We cover how to create a personal budget consisting of your income and expenses. Firstly, we calculate the after-tax income by deducting tax and national insurance. We then move onto the expenses, namely rent and utilities, food, gym, holiday and other expenses. For the rent expense, we assume this to be 30% of our disposable income. The food expense however, is more variable and therefore, have used the Randbetween function to generate random values within a range. We then move onto calculating the net income (income minus expenses), opening balance (balance at start of month) and closing balance (balance at end of month). We have used a Combo chart to illustrate our net income and closing balance over time and a bar chart to decompose the expenses.
Calculate UK Income Tax In Excel:
https://youtu.be/HL_HR6ZxrSY
Calculate UK National Insurance In Excel:
https://youtu.be/cPnqR8Vbumk
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[email protected]Overview: (0:00)
Months: (0:37)
Income: (1:24)
Expenses: (2:47)
Summary Calculations: (4:52)
Charts: (5:51)
Formatting: (7:15)