March 11, 2024
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Using Microsoft 365 to create budgets and manage finances

People have been using Microsoft 365 to create budgets and manage their finances effectively for many years. The better you become at money management, the easier improving your credit score can get. Poor money management can result in missed and past due payments, which can bring your credit score down and stay on your credit report for six years, making it harder for you to obtain finance when you need it. Let’s look at some of the Microsoft 365 tools that you can use to boost your money management skills right now.

Microsoft Excel

Microsoft Excel can be extremely useful when it comes to good money management as it comes with a few budget templates that you can customize in line with your financial goals. These templates include pre-built formulas and charts that will help you to track your income, expenses, and savings. You can also create custom formulas that will help you make calculations automatically so you can easily analyze your financial data. The charts and graphs in Excel also help you to visualize your budget and financial data so you can make more identify and make more sense of trends.

Money in Excel:

Money in Excel is a template and add-on for Excel that will let you connect your bank and credit card accounts directly, with transactions being updated automatically. This feature can help you to streamline the process of tracking your income and expenses. It also has a Spending Analysis tool that you can use to categorize your transactions. This can give you important insights into your spending habits and help you cut down on waste so you can hopefully make debt repayments on time and avoid harming your credit score. It can also be useful if you want to start saving more cash.


You can also use the email platform Outlook to manage your money more effectively. Outlook comes with Calendar and Reminder features that you can use to set up bill payment reminders. This will help you to stay organized and make sure payments are made on time so you can avoid late fees.


Some people have used OneNote to keep a financial journal so they can log their financial goals, track their progress, and make notes of any ideas that might come to them when they’re thinking of new ways to save or invest.


If you’re managing your finances with a partner or another member of your household, you could use Teams for collaborative budgeting. Teams will let you share relevant Excel sheets, talk about your financial goals, and collaborate on budget plans in real-time.

Power BI

If you need access to more advanced financial analytics, consider using Power BI. You can connect this to various data sources to create interactive dashboards and reports. This can be helpful if you have a complex financial situation to navigate or if you’re running a business.

These tools can make it much easier for you to streamline your budgeting processes, get detailed insights into your current financial situation and remain organized when it comes to managing your finances effectively. Whether you’re seeking to sort out your personal finances or a business owner, Microsoft 365 gives you a suite of helpful applications that can help you meet your specific financial needs.

Can I use Microsoft 365 to build my credit score?

Although Microsoft 365 isn’t specifically designed to help you build your credit score, you can use a number of these applications to manage your finances more effectively, which can have a good impact on your creditworthiness.

Outlook’s reminder features can help you set up reminders that can help you avoid late or missed payments which can affect your score, and Excel can help you create a budget so you can keep track of where your money is going and cut down on waste to make repayments easier. You could also use Outlook to set up reminders to check your credit report for errors. If you do find any mistakes, you can contact the lender or credit referencing bureau to remedy these. Diversifying your credit mix can also improve your credit score, so monitor your credit accounts with Excel to see if you have a good mix of loans, cards, and other credit products. You could also use Excel to keep track of your credit applications and make sure you’re not making too many in a short space of time. Lots of applications over a brief period can also harm your score.

What else can I do if I want to improve my credit score?

There are many other tools and apps that you can use if you want to start building your credit score to make borrowing and getting better interest rates easier. Some of the most popular money management apps available today include Money Hub, Emma, Revolt and Plum. If you are interested in using one of these apps to improve your creditworthiness, it only takes a few minutes to find out how well-reviewed they are. Some of these apps have free trials or basic versions you don’t have to pay for.  This means you can try them out and see how well they work for you before you opt for the paid-for versions. 

Aside from avoiding past due payments, you can also ensure your credit utilization rate is low and get yourself on the Electoral Roll. Lenders tend to use the Electoral Roll to check if the information they have about your address and identity is true. Reduce your credit card balances as much as you can and avoid opening too many credit accounts.

Building your credit score can take quite some time, so try not to be impatient. Keep managing your credit responsibly and it shouldn’t be too long before your credit score starts to rise. It’s also a promising idea to keep up to date with any new financial management tools that might be released so you can make the most of the solutions available to you.

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Last Updated 1 month ago

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