Finance

Scenario: Savings Growth Calculation

• Set Up Your Data Table:

  • Open Excel and create the following headers in Row 1:

    • A1: "Month" | B1: "Starting Balance" | C1: "Monthly Contribution" | D1: "Total Savings"

  • Format the headers:

    • Select cells A1:D1, click Bold, increase the font size to 12, and apply a light fill color for better clarity.

• Input the Starting Data:

  • Starting in Row 2, enter the first month’s details:

• Calculate Total Savings for the First Month:

  • In cell D2, enter the formula to add the starting balance and monthly contribution:

    =B2 + C2

  • Press Enter. The result will be the total savings for January.

• Set Up Savings Growth for Additional Months:

  • For the next month (February), the starting balance will be the total savings from the previous month.

  • In cell B3, enter:

    =D2

  • Input the Monthly Contribution in C3 (e.g., 200).

  • In D3, calculate the Total Savings for February:

    =B3 + C3

• Copy the Formulas Down:

  • Select B3, C3, and D3, then drag the fill handle down to create data for future months (e.g., March, April, etc.).

  • Adjust contributions as needed to simulate realistic savings growth.

• AutoFill Month Names:

  • In column A, type "January" in A2.

  • Drag the fill handle down to autofill the months sequentially (February, March, etc.).

• Format the Numbers as Currency:

  • Highlight cells B2:D13 (or however many rows you created).

  • Go to Home → Number Group → Currency or use Ctrl + Shift + $.

• Add a Total Row:

  • In Row 14, type the following labels:

    • A14: "Total Contributions"

  • In cell C14, calculate the total contributions using:

    =SUM(C2:C13)