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  • Writer's pictureDominick Galauran

Free Financial Planning Tools and Techniques to Grow Money and Invest


Financial planner and a couple doing financial planning - Free Financial Planning Tools and Techniques to Grow Money and Invest

What is meant by financial planning?


We all want to save money and grow our wealth. But it’s not always easy to know where to start or what the best options are. There are a lot of free financial planning tools and techniques out there that can help you make the most of your money.


This post will share some of our favorite tips for growing your money and investing in the future.


Definition of Financial Planning


Financial planning is the ongoing process of evaluating and managing your finances, setting and achieving financial goals, and creating a roadmap to ensure you reach your long-term objectives. It involves understanding your current financial situation, setting realistic goals, and developing an actionable plan to achieve those goals. This plan should include budgeting, saving, investing, paying off debt, and creating a retirement plan.


Do I need to talk to a Financial Planner?

Lady Financial Planner Smiling - Do I need to talk to a Financial Planner?

Yes, it is necessary to talk to a Financial Planner to build a comprehensive financial plan. While it is possible to use online services to manage and track your finances, a Financial Planner can provide tailored advice and support to help you reach your financial goals. A Financial Planner can also offer expertise and guidance in budgeting, investing, retirement planning, debt management, and estate planning.


What is the best financial planning methodology?

Charts, methodologies - What is the best financial planning methodology?

Financial planning software can make it easier to build a financial plan and track your saving and spending. The most common financial planning methodologies include working with a financial advisor, using financial planning software, and creating a roadmap for yourself to stay on the right path. Working with a financial advisor can help create a personalized money plan, but DIY types might prefer to use financial planning software instead. It is also essential to consider the features and benefits of the software before making a firm decision.


It is essential to consider the different financial planning options available before deciding which one is best for you. Each person has distinct financial needs and goals, so it is essential to find a methodology that meets those needs and helps you reach your financial goals.


How to use free financial planning tools and techniques?


Find a financial planner


Asian Lady Financial Planner - Find a financial planner

Finding a financial planner can be crucial in securing your financial future and reaching your financial goals. Here are some steps to help you find the right financial planner for your needs:

  1. Determine your financial needs: Before starting your search, take some time to determine your financial needs and goals. This will help you decide which type of financial planner you need and what kind of advice you are looking for.

  2. Look for credentials: Financial planners can hold various certifications, such as Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC). These credentials indicate that the planner has met specific education and experience requirements and has passed a rigorous exam.

  3. Check for references: Consider asking for references from friends, family, or colleagues who have used a financial planner. You can also check with professional organizations like the National Association of Personal Financial Advisors (NAPFA) or the Financial Planning Association (FPA) for recommendations. You can also look for the advisor’s investment adviser’s public disclosures for any conflict of interests or impediments. This can be searched on the IAPD website.

  4. Meet with potential planners: Once you have a list of potential planners, arrange to meet with each one to discuss your financial goals and needs. A good financial planner should be able to provide you with a clear understanding of their services, fees, and investment philosophy.

  5. Consider the compensation method: Financial planners can be compensated through fees, commissions, or a combination of both. It’s important to understand how the planner is compensated and to ensure that their compensation aligns with your best interests.

  6. Ask questions: Don’t be afraid to ask questions and to get clarification on any aspect of the financial planning process. A good financial planner will be happy to answer your questions and provide you with the information you need to make an informed decision.

Budgeting with Personal Finance Apps

YNAB, Mint, Personal Capital logo - Budgeting with Personal Finance Apps

Personal finance apps are a useful tool for anyone looking to take control of their finances and improve their budgeting habits. By tracking spending and setting budgets, individuals can gain a better understanding of their financial situation and make informed decisions to achieve their financial goals.


When selecting a personal finance app, it’s important to consider the features and user interface that best fit your needs. Some popular personal finance apps include Mint, Personal Capital, and YNAB (You Need A Budget). These apps vary in their features and approach to budgeting, so it’s important to find the one that best fits your lifestyle and financial goals.


Investment Portfolio Management


Investment portfolio management is the process of overseeing and organizing a collection of investments, with the goal of achieving financial goals and maximizing returns. This can include a variety of investment vehicles, such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs).


Investment portfolio management is an important aspect of personal finance, and online investment tools can greatly aid in this process. By using these tools to monitor investments, track performance, and make informed decisions, individuals can take control of their portfolios and work towards achieving their financial goals.


One example is the portfolio management tools of UX Wealth which uses AI technology to help manage several portfolios for their clients.


Retirement Planning


Retirement planning involves estimating the amount of savings needed to support an individual’s desired lifestyle during retirement and taking the necessary steps to achieve this goal. This can include regular contributions to a retirement savings account, such as a 401(k) or IRA, as well as smart investment decisions and financial planning.


Retirement planning is a critical aspect of personal finance, and the use of free online retirement calculators can greatly aid in this process. By using these tools to estimate retirement income needs, make informed investment decisions, and regularly adjust their plan, individuals can work towards a secure and comfortable retirement.


Three best free financial planning tools and techniques


Mint.com


Mint.com is a free online financial planning tool that helps users manage and track their personal finances. It offers users a wide range of features, including tracking bank and credit card accounts, setting monthly budgets, categorizing expenses, monitoring credit scores, tracking investments, setting up bill payment reminders, and more. It’s an incredibly popular tool that is great for any user, from those just beginning to manage their finances to more experienced users looking for a comprehensive money management system.


Everydollar


EveryDollar is a great free financial planning tool that encourages users to assign a job to every dollar they earn and save. It is a simple platform that allows users to set up a budget, track their spending, and ultimately become more conscious of how they are managing their money. It is a great tool for anyone looking to get control of their finances, either by reaching financial milestones (i.e. buying a house) or just by gaining a greater awareness of their spending habits.


Mvelopes


Mvelopes is an online budgeting and financial planning tool that helps users take control of their finances by providing a simple, intuitive, and effective system for budgeting, tracking expenses, and managing debt. It helps users develop a budget, track their spending, and make smarter financial decisions. The Mvelopes system organizes expenses into groups and “envelopes” to help users prioritize where their money goes. Additionally, the platform allows users to set up custom budgets and automatically track their spending to meet their financial goals.


Final Thoughts


Mon and Kid with a piggy bank - Free Financial Planning Tools and Techniques to Grow Money and Invest

Money is a top priority for many people. Whether you’re looking to save money or grow your investment portfolio, using free financial planning tools can help you reach your goals. In this guide, we teach you about the different types of financial planning tools and how to use them to achieve your aims. You’ll also learn about popular methods and what you need to know in order to find the best fit for your needs. By following these tips, you can tackle any financial challenge head-on and build wealth over time.

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