7 Essential Microsoft Excel Functions for Budgeting

7 Essential Microsoft Excel Functions for Budgeting

Excel's capabilities are what make it such a great tool for handling finances. To add your bills, subtract them from your income, and view your biggest expenses. And more, you can use formulas with built-in functions. We'll go through 7 Essential Microsoft Excel Functions for Budgeting.

7 Essential Microsoft Excel Functions for Budgeting

Excel software from Microsoft is beneficial in a variety of circumstances. It is useful for both personal and professional. Let’s look at 7 Essential Microsoft Excel Functions for Budgeting. These functions can help you be more productive.

  • Add and Subtract Income and Expenses: SUM

  • Add Certain Expenses: SUMIF

  • Find the Highest or Lowest Expense: MIN or MAX

  • Count Expenses or Payments: COUNT

  • See How Many Days to Pay: DAYS

  • See How Many Business Days to Pay: NETWORKDAYS

  • View the Current Date: TODAY

Add and Subtract Income and Expenses: SUM

To total your revenue and include your expenses in your budget, use the SUM formula.

SUM(value1, value2,...) is the format, with value1 being mandatory and value2 being optional. 

Add-and-Subtract-Income-and-Expenses-SUM

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Select the cell where you want the result to total your income for the year. In the Editing section of the Home tab, click the AutoSum option.

Press Enter or Return to confirm or adjust the cell range that appears.

Add Certain Expenses: SUMIF

The SUMIF function, like SUM, allows you to sum items that fulfill certain criteria. It allows you to input the amounts owed for your obligations. As well as any payments that your roommate handles.

Add-Certain-Expenses-SUMIF

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The first two inputs are necessary, and the syntax is SUMIF(cell range, criterion, sum range). 

Find the Highest or Lowest Expense: MIN or MAX

MAX shows the highest value, while MIN shows the lowest.

MAX(value1, value2...) and MIN(value1, value2...) are the syntaxes for each, where the values can be numbers or cell ranges. 

Select the cell where you want the result to appear to see the highest amount for a cost during the year. Select "MAX" from the arrow next to AutoSum in the Editing section of the Home tab.

Then hit Enter or Return to confirm or change the formula's cell range.

To enter the formula, replace the cell references with your own.

To find the lowest value, use MIN in the same way.

Count Expenses or Payments: COUNT

To count how many cells contain numbers, use the COUNT function.

COUNT(value1, value2,...) is the format, with value1 being necessary. You can use a button or enter the formula, like SUM.

Select the cell in which you wish the result to display. Select "Count Numbers" from the arrow next to AutoSum in the Editing section of the Home tab.

Count-Expenses-or-Payments-COUNT

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See How Many Days to Pay: DAYS

The DAYS function can help you figure out how many days you have. Between when you get paid and when a bill or loan payment is due as part of your budget.

DAYS(end date, start date) is the syntax, and both arguments are necessary.

We'll use this formula to find the number of days between our end date (due date) in cell B3. And our start date (paid day) is in cell A3.

See-How-Many-Days-to-Pay-DAYS

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See How Many Business Days to Pay: NETWORKDAYS

NETWORKDAYS counts the number of work (or business) days between two dates. Weekends and recognized holidays are not included in this figure.

The syntax is NETWORKDAYS(start date, finish date, holidays).

View the Current Date: TODAY

The current date is critical as you work on your budget. You can see the current date in your spreadsheet without having to glance at the calendar. And it will update every time you open it.

Conclusion

These are a handful of the 7 essential Microsoft Excel functions for budgeting. Whether you want to help justify data-driven business decisions at a high level or get home to your family earlier, mastering the right Excel functions is a quick and easy way to maximize your productivity.

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Jessica Vieira
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Jessica Vieira
Jessica Vieira is ProductReviews's senior media reporter, covering the intersection of entertainment and technology.

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