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Can Excel Help You In Achieving Personal Financial Goals And How?

2 Mins read

Excel has become a staple tool in contemporary business environments. Visit any company, large or small, and you will see several spreadsheets used to deal with money. However, did you know that you can also use Excel for your financial goals?

You heard right. Excel is not a complicated tool for high-tech people alone, but it is a great tool, and it can help you easily navigate the world of your finances and achieve money goals. If you want to create an easy system to help you keep track of your money and build a strong financial system, keep reading to learn how to use Excel.

Make A Budget Spreadsheet

Budgeting is an essential part of keeping track of finances. And the first step to achieving your financial goals is knowing where the money is going and how you can control it. A budget spreadsheet template can help you stay in touch with your money flow.

You can record your expenses, investments, emergency spending, savings, and more here. Analyze this data to know in which category you spend the most. If expenditure is not coherent with your financial goals, it’s time to make changes.

For example, if one of your financial goals includes clearing all debt by a certain date, but you have little to no money in your savings fund for debt, you are off track. Excel will help you figure out where you are spending excess money so you can redirect it to paying for debt or achieving other financial goals.

Moreover, you don’t have to keep the spreadsheets dry and boring as you manage your money. You can make pie charts, bar graphs, and other pictorial depictions of your finances. This will save time and help you get a quick overview of your money situation through just one peek.

Use Functions And Formulas For Better Management

There are ways you can make several activities in Excel automated. You don’t have to sit and manually enter each number and then add them to calculate the result. Formulas in Excel help automate a large chunk of the work you will do in the software.

Formulas added in the top bar dictate how a cell in the spreadsheet should behave. For example, if you add a function in the total column, the numbers you want to add will automatically be summed up and displayed in the total column. You can make any changes, and the sum will keep adjusting.

End Note – Why Is Excel A Necessity For Achieving Financial Goals

You are losing out if you are not using tools to stay ahead of your personal and professional goals. While things can still be done manually, it is an inefficient way of doing stuff, and you will end up wasting a lot of time.

Using simple tools like Excel, you can push the fast-forward button to achieve all your financial goals. It will help you stay organized and focused and take control of various aspects of your life. If you can see your finances spread out in front of you in an organized manner, you can manage and take advantage of them better. So, whip out your Excel sheet and start typing away.

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