Personal Income Statement (Excel spreadsheet & a few paragraphs
1. Using Excel, or Google Sheets, create a household income statement.
2. Use all the actual categories you can think of, but you need not use your real amounts. So, for example, you could make your salary what you think it will be in five years, or budget your phone bill at what you think it will be when you switch carriers or you add all of your family members to your plan.
3. Down the side of the sheet have an Income section with a Total and below that an Expenses section with a Total.
4. Below that have a Grand Total that subtracts Total Expenses from Total Income.
5. Across the top put the months of the year, starting with January and next to each month make a:
a. Budget column,
b. Actual column
c. Budget to Actual column and
d. Percent of Total column.
i. The Percent of Total column is the percent of Total Income or Total Expenses. For example, if the only contribution to your household income is your paycheck, that paycheck is 100 percent of Total Income.
6. With this spreadsheet PROVIDE A FEW PARAGRAPHS that describe what use you would make of the information this spreadsheet confers to you. You do not need an introduction or conclusion for this “essay,” just a coherent, well organized discussion of how you would use this information to make your life better.
7. INCLUDE AT LEAST ONE PARAGRAPH about how mitigation measures related to COVID-19 have influenced your spending, or how you imagine it may influence your spending. E.g. people working from home report saving money on gas but spending money on office supplies.
