Introduction

Programming in Python with Pandas has a much steeper learning curve than Microsoft Excel; further clarification is necessary to understand the use cases of when Excel is the wrong tool and when programming in Python is the right tool.

Pros of Excel

• Excel is optimized for small, quick calculations.

Because Excel was designed for small datasets, it is ideal for personal and family use as long as the family has a relatively small amount of financial data stored in the Excel document.

• Excel has a smaller learning curve.

Excel has a small learning curve for new users, but it is also a small learning curve for advanced users to use its more advanced features, such as VBA, PivotTables, etc.

Cons of Excel

Discussed in previous blog post

Pros of Python

• It's free
• It's easy to reproduce
• Easier to understand and use than VBA
• Works well with big data
• Open source and lots of customizability through libraries

Python is a free, open source programming language designed for ease-of-use, reproducibility, and scalability. It is often recommended as the starting point for any hopeful looking for their first foray into programming.

There are libraries in Python that will allow you to scrape financial data off the web and use it as data in your own personal calculations. There are libraries that will allow you to show a very customizable graph of any kind of data you want to visualize. More importantly, there are libraries that will allow for very massive datasets and will be able to manipulate that data very quickly and in more ways than Excel. In Python, you are limited only by the capabilities of your own personal computing device.

I personally believe that everyone should have a basic understanding of Python, because it can help automate so many different aspects of our personal lives, especially the financial aspects.

Cons of Python

• Steep Learning Curve

This is the main drawback of Python. You must first learn basic programming to even get started in the Python world. Not only will you have to understand the logic and methodologies of programming, but you will have to understand the syntax, functions, and capabilities of Python in order to use it for the first time.

The one caveat is that there are plenty of pre-made Python scripts online that you can download and run on your personal machine without having to write a single line of code. However, this makes it more dangerous as you will not know for sure what the script will do to your computer and its data.

Conclusion

If you spend a considerable time on a computer at all, whether for business or personal use, I believe it will be well worth your while to learn programming in Python. You can learn quick and easy and for free with plenty of online tutorials. If you plan on drawing valuable insights from your personal data, give Python a shot.