Microsoft Excel has a new feature that will help you manage your finances better

Money in Excel is basically a new template that works as an add-on for Excel users.

Microsoft says that this feature will help users keep a track of expenses easily and also maintain steady financial goals since the data will all be in front of them. (Microsoft Excel)

Microsoft Excel's new feature aims to help users handle their finances better. Called ‘Money in Excel', the new feature has been launched for both Microsoft 365 Personal and Family subscribers. For starters, this feature will only be available in the US.

Money in Excel is basically a new template that works as an add-on for Excel users. The template allows users to securely connect bank, credit card, investment and loan accounts to Excel and the document will automatically be able to import information about transactions and other account information onto the spreadsheet.

If you are on a Microsoft 365 Personal or Family subscriber currently, you can just download the template and get going. To use the template users will have to select it, follow the instructions on the screen to connect the accounts via a third-party plugin supported by Plaid. The platform supports most major US banks.

Once everything is verified, the spreadsheet will automatically upload all the data including your transaction history into one workbook. You will not have to manually do it any longer.

Users can also easily save a copy and update it with the latest transaction details by simply clicking on the update button.

Microsoft says that this feature will help users keep a track of expenses easily and also maintain steady financial goals since the data will all be in front of them. The graphs will also help provide a visual representation of spending habits and updates will inform the user about hikes in subscription fees and bank changes.