The 11 Best Finance Tools for Planning & Wealth Management

In a world economy fraught with so much uncertainty, you need to be savvy with your finances to have fiscal stability. It is imperative to put some thought and work into financial planning so that you can be prepared to deal with the highs and lows, both foreseeable and unexpected.

Gone are the days when people were reliant on spreadsheets and investment advisors for all the labor. With modernized and advanced AI, there are finance planning tools on the market that take the grunt work out of sensitive calculations.

With a bit of configuration, these tools are up and ready to not just automate the routine but also advise about investments, track payment due dates, link your accounts on a single platform, and much more.

That’s not saying you wouldn’t benefit from expert help from finance professionals, but with these apps, it is much simpler for you to keep an eye on your net worth and growth.

What are finance planning tools?

To understand what exactly you can expect from these new-age applications, you should know about the components of a pro-style plan for finances. These include:

  • A Strategy & Goals
  • Cash Flow Forecast
  • Projected Financial Statements
  • Forecast of Net Worth

There need to be goals to define your long-term vision for your personal life or small business. This could mean higher education, car, house, and retirement savings for the former and expansion or a capital asset (business brand) you could sell for the latter.

Your strategy will define the action steps you take to achieve the goals you set for yourself.

Cash flow encapsulates the inflow and outflow of money and is normally set for a period of one year. To determine your cash flow forecast you carefully determine all sources of income against all expenditures regardless of their frequency.

A prudent approach is best where income is recorded that is certain to be received and expenses are accounted for even when chances of outflow are remote. This draws a good picture of your anticipated cash requirements and where you could fall short.

The projected financial statements will take stock of assets and liabilities as well as income and expenditure. Balance sheet and profit and loss statements are the main reports and these are also the ones used for arriving at the tax figure needed to be filed annually.

These are mainly used for business purposes or in organizations but the principles may be applied to individuals as well for a more elegant appraisal of the financial situation.

However, if you want the simple and easy way out, a net worth forecast is quite similar to a balance sheet and avoids the use of technical business terms. It enumerates all assets and obligations comprehensively to give you an overview of your net worth after you enact the action steps planned to achieve financial goals.

The finance planning tools available on the market deal with different aspects of these components. There are tools that are targeted toward tech-savvy individuals and those that are for financial advisors being a bit more technical (and pricey).

There are tools for budgeting and some that will illuminate your credit profile. Some even give you investment advice to help you keep on top of your monetary goals.

We’ve scoured the internet and come up with the best-rated and top-performing apps for the various aspects of financial planning.

The Best Finance Planning Tools: Personal & Small Businesses

Quicken

With an incredibly simple user interface, Quicken is an established name on the list with a huge fan base. The most basic package, which is priced at about $36 annually, has a host of features that should satiate a personal user. It all starts with attaching your bank accounts to the software. Once connected, you can build a budget, set saving goals, calculate net worth, categorize and monitor expenditures and even export data to excel for further investigation.

An excellent feature is the app’s ability to pay bills as set up by the user. However, this is not included in the basic package. The most advanced version of the software even comes with features fit for managing household and business financials side-by-side.

Personal Capital

The free version of the software offers you everything you need to stay on top of your financial plan. After linking your multiple category accounts, you can view your net worth on a single platform, make a budget that is in line with future goals, and track savings category-wise. The feature that sets it apart from the pack is the capacity to detect hidden charges in your expenditure or accounts that you are not even aware of.

Advisory services are available for optimum investments but these are paid services, with fees depending on your balance.

You Need A Budget (YNAB)

Perhaps the most simplified software on the list, the YNAB is highly acclaimed because of its informational content provided alongside the most basic functionality dressed in a visually appealing and easy-to-navigate layout.

It’s great for newbies and students, for whom the software is free for the first year. There is a month-long trial period but after that, the software costs $15 per month. The app is unique because of the learning provided throughout its use by way of tutorials, podcasts, and blogs.

Mint by Intuit

Similar to YNAB, the Mint software is pretty basic. But the greatest thing about the software (and its soaring popularity) is the fact that it is completely free. The functionality is the same as other apps on this list with the user linking up their multiple accounts to this platform and then creating a budget, tracking and sorting expenses, alerting for due dates on bills and payments, etc.

An additional feature that brings great insight is the app’s ability to monitor the credit score of the user which is quite accurate for the price (i.e., free!). A downside is the bombardment of advertisements when using the software.

The Best Finance Planning Tools: Savings & Coupons

Bankrate

Many websites help you compare the interest yield rates of different savings accounts. The one that sticks out with the most options is Bankrate with its frequent update and the award-winning editorial team bringing the freshest and most insightful information to users for which account they should invest in.

Ally Bank

When it comes to an online savings account where you can park your money for short-term gains and get a good return, Ally Bank is a safe bet. The key feature is that in addition to a decent rate of return on your money, there are no transfer fees or other administrative costs.

Other options are also available like Discover Bank but the host of features and customer-friendliness is what Ally Bank is best for.

Groupon

While savings accounts provide passive income on your investment, an active way to increase savings is to spend less on the things you need. This obviously requires more toil of bargain hunting and being on the lookout for deals but websites like Groupon and Ibotta make the endeavor so much more hassle-free.

Be careful to not overdo the deal shopping as it is often easier to convince yourself to buy things you don’t need simply because of the awesome savings!

The Best Finance Planning Tools: Tax Planning

H&R Block

To take the technicality out of filing tax returns, H&R Block is a multinational company that offers plans for basic and advanced users. The great thing is that for users who have simple returns, the service is completely free and the layout is void of complexities.

If you have assets or your tax situation is complex you may opt to use one of their paid plans according to your situation. They offer plans for individuals and businesses

They operate across America, Canada, and Australia and provide assistance of tax experts for an additional charge. But even the free service offers guidance on exemptions and obligations to all users.

TurboTax

Like the former, TurboTax also makes the annual tax period a lot less painful with its streamlined forms and layout, which is even simpler than H&R Blocks. They are a bit pricier with their paid versions but it seems to pay off because they assist you in scoring the deductions you may be eligible for but aren’t aware of.

The program helps you track refunds and maintains your history for convenience in a subsequent filing.

The Best Finance Planning Tools: Consumer Credit Information

Credit Karma

Understanding and working towards building your credit score can be a life saver in times of a crunch. A high credit score equates to your good standing and responsibility with money which helps secure funds from lenders at better rates. Those who recognize the value will find the services of Credit Karma quite useful when finance planning.

Periodic monitoring of the account stats after you’ve signed up will remind you of the decisions you could be taking to boost credit ranking. The downside to the app is its excessive promotional content and the results sometimes being different than what the three major credit reporting bureaus may have on you.  

Experian

It is one of the three credit reporting bureaus with real credit scores, the other two being Equifax and TransUnion. So, getting it from the source is the most reliable of all. The reports are free to get and are required when applying for loans. You can even request reports from all three bureaus, once a year from the website Annual Credit Report.

Whether you’re an amateur just starting on the journey of taking your financial future in your hand or a veteran who can see the glorious finish line looming close by, finance planning tools will make quick work of all those complex calculations and provide you with a sound idea of what lies ahead.

However, before picking any apps, make sure you are clear on your goals and action steps so you know exactly the kind of support you will require so you don’t end up paying for services you could have availed yourself for free or done without.

Leave a Reply