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The method reducing the solution of the Schrödinger equation for several types of power potentials to the solution of the eigenvalue problem for the infinite system of algebraic equations is developed. The finite truncation of this system provides high accuracy results for low-lying levels. The proposed approach is appropriate both for analytic calculations and for numerical computations. This method allows also to determine the spectrum of the Schrödinger-like relativistic equations. The heavy quarkonium (charmonium and bottomonium) mass spectra for the Cornell potential and the sum of the Coulomb and oscillator potentials are calculated. The results are in good agreement with experimental data.

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