Top Excel Budget Templates | Smartsheet - Free Printable

The image you've uploaded is a financial summary and budgeting spreadsheet. It appears to be tracking income, expenses, savings goals, and potential savings for a given period (likely a month). Let's break down the key components and solve the problem implied by the data.

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1. Summary Section

#### Income: $7,257.00
This is the total monthly income from various sources:
- Salary/Wages: $5,987.00
- Interest Income: $200.00
- Dividends: $100.00
- Refunds/Reimbursements: $55.00
- Business: $500.00
- Pension: $300.00
- Misc: $115.00

✔ Total:
$5,987 + $200 + $100 + $55 + $500 + $300 + $115 = $7,257.00 ✔️

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#### Savings Goal: $1,655.00
This is the target amount the person aims to save each month.

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#### Expenses: $5,359.00
These are the total monthly expenses (not detailed in this image).

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#### Potential to Save: $243.00
This is calculated as:

> Potential to Save = Income - Expenses - Savings Goal

Let’s verify:
$$
\$7,257.00 \text{ (Income)} - \$5,359.00 \text{ (Expenses)} = \$1,898.00 \text{ (Available after expenses)}
$$
$$
\$1,898.00 - \$1,655.00 \text{ (Savings Goal)} = \$243.00
$$

✔ So, $243.00 is the extra amount that can be saved beyond the goal, or it represents how much more they could save if they reduced expenses or increased income.

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2. Visuals

- Pie Chart: Shows income (51%), expenses (37%), and savings goal (12%).
- Income: $7,257 → 51%
- Expenses: $5,359 → 37%
- Savings Goal: $1,655 → 12%

Check percentages:
- $7,257 / $7,257 = 100%, so:
- 51% of $7,257 ≈ $3,699.07 → but actual income is $7,257, so the pie chart likely shows proportions relative to total income.
- Actually, the pie chart seems to show how income is allocated, not total amounts.

Wait — let's re-evaluate.

If the pie chart shows:
- Income: 51%
- Expenses: 37%
- Savings Goal: 12%

Then:
- Total = 51% + 37% + 12% = 100% → makes sense.

But here's the issue: Income is $7,257, which is 100%, so:
- 51% of $7,257 = $3,699.07 → but income is $7,257, so the pie chart cannot represent income as 51% unless it's showing something else.

Ah! Likely mislabeling.

Actually, the pie chart probably shows how the income is split into three categories:
- 51% goes to income → doesn't make sense.
- Wait — it's labeled "Income", "Expenses", "Savings Goal".

So perhaps the pie chart shows:
- Income: 51% → but income is 100% of itself.

That suggests a misinterpretation.

Wait — maybe the pie chart is showing where the money goes:
- 51% goes to expenses?
- But expenses are $5,359 / $7,257 ≈ 73.8%, not 37%.

Hold on — the pie chart labels don’t match the numbers.

Let’s recalculate based on actual values:

- Income: $7,257 → 100%
- Expenses: $5,359 → 5,359 / 7,257 ≈ 73.8%
- Savings Goal: $1,655 → 1,655 / 7,257 ≈ 22.8%
- Potential to Save: $243 → 243 / 7,257 ≈ 3.3%

But the pie chart says:
- Income: 51%
- Expenses: 37%
- Savings Goal: 12%

This doesn't add up.

Wait — perhaps the pie chart is not showing percentages of income, but rather categories of allocation?

Alternatively, the pie chart may be mislabeled.

Let’s look at the bar chart.

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3. Bar Chart

- Blue bar: Income = $7,257.00
- Red bar: Expenses = $5,359.00
- The red bar is below the blue one → correct.
- Vertical axis: up to $8,000 → good scale.

So the bar chart is accurate.

Now back to the pie chart.

It says:
- Income: 51%
- Expenses: 37%
- Savings Goal: 12%

But:
- 51% + 37% + 12% = 100% → OK.

But income is $7,257, so 51% of $7,257 = ~$3,699 → but income is $7,257, so it can't be 51% of itself.

Ah! The pie chart is not showing income as a category, but rather how the income is allocated.

But then:
- If income is $7,257, and 51% is spent on income? That doesn't make sense.

Wait — perhaps the pie chart is showing the composition of income, not spending.

No — the label says "Income" in the blue section, which is confusing.

Alternatively, maybe the pie chart is showing:
- Income: $7,257 → 51% of total?
- But what is the total?

Wait — perhaps the pie chart is showing the proportion of income vs. expenses vs. savings, but that doesn't work because income is the source.

Another possibility: the pie chart is showing where the money ends up:
- 51% of income is saved? No — savings goal is only $1,655 → ~22.8% of income.

This suggests the pie chart has incorrect labeling or proportions.

Let’s check the percentages:
- Income: $7,257 → 100%
- Expenses: $5,359 → 73.8%
- Savings Goal: $1,655 → 22.8%
- Potential to Save: $243 → 3.3%

But the pie chart says:
- Income: 51%
- Expenses: 37%
- Savings Goal: 12%

This is inconsistent.

Unless... the pie chart is showing something else.

Wait — perhaps the pie chart is showing expenses vs. income vs. savings, but with wrong values.

Alternatively, it might be a mistake in the chart.

But looking again: the pie chart is labeled:
- Blue: "Income" → 51%
- Red: "Expenses" → 37%
- Green: "Savings Goal" → 12%

But income cannot be 51% of itself.

So the only logical conclusion is that the pie chart is incorrectly labeled.

Perhaps it should say:
- Spent on expenses: 73.8%
- Saved: 22.8%
- Remaining: 3.3%

But the chart shows 37% expenses → too low.

Alternatively, maybe the pie chart is showing a different metric, like budgeted allocation.

But without more context, we must assume the bar chart and summary table are correct, and the pie chart is flawed.

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4. SAVINGS Section

- Emergency Fund: $500.00
- Transfer to Savings: $200.00
- Total Savings: $700.00

But the Savings Goal is $1,655.00 → so only $700 is being saved, not $1,655.

Wait — there's a discrepancy.

The Savings Goal is listed as $1,655.00, but only $700 is allocated to savings.

But earlier, we had:
- Income: $7,257
- Expenses: $5,359
- So remaining: $7,257 - $5,359 = $1,898
- Savings Goal: $1,655
- Potential to Save: $243

So the person plans to save $1,655, but only $700 is shown in the savings section.

This suggests either:
1. The $700 is just part of the savings (e.g., emergency fund), and the rest is elsewhere.
2. Or the Savings Goal is not yet fully allocated.

But the Savings Goal is $1,655, and only $700 is visible.

So likely, $1,655 is the target, and $700 is what’s currently saved or transferred.

But in the summary, Savings Goal is $1,655, which is subtracted from income to get potential to save.

So the goal is $1,655, but only $700 is actually being saved.

That means the person is falling short of their savings goal.

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5. Conclusion & Solution

#### ✔ What’s Correct:
- Income: $7,257.00 → verified
- Expenses: $5,359.00 → assumed correct
- Remaining after expenses: $7,257 - $5,359 = $1,898
- Savings Goal: $1,655.00
- Potential to Save: $1,898 - $1,655 = $243.00 → matches

#### ✘ Problems:
1. Pie Chart: Misleading. Labels suggest:
- Income: 51%
- Expenses: 37%
- Savings: 12%
But actual values are:
- Expenses: ~73.8% of income
- Savings Goal: ~22.8% of income
→ So the pie chart is incorrect.

2. Savings Allocation: Only $700 is shown in savings, but goal is $1,655 → shortfall of $955.

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Recommendations

1. Fix the Pie Chart:
- Should show:
- Expenses: 73.8%
- Savings Goal: 22.8%
- Potential to Save: 3.3%
- Or better: Show how income is used:
- 73.8% → Expenses
- 22.8% → Savings
- 3.3% → Extra (potential)

2. Increase Savings:
- Currently saving only $700, but goal is $1,655 → need to save $955 more.
- Options:
- Reduce expenses
- Increase income
- Reallocate funds

3. Track All Savings:
- Ensure all savings transfers (e.g., to retirement, investments) are included.

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✔ Final Answer:

The potential to save is $243.00, meaning after covering expenses and meeting the savings goal, $243 remains.

However, only $700 is currently being saved, while the goal is $1,655, indicating a shortfall of $955.

The pie chart is inaccurate and should reflect actual percentages:
- Expenses: ~74%
- Savings: ~23%
- Remaining: ~3%

To meet the savings goal, the user should:
- Either increase income,
- Reduce expenses,
- Or adjust the savings goal to match current savings capacity.

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Would you like me to help you rebuild the pie chart correctly or create a revised budget?