Create a named range called, "savings" that references the cell that calculates the monthly savings in your budget. the savings calculation should be the difference between the total income and total expenses in your budget. be sure to reference the named ranges for income and expenses in your calculations. [4 points]

In Microsoft Excel, we can follow the steps as below to create a named range:

Pick a target cell or target range of cellsThere will be a Name Box shown up and we shall type the name "Savings" into the box.Press EnterIn the Formula bar, we set the formula =(Income - Expenses). This is based on the presumption that there are also two other named ranges, "Income" and "Expenses" which already been defined.