- The total monthly income is $7,257.00, calculated by summing all income sources: Salary/Wages ($5,987.00), Interest Income ($200.00), Dividends ($100.00), Refunds/Reimbursements ($55.00), Business ($500.00), Pension ($300.00), and Misc. ($115.00).
- The total monthly savings goal is $1,655.00, calculated by summing all savings categories: Emergency Fund ($500.00), Transfer to Savings ($200.00), Retirement (401K, IRA) ($100.00), Investments ($55.00), Education ($500.00), and Other ($300.00).
- The total monthly expenses are $5,359.00, calculated by summing all expense categories under the HOME section: Mortgage/Rent ($2,250.00), Home/Rental Insurance ($25.00), Electricity ($40.00), Gas/Oil ($44.00), Water/Sewer/Trash ($20.00), Phone ($15.00), Cable/Satellite ($0.00), Internet ($29.00), Furnishing/Appliances ($0.00), and Lawn/Garden ($0.00). Note: Only the visible HOME expenses are summed; other expense categories may exist but are not fully shown or filled.
- The potential to save is $243.00, calculated by subtracting total expenses ($5,359.00) and savings goal ($1,655.00) from total income ($7,257.00): $7,257.00 - $5,359.00 - $1,655.00 = $243.00.
- The pie chart percentages are derived as follows: Income is 51% ($7,257.00 / $14,211.00 total of income, savings goal, and expenses), Expenses are 37% ($5,359.00 / $14,211.00), and Savings Goal is 12% ($1,655.00 / $14,211.00), where the total denominator is the sum of income, savings goal, and expenses ($7,257.00 + $1,655.00 + $5,359.00 = $14,211.00).
Parent Tip: Review the logic above to help your child master the concept of financial planning worksheet excel.
