When it comes to office software, most people think of Microsoft Office, which includes Word, Excel and PowerPoint. But Microsoft gives you a lot to think about before you spend money on their Office suite, so here’s some details that may help you understand what you’re getting into.

This site breaks out your basic options for buying or renting MS Office.

Buy: Microsoft Office

When you want to pay a one-time fee and “own” your Office programs, focus on Office 2019. Note that Office 2019 Home & Student version only contains Word, Excel and PowerPoint. For those needing Outlook, look at Office 2019 Home & Business. And if you must have Publisher or Access, you’ll have to shell out even more money to buy for Office 2019 Professional.

Rent: Microsoft 365

If you’re open to paying a recurring fee to use Office software, then Microsoft 365 is what to consider. When you agree to an annual fee for Microsoft 365, you get access to all Microsoft Office apps, plus you get 1TB of OneDrive cloud storage. And you can install your software on up to 6 devices. Microsoft 365 Personal is intended for one person to use on all his/her devices, whereas Microsoft 365 Family is used when you want to “send” an Office license to other people (family or friends).

A further benefit to Microsoft 365 is that it automatically upgrades to the new version of Office as it comes available. Later this year, for example, Office 2021 will be released. Microsoft 365 users will wake up one morning to see this magically appear on their systems. But those who bought Office 2019… will see no change. That’s not a big deal, because Office 2019 will be usable for many more years. But no one can see the future of this software, so it is hard to tell: Will Office 2019 users ever be pushed to upgrade (repurchase) their software? Will it happen in 2025? 2030?

Pass: LibreOffice/OpenOffice

For many of you, though, this is all moot. Because for us frugal types, there is still LibreOffice and OpenOffice. Instead of shelling out $150 or $70/yr., these open source programs are available for $0. So if you want to take a pass on paying Microsoft, give LibreOffice a try!