Financial planning puts you on the part of financial freedom. This is the dream of every business owner. After years of dedication and commitment to work, every entrepreneur wants to have a good return on their investment(ROI). Whether you are an employee, a student, or a business person, we all have different financial goals.
Although your goals may require huge financial expenses, with the right financial planning, you can achieve them all. Getting into a financial crisis is an unpleasant experience nobody wishes for.
Unfortunately, this has been the fate of so many people.
However, over the years, there has been some respite due to innovations in financial technology. With the right financial planning tools, you are not only able to analyze your finances, but you can also plan your expenses and track your spending.
In this article, I will introduce you to some of the best tools you can use to plan and manage your finances effectively. Here are my picks for the best financial planning tools.
Riskalyze is an essential tool for investors who want to manage risk while taking advantage of the opportunities available for investment.
This tool provides you with one of the best scientific theories to help you objectively pinpoint an investor’s risk number. It is an effective tool with powerful risk analytics for investors to assess risk and get powerful results.
Also, you can use the portfolio risk to assess how much risk an investor has thereby making good investment decisions. With the retirement map, investors can determine how much risk they are willing to take to achieve their goals using the risk capacity calculator.
With Riskalyze, you can build a portfolio with the amount of risk an investor should take on. If you want to make good investment decisions, Riskalyze is a good tool to go for.
2. Compound Interest Calculator
The compound interest calculator created by the US Securities and exchange commission, helps you calculate how much your money can grow using compound interest.
You set aside the total amount you have available to invest (Your initial investment). Chose how much you plan to be adding to or withdraw from the initial principal every month (Monthly contribution). Choose the length of time in years you plan to save.
Input your estimated annual interest rate (Estimated interest rate). Also, you have to set the range of interest rates that you want to see results for (Interest rate variance range). Finally set the times per year that the interest will be compounded (Compound frequency). Hit the calculate button and you will get your result.
Once the calculation is complete, you will see the results of your calculation. This will be presented in a table and a chart for clarity and easy analysis.
The calculated result will show the compound interest of your savings presented in a graph.
The compound interest calculator is very easy to use and can help you make good savings for your investment in your business.
3. Personal Capital
Personal capital is free software that helps you manage your finances by syncing all your accounts in one location. It comes in 3 packages that provide you with 3 unique services.
- Free money management tool
- Retirement management tool
- Wealth management tool
These tools are designed to help you meet your financial goals by creating a realistic budget, tracking spending, and making reasonable savings.
It can also help you make long-term financial planning like savings for business, education, and plan for retirement. The software has a retirement planner you can use to assess your chances of retirement success based on your current financial status.
It comes with a dashboard that has all your accounts in one place and also gives you a real-time view of all your finances. You don’t have to worry about the security of your account as the tool is built with multiple layers of security in all its components.
Quickbooks is a powerful financial planning software for small businesses. It is a professional accounting software that allows businesses to have real-time business insight.
It comes with invoicing templates you can use to create custom sales receipts and professional invoices. Using Quickbooks also helps you organize your expenses and monitor your spending.
these expenses can be organized into tax categories thereby allowing you to track sales tax on your income and expenses.
Similarly, the software also boosts other functionalities like real-time inventory management, report, and cashflow planner, as well as bank account connection.
Mint is one of the most useful financial planning software you can use to manage your personal finance. With it, you can track your spending, and create and manage your budgets. It can help you manage all your account in one place.
You can link your cash accounts, credit cards, and all your bills to the software while tracking your cash flow to enable you to make good savings.
Also, you don’t have to worry about the security of your funds. Mint has 260-bit encryption and a multifactor authentication process. So your funds are safe ad secured.
Other important feature of Mint includes a bill payment tracker, subscription management, bill negotiation, budget categorization, and also a free credit score.
Similarly, the software also has an investment tracking option for its users. You can easily track your portfolio, identify unnecessary fees, and also have a clear view of your asset allocation across your investment accounts.
6. Fidelity Retirement Planner
As the name implies, Fidelity retirement planner helps you plan for a secured retirement. It is a professional money management tool that comes with automatic rebalancing and access to coaching when your savings reaches a certain amount.
They also have a team of professionals that help you manage your portfolios of individual stocks with an investment technique that smartly tracks your taxes.
Working with Fidelity Planner will help you develop a flexible retirement plan while focusing on your set financial goals. Considering your earnings, you can create a savings plan that will help you design an income plan to increase cash flow.
They also have a team of financial advisors to help you analyze your finances and provide workable insights for growth and productivity. This will help you build long and short-term goals that will prepare you for any eventualities.
The platform can also help you plan for your children by building savings and investment skills to secure their future. You can make savings on behalf of the child or with tax-deferred growth and federal income tax-free withdrawals for education expenses.
There are so many other saving options for children like investing in brokerage accounts, planning for child retirement, as well as saving for qualified disability expenses, etc.
7. Sage Intacct
Sage is a useful financial software solution that is suitable for both startups and large enterprises. As a small business owner, you can use Sage for your finances all in one place using the Sage cloud accounting software.
You can use it to make invoicing, master your cash flow and also automate your bookkeeping. It also has what it calls a cloud-based HR and people solution. This feature will help you attract, engage, nurture, bill, and track time.
The time-tracking software is useful for businesses that bill their services per time. You can also use it to Manage multiple entities, currencies, asset types, and locations.
It also comes with a real-time financial dashboard and reporting. Real-time analytics helps you get insights into financial reports, and streamline your payment processing.
Effective financial management is crucial to the growth of your business well as ensuring a well-balanced personal financial life. Businesses have closed down, and lives have been ruined due to poor financial intelligence. Knowing how to track your expenses and manage your spending will help you secure a guaranteed future of financial freedom.
Many of these financial planning software tools are designed to help you manage your investments, automate your business, and improve your cash flow.