How to use sum, sumif, averageif, countif functions in Excel for managing personal expenses
Beginner friendly step-by-step guide with VIDEO TUTORIAL
*completely suitable for Google Sheets too*
In this guide, we’ll explore how to use Excel for personal financial planning and provide a real use case for each function in Excel (to get the template from this article for free click here)
SUM
The SUM function is used to add up a range of cells. For example, if you have a list of monthly expenses in cells C:C (which means in C colomn), you can use the SUM function to calculate the total expense for the year by typing “=SUM(C:C)”
SUMIF
By using this function to filter data by category, you can easily see how much money you have spent on specific expenses such as “Grocery”. In an empty cell, type the formula =SUMIF(range of cells with categories;”Grocery”;range of cells with amounts spent).
AVERAGEIF
The AVERAGEIF formula in Excel is another useful tool for financial analysis. It allows you to calculate the average value of a range of numbers based on specific criteria, such as category or time period. For example, you can use the AVERAGEIF formula to calculate the average amount spent on Groceries. In an empty cell, type the formula =AVERAGEIF(range of cells with categories;”Grocery”;range of cells with amounts spent).
COUNTIF
The COUNT function is used to count the number of cells that contain numerical data in a range of cells. For example, if you have a list of monthly expenses in cells C:C you can use the COUNT function to count the number of times you spent more than $100. To do this type =COUNTIF(C:C;”>100")” in cell A16.
VIDEO TUTORIAL
TEMPLATE FROM VIDEO
You can get the template from this tutorial for free on Gumroad & use it for your own purposes
To get the template click here
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