How do you use an interactive budget worksheet?


Quick Answer

The methods for using an interactive budget worksheet vary depending on whether it is in the form of a Web tool or a spreadsheet. Sites such as Kiplinger.com and BudgetWorskeets.org allow you to enter income and expenses in designated fields to see expenses, while spreadsheets feature more customizable fields.

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Full Answer

The interactive budget worksheet on Kiplinger.com consists of a several customizable sections that track your income, which is the money you take in each month, and your expenses. The tool allows you to make several custom entries in each section that also include a unique name for differentiating between line item. The expenses section also offers numerous categories for tracking separate costs such as rent, utilities, insurance and miscellaneous expenses. It has a default time period of 12 months, but is adjustable down to a one-month period while still calculating all the values you enter. After choosing a date range, it adds up all of your expenses and subtracts them from your income to tell you your net profit over the time period.

Interactive budget worksheets in a spreadsheet program such as Excel functions in a similar manner, but requires you to create the different areas and enter formulas to find the sum of each section and deduct expenses from income. One benefit of such a worksheet is that you are able to customize its appearance and formatting as well as make adjustments for smaller time periods within the larger sheet.

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