Personal Finance Planning Tools
Financial planning involves every aspect of your financial life and few tools can tackle every facet. But there are many tools that give you a good picture of where you've been and where you're going financially and what changes you may need to make to reach your goals. The Internet provides many free calculators and you can also purchase software that addresses everything from budgeting, to taxes, to investments to retirement.
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Budgeting Software
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The keystone tool for a successful personal financial plan is a budget that helps you keep track of where your money goes. The top budgeting software options listed in Personal Financial Software Review, including Quicken, AceMoney and YNAB are relatively easy to install and categorize all your spending. After your items are categorized, you can keep track of them with reports including charts, and update them with downloads from your bank. Some of these softwares come with calculators, some with portfolio management tools and YNAB adjusts your monthly budget to compensate when you overspend.
Debt Consolidation and Reduction Calculators
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Some calculators can help you figure out how your finances would be impacted if you consolidate your debts into one loan. Bankrate.com offers a free calculator you can download, enter your loan amounts and interest rates and make adjustments until you find a debt consolidation scenario that helps you reach your financial goals. Alternately, or in addition, a bill payoff calculator, such as the one on Vertex 42, helps you create a payoff plan that can save you interest money.
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Investment Planning
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Some of the budget planning software promoted by Personal Finance Review have portfolio management tools. Top tools listed included AceMoney and Moneydance, which have portfolio managers, 401(k) managers and can import investment account data. There are also some top investment software options, such as Trade King, Fidelity and Interactive Brokers, that can not only keep track of your portfolio but help make trades.
Retirement Planning
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Tools For Money website has a free downloadable retirement planning calculator that includes a "what if" tool to help you figure out various scenarios. The calculator is a teaser to encourage you to buy the company's for-profit retirement planner and some of the cells are locked. But it gives you some idea about how retirement might look. Another free calculator is on Retire Early webpage.
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