Both handle budgeting well. The question isn’t which is better overall - it’s which fits how you work.
Our templates work in both. Our spreadsheet templates work in Google Sheets. It is perfect for cloud access and collaboration and works on any device. You also get full privacy and data always stays under your control.
Cost
Cost is the most obvious difference. Google Sheets is completely free with any Google account, no limitations on features or file size for typical use. Excel costs around $70/year for Microsoft 365 Personal. There’s a free web version, but it has limited features.
If cost matters - and for most budgeters it does - free is compelling. But if you’re already paying for Microsoft 365 for work or other reasons, Excel costs nothing extra.
Accessibility
Google Sheets works in any browser, has mobile apps for iOS and Android, saves automatically to the cloud, and is accessible from any device. Log in anywhere and your budget is there.
Excel has a desktop application, web version, and mobile apps. Files can be stored locally or in OneDrive. Device flexibility goes to Google Sheets - your budget is accessible from anywhere without installing software or syncing files.
Collaboration
This is where differences really show. Google Sheets offers real-time multi-user editing. You see collaborators’ cursors moving in real time. Built-in commenting works smoothly. Sharing happens via a simple link.
Excel has co-authoring available via OneDrive, but it feels less fluid for real-time joint editing. If you budget with a partner or need to share with an accountant, Google Sheets’ collaboration is noticeably better.
Power Features
Excel has the edge on raw power - more extensive formula library, Power Query for data manipulation, advanced PivotTables, and better performance with large datasets.
Google Sheets has all essential formulas working identically. It also offers GOOGLEFINANCE for live stock and currency data, and a Query function that’s powerful for analysis. Excel is technically more capable. For personal budgeting though, that extra power rarely matters. You’re not processing millions of rows.
Offline Access
Excel’s desktop app works fully offline with no setup required. Open the file, work on it, save when done.
Google Sheets has offline mode available, but it requires pre-setup before losing your internet connection. If you frequently work without internet - traveling, unreliable connection, etc. - Excel is more reliable.
Privacy
This consideration depends on your setup. Excel with local files keeps data on your device. You control it completely. No company servers involved.
Google Sheets and Excel Online both store data on company servers, subject to their privacy policies. For maximum privacy with financial data, Excel with local-only files keeps everything off third-party servers.
The Honest Take
For most personal budgeting, Google Sheets wins on cost, collaboration, and device flexibility. Excel wins on power features, offline reliability, and local storage.
Either handles income tracking, expense categories, and savings goals just fine. Choose based on what actually matters for how you’ll use it, not abstract feature comparisons.
Common Questions
Can I switch between them? Yes. Both import the other’s files. Some formatting might need adjustment.
Which is more secure? For maximum security, Excel with local-only storage. Both cloud options rely on company security.
What about Apple Numbers? Works for basic budgeting. But fewer features, fewer templates, less compatibility.