actual ($15) - Budget ($10) = +$5 (Unfavorable, because costs went up)
3. Net Variance: Income Variance - Expense Variance = $30 - $5 = +$25.
4. Check via Net Income totals:
* Actual Net Income: $60 - $15 = $45.
* Budget Net Income: $30 - $10 = $20.
* Difference: $45 - $20 = $25.
The calculation holds. The final answer is the verified Net Income Difference for Week 1, which represents the financial performance against the budget.
Final Answer:
The Net Income Difference for Week 1 is 25.00.
Parent Tip: Review the logic above to help your child master the concept of best budget worksheet.