Q:

How can you create your own 52-week money savings chart in Excel?

A:

Quick Answer

Create a 52-week money savings chart for use with the 52-Week Money Challenge savings plan by opening a new document in a spreadsheet program and making three columns, labeling them as Week, Deposit and Actual Balance. Number the cells in the Week column from one through 52, then enter $1 into the first Deposit cell and increase by $1 in each row, up to $52 in the final row.

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Full Answer

To create a spreadsheet for tracking progress in this challenge, pick a savings method and create a new document in a program such as Microsoft Excel. In the first row of cells, type in column headers for the Week, Deposit and Actual Balance, with an optional field for Bonus Deposits before the Actual Balance column. Enter the number for each week in the Week column, then the number of money deposited that week in the Week column. Create a formula starting with second cell of the Actual Balance column that totals the Deposit and Bonus Deposit for that week and adds it to the Actual Balance value of the week before it.

The basic premise behind the 52-Week Money Challenge is to save a total of $1,378 within a year by saving an incremental amount each week. The process typically begins by saving a single dollar the first week and increasing it by $1 as the weeks go on, though it is also possible to start with $52 and decrease by $1 each week.

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