Question Details

Excel spreadsheet + 250-500 words summary
You are interested in developing a budget but are struggling with the basics:

Do the numbers have to be exact?
Can a budget have any flexibility in it?
Before you create your budget, complete the following in a summary of 250-500 words:

Define what a budget is.
Develop a list of basic ground rules to budgeting that will help you (or anyone you know) create a good budget.
Be sure to include a savings plan in your budget to save enough for an unexpected emergency that may come up at any time.
Discuss the situations that might derail the budget along with a plan for you to deal with these issues.
Using the information from your summary, create a budget in Excel. Be sure to use the following guidelines:

Estimate family income.
Develop a list of fixed and discretionary (variable) expenditures.
Determine the excess or shortfall of income within the budget period.

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