Microsoft Excel is losing one of its most useful money-saving features

Microsoft Excel
(Image credit: / monticello)

Keeping track of your household budgets using Microsoft Excel could soon be a bit trickier following an important cut to the platform.

Microsoft has announced the Money in Excel offering will be dropped from its spreadsheet software from June 30 2023 as it apparently looks to trim the range of services it provides users.

However, the move may deprive many users, both in consumer and business contexts, of a clear and easy way to manage their finances in a familiar software that forms part of their existing Microsoft 365 subscription.

Money in Excel

First announced in 2020, Money in Excel looked to provide users with a more dynamic money management tool as part of their Microsoft 365 Personal and Family subscription.

The offering let users automatically pull in financial data from bank accounts, credit cards and investments for tackling budgeting and delivering better management of their finances.

Using a specially-designed template, Money in Excel also offered a number of tools designed to offer more efficient money management, allowing users to keep tabs on spending habits by flagging bank fees, overdraft charges and other outgoings as they change.

It also offered high levels of customization to suit the needs of different users, with transactions from added bank accounts automatically imported and dynamically updated to build up an evolving picture of a user's personal finances.

An email seen by XDA Developers sent to some Microsoft 365 subscribers by the company did not go into detail around why the service was closing, but did note that it "will occasionally remove underused features and benefits."

Microsoft later clarified in a support blog post that although it recognized the closure would affect users, it wanted to focus in different areas in the future.

"We’ve learned a lot from Money in Excel and appreciate the many needs people have for their families and their money," the company wrote. "We believe there are other areas where we can have a greater impact and will be focusing on those going forward."

It added that users should download a copy of their data before June 30, 2023, with their personalized workbooks and information being kept safe and secure.

Via ZDNet

Mike Moore
Deputy Editor, TechRadar Pro

Mike Moore is Deputy Editor at TechRadar Pro. He has worked as a B2B and B2C tech journalist for nearly a decade, including at one of the UK's leading national newspapers and fellow Future title ITProPortal, and when he's not keeping track of all the latest enterprise and workplace trends, can most likely be found watching, following or taking part in some kind of sport.