After nearly 10 years of testing tools and apps to track my money, I keep coming back to an old-school system for 3 reasons

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  • After nearly 10 years of writing about money, Cheryl
    Lock has tested all kinds of tools and apps to track her
  • No matter what, though, she finds a simple Excel
    spreadsheet fits her needs best for three reasons: It keeps her
    honest, it allows her to track multiple systems, and it allows for
  • Visit for more stories.

My days start and end with the most basic money management tool
you’ll find — an Excel spreadsheet.

I’ve been a personal finance writer for about a decade now,
and I’ve tested many fancy online tools and apps and resources.
Still, despite all the latest helpful technology, I keep coming
back to my trusty Excel document. Here’s why.

1. It keeps me honest

Although it’s tedious, as soon as I can after every purchase,
I physically log it into my Excel document to keep a running total
of my monthly credit card purchases against my overall budget. I
categorize things with color blocks — yellow for purchases that
will be paid out of my husband’s and my joint checking account,
white for those I’ll cover out of my own funds, purple for my
health insurance payment and other health-related items — and so
on and so forth.


I know there are online tools that do this for you — allow you
to set categories that the system automatically puts into buckets.
I’ve used these, and what I found was that I was always
double-checking the system for errors or switching the buckets
around anyway. So I figured, why not cut out the middleman?

2. It’s the best way I’ve found to track my multiple systems

My elaborate Excel system actually includes multiple sheets
which, yes, can get cumbersome. However, for a Type A dork like
myself, I’m not bothered. I keep four Excel docs:

  1. One that tracks our monthly joint expenses against our
  2. One that tracks my own monthly credit card purchases against my
    own personal budget
  3. One that tracks the full year of expenses for which I’m
    solely responsible (versus what my husband pays for with his
    salary) against the income I plan to earn for each month (since
    I’m a freelancer, this can vary, but tracking it this way helps
    me set monthly goals)
  4. One that tracks what is currently in my checking account
    against the bills that will need to be paid in the near future

That’s a lot of documents, and I could probably consolidate
somewhat, but I’ve used this system for years, and it works.

It takes me about 20 minutes each morning to check the Excel
sheets against my checking and savings accounts to make sure
everything looks accurate, and I usually close out the day by doing
a quick five-minute check back, as well.

3. It allows for flexibility

As a freelancer, my income can be sporadic and varied. Some
months are busier than others, and I often have to wait a while for
checks to come in. Having a system that allows me to manually move
things around as needed makes tracking much easier.


Budgeting and personal finance is all about finding the system
that works best for you, the one that will best help you stay on
track with your goals. I love that there are so many products
available these days to help people better manage their money.
However, if you feel like you’ve tried them all and you still
haven’t found a system you love, allow me to suggest the simple
Excel document. It just may surprise you.

Editorial Note: This content is not provided by Goldman Sachs.
 Any opinions, analyses, reviews or recommendations expressed in
this article are those of the author’s alone, and have not been
reviewed, approved or otherwise endorsed by Goldman Sachs.

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After nearly 10 years of testing tools and apps to track my money, I keep coming back to an old-school system for 3 reasons