Are you using Excel to manage your money? In the day of the computer, we see an overwhelming need to keep up with information accurately, and quickly. The savvy user sees programs like Excel as a way to provide excellent road maps for business functions. Record keeping is made easier with charts and diagrams to provide an overview over a certain time frame. Excel does not only help with business. The program can help with managing your household finances as well.
But like many computer related things, the learning curve that comes with Excel takes some work. But if it can make your job easier, its worth the effort to learn. Let's look at 5 functions Excel can fulfill to help you better manage your money.
1. An individual can set goals while keeping up with their progress
Excel offers a variety of worksheet templates that can be tailored to meet the need of reaching long term commitments. If the person is trying to save money, payoff a debt, build a college fund, a custom template can be made within minutes.
2. Charts and diagrams are more than just for business purposes
An individual can make his household records look just as professional as a business. Being able to create flow charts allows a picture to be created instead of trying to spend a long time trying to understand your financial progress, or explain it to key people in your household a.k.a your spouse!
3. Calculating your loan payments
A person can get an estimate of their loan payment if they are looking at purchasing a new car. Keep easier records with your stocks, annuities, and other investments that can be managed as it grows. A home mortgage can be calculated, interest rate can be determined, and how much will be p aid over the long term.
4. Setting up a budget
A person can keep track of their income, and how much is being spent every month. If the out-go is more than the income, the outcome can be very risky. With Excel, the budget can help determine if more money needs to be made, or if cutting back can be accomplished without the extra work. Determine where money is being used properly, and waisted. It will help determine if enough is being saved for those long term needs, and short term emergencies.
5. Manage your checking accounts, credit card accounts, & saving accounts
Excel's built in features can help keep records of your banking accounts that can normally be time consuming. Keep up with debits and credits with ease. Expense comparisons on each of those accounts can be custom designed to get an overview of an entire period over a length of months or years.
Excel offers more than just a business owner with benefits to assist with their records. Households can manage their financial resources, and keep it easy to understand. It organizes household records while saving space. It definitely will help you keep track while giving you more information to make wise money management decisions.