Financial Planning Tools – If you’re anything like me, financial planning has often felt like a bit of a headache. I’ve gone through countless spreadsheets, apps, and even hand-written budgets in my attempt to get my finances in check. Some of them worked… for a while, and others, well, let’s just say they didn’t quite live up to the hype. But over the years, I’ve found a few tools that have truly made a difference in how I manage my money. So, if you’re serious about taking control of your financial future, here are the 6 best financial planning tools I swear by in 2024.
The 6 Best Financial Planning Tools You Should Use in 2024
1. Mint: The All-in-One Budgeting Solution
When I first started budgeting, I’ll be honest—keeping track of everything manually just wasn’t cutting it. I needed something that would automatically categorize my spending, track my bills, and provide insights. That’s when I discovered Mint. This free tool is a lifesaver for anyone looking to get a handle on their finances without getting overwhelmed.
What I love about Mint is how it connects to all your bank accounts, credit cards, loans, and even investment accounts in one place. It gives you a complete picture of your financial life in real time. You can set monthly budgets, track your expenses, and get alerts when you’re about to overspend. It’s a simple, easy-to-use tool that’s perfect for anyone starting their financial planning journey.
Tip: Make sure to set up alerts for bill due dates. I can’t count how many times Mint has saved me from late fees. Trust me, it’s the little things that add up!
2. YNAB (You Need A Budget): For a More Hands-On Approach
While Mint is great for tracking spending and setting basic budgets, YNAB takes things to the next level for people who want to be proactive about their money. This tool is all about helping you assign every dollar a job—whether it’s going toward bills, savings, or fun. I remember trying it for the first time and feeling a bit overwhelmed, but once I got the hang of it, I realized how much control it gave me over my finances.
YNAB forces you to think ahead and allocate funds for all your upcoming expenses. It doesn’t just show you where your money’s been; it helps you plan where your money should go. For me, it’s been especially helpful in managing irregular expenses like car repairs or vacations.
Tip: YNAB can feel a bit complicated at first, but stick with it. The online community and resources are fantastic for learning the ropes. Plus, the more effort you put in, the more satisfying it gets to see your money working for you.
3. Personal Capital: The Investment and Retirement Tracker
For those of us who want to take our financial planning to the next level—beyond just budgeting and saving—Personal Capital is the tool to use. I started using it when I realized that managing investments was starting to feel like a full-time job, and I didn’t have time for that. Personal Capital gives you a snapshot of your entire financial picture, including your investments, retirement accounts, and net worth.
One feature I love is the retirement planning tool. It helps you see whether you’re on track to meet your retirement goals and gives you insights into where you might need to adjust. The app also breaks down your investment portfolio and gives you an idea of how it’s performing, which is perfect for someone who wants a more hands-off approach to investing.
Tip: If you’re using Personal Capital to track retirement, be sure to update your retirement goals as your life changes. Life events like a new job or moving can change the timeline or amount needed.
4. Tiller Money: The Spreadsheet Lover’s Dream
Now, I know spreadsheets might sound like a nightmare to some, but for me, they’ve always been the best way to get into the weeds of my finances. If you’re the type who loves Excel or Google Sheets, Tiller Money is the perfect tool. It connects to all your bank accounts and automatically imports your financial data into customizable Google Sheets.
What makes Tiller different from other tools is the level of customization it offers. You can build your own budget, track your spending, and create reports that show exactly where your money is going. It gives you the power of a spreadsheet without the headache of manually entering data. For me, it’s a great way to combine the flexibility of a spreadsheet with the convenience of automation.
Tip: You’ll need a bit of time upfront to set up the system, but once it’s in place, it’s smooth sailing. It’s perfect for people who like data and want total control.
5. Clarity Money: The Simplified Way to Save and Budget
Clarity Money is a great tool for people who want something easy to use without a ton of frills. It helps you track your spending, set up a budget, and find ways to save money by analyzing your subscriptions and monthly bills. I tried Clarity Money when I was looking for something that was more streamlined than Mint, and I was pleasantly surprised. It’s incredibly simple to link accounts, and you get instant insights on how your spending stacks up.
One feature I use regularly is the subscription tracker. It helps identify recurring payments, like streaming services or memberships, that you might have forgotten about. I saved a good chunk of money by realizing I had some subscriptions I wasn’t using anymore.
Tip: Make sure to take full advantage of the savings insights Clarity provides. They can point out ways you can cut back on spending that you might not have noticed before.
6. PocketGuard: For Quick and Easy Budgeting on the Go
If you’re someone who’s always on the go and needs an easy way to track your money, PocketGuard is a fantastic option. It’s a simple budgeting app that links to your accounts and shows you how much “pocket money” you have left after covering your bills and savings. It gives you a real-time view of your available funds so you can make smarter spending decisions throughout the month.
What I appreciate about PocketGuard is how easy it is to use. It’s not overwhelming like some of the other tools out there. You can see exactly how much you can spend and get insights on how to save more.
Tip: Set up a small emergency fund in the app. It’s a good way to avoid dipping into your main savings account when life throws you a curveball.
Final Thoughts
As you can see, there’s no shortage of financial planning tools out there in 2024, and each one has its own unique features. Whether you’re just starting out or you’re a seasoned budgeter, these tools can help you stay organized, save more, and make smarter financial decisions. The key is finding the one that works best for your lifestyle. Personally, I’ve had my ups and downs with some of these tools, but after using them consistently, they’ve made a world of difference. So, take a look at what each one offers and find the best fit for your financial goals. Your future self will thank you!
