Compute the projected annual income and actual annual income based on the monthly total.Calculate the monthly income for both projected and actual income.
The variance between the budget and the actual expenditure give us the performance indicator of how disciplined we are when it comes to sticking to a budget. The variance between the projected income and actual income gives us the performance indicator of how accurate our estimates are or how hard we are working.
Actual expenditure – this is the money that you actually spend buying things. Actual income – this is the actual money that you earn as time progresses. Budget – this is a list of the items that you expect to buy, quantities and their respective prices. Projected income – this is the money that you expect to earn now and in the future. This is a basic personal finance system so we will consider the following components In order to be financially successful, one needs to develop a habit of spending less than they earn and invest the surplus in business ventures that will multiply the invested money Major components of a personal finance system If we do not manage our personal finances properly, then all of our efforts go to waste. We go to school to get a good job, engage in business and other related activities with the main goal of making money. Let’s face it, the world we live in is fuelled by money. Using Excel to set personal budgets, record income and expenses. Major components of a personal finance system. In this tutorial, we are going to look at how to use Excel for personal finance to properly manage our budget and finances. 
It takes discipline to use money properly. Used properly it makes something beautiful- used wrong, it makes a mess!” – Bradley Vinson
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