I have a simple application with a main form and an options dialogue. The options dialogue has various TextBox's and drop downs where the user can make changes and OK/Cancel buttons for when they're done.

On the FormClosing event of the main form, I save these settings to an XML file. When the program is first run, the settings are loaded back into the options dialogue. The application reads settings directly from the controls in the options dialogue during run time.

Is there a better way or any built in functionality to manage this stuff?

If this is the best way, is there any easy way to have any changes cleared when the cancel button is clicked? i.e. without storing all of the settings in variables when the options dialogue is shown and then changing them back when the cancel button is clicked?