Free Financial Spreadsheet Templates are software tools which help you in managing your financials. However, there are numerous kinds of spreadsheets available in the market. So, choosing a template is a daunting task and sometimes the decision can be fraught with uncertainty.
One of the main reasons why people end up using incorrect Spreadsheets for financial planning is the fact that they were unable to learn the skills and the expertise necessary to correctly manage them. Often the reason is that they failed to understand the contents of the spreadsheets. The same thing can be said about the decision of selecting the wrong financial spreadsheets. To help you avoid such a situation, here are some common mistakes made by people who select spreadsheets for managing their finances.
o Ignoring the last change – When files are changed or renamed, it is very important to note these changes on a new spreadsheet and not on the old one. This will allow you to see a pattern for future updates. Since this is an error that most people commit when they are first starting, it is very important to be aware of how to do it.
o Not updating all fields – If there are fields that have been deleted from the spreadsheet and you still need to update them, make sure you update all the fields that are affected. This way, you won’t end up having to update more than one field at a time. Also, make sure that all the fields are not empty. In this case, you can add or remove a particular field without deleting other fields that have the same name.
o Not updating a file extension – When you are working with financial spreadsheets, it is very easy to delete or modify an extension. However, these extensions may show up again when you save a file. Make sure you update the extensions to protect yourself from deleting important files. It’s also best to be more detailed with the details of the file extension when you are uploading it in the file exchange.
o Not using the right format – There are many tools available for sharing your spreadsheets, which make it possible to work with different formats. However, when you are working with spreadsheets, always choose a format that is compatible with your computers. Not only does this help you edit your spreadsheets easily, but also allows you to share them with other people. Since there are many template tools available online, it is recommended that you use a template tool that has a good number of templates to ensure that you can do your financial planning properly.
o Having the wrong financial spreadsheet template – It may be very difficult to know whether the financial spreadsheet template that you are using is appropriate for you. Since this is a very personal question that you would ask yourself before making any changes, it is recommended that you ask for help from a professional. Also, getting a good template from a professional will make your financial planning easy since you will be able to select a template that is well suited for your needs.
These are some of the common mistakes that people make when working with spreadsheets and this is the reason why many people prefer to get financial spreadsheet templates rather than handling Excel spreadsheets on their own. Since Excel spreadsheets are complex and complicated, it is best to deal with spreadsheets that can easily handle their content and make them manageable for people who don’t know much about spreadsheets.