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When it comes to managing your income and expenses, it is crucial to have a clear understanding of where your money is coming from and where it is going. These basic formulas can be used to perform various calculations and analysis of your income and expenses.Enter =AVERAGE( followed by the range of cells you want to calculate the average for. AVERAGE: This formula calculates the average of a range of numbers.Simply enter =SUM( followed by the range of cells you want to sum up. SUM: This formula adds up a range of numbers.Understanding and using basic formulas (e.g. The selected cell will now display the total sum of your expenses.Use the formula =SUM( and select the range of cells with your expense data, then close the parenthesis and press Enter.Follow the same steps as summing up total income, but this time, select the cells containing your expense data.The selected cell will now display the total sum of your income data.Highlight the range of cells containing your income data, then close the parenthesis and press Enter.Enter the formula =SUM( into the selected cell.Begin by selecting the cell where you want the total income to be displayed.In this chapter, we'll cover the basics of using formulas and functions to sum up total income, calculate total expenses, and utilize basic formulas such as SUM and AVERAGE. When creating a spreadsheet for income and expenses, it's crucial to understand how to use formulas and functions to accurately calculate and analyze your financial data. Discretionary expenses: Non-essential expenses that are not necessary for basic living, such as entertainment, dining out, and shopping.Variable expenses: Expenses that may fluctuate from month to month, such as groceries, utilities, and transportation costs.Fixed expenses: These are recurring expenses that remain constant each month, such as rent or mortgage payments, insurance premiums, and loan payments.
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Whether you're a freelancer, small business owner, or just want to keep a closer eye on your personal budget, understanding where your money is going and coming from is crucial for financial success. Tracking your income and expenses is an essential part of managing your finances.