Financial tools refer to the resources, software, platforms, and instruments that individuals and organizations use to manage their finances. These tools are designed to help people make informed financial decisions, track their spending, invest their money, plan for retirement, and achieve their financial goals.
There are different types of financial tools available to cater to the varying needs of people. Some examples of financial tools include budgeting and tracking tools, investment platforms, retirement planning tools, credit monitoring tools, tax preparation software, personal finance apps, and more.
Using financial tools can be beneficial in many ways. They can help individuals improve their financial literacy, save money, optimize their investments, reduce debt, and manage their finances more efficiently. Financial tools can also provide individuals with real-time updates, insights, and personalized recommendations that can help them make better financial decisions. Let us look at the 101 of Financial Tools for Better Money Management, here are some examples of financial tools:
101 of Financial Tools for Better Money Management
Budgeting and tracking tools
Budgeting and tracking tools are designed to help individuals manage their finances by creating a budget and tracking their expenses. Here’s a little more information about some popular budgeting and tracking tools:
Mint
Mint is a free budgeting tool that allows users to link their bank accounts, credit cards, and other financial accounts to track their spending and create a budget. Mint also offers personalized financial advice and alerts to help users save money.
You Need a Budget (YNAB)
YNAB is a subscription-based budgeting tool that emphasizes zero-based budgeting, where every dollar is assigned a specific purpose. YNAB also provides users with educational resources and support to help them improve their financial management skills.
Personal Capital
Personal Capital is a free budgeting and investment tool that allows users to track their net worth, investments, and spending in one place. Personal Capital also provides users with personalized investment advice and retirement planning tools.
Using budgeting and tracking tools can help individuals take control of their finances and achieve their financial goals. By tracking their expenses and creating a budget, individuals can identify areas where they can save money, reduce debt, and make smarter financial decisions.
Also check out our other article on Budgeting & Saving
Investment platforms
Investment platforms are online tools that allow individuals to invest their money in different assets, such as stocks, bonds, and mutual funds. Here’s a little more information about some popular investment platforms:
Robinhood
Robinhood is a commission-free investment platform that allows users to buy and sell stocks, ETFs, and cryptocurrencies. Robinhood also offers educational resources and tools to help users make informed investment decisions.
ETRADE
ETRADE is an investment platform that offers a range of investment products, including stocks, bonds, mutual funds, and options. E*TRADE also provides users with research and analysis tools to help them make informed investment decisions.
Fidelity
Fidelity is a full-service investment platform that offers a wide range of investment products, including stocks, bonds, mutual funds, and retirement accounts. Fidelity also offers financial planning and advisory services to help users achieve their investment goals.
Using investment platforms can help individuals grow their wealth and achieve their financial goals. By investing in stocks, bonds, and other assets, individuals can earn returns that can help them build long-term wealth. However, it’s important to remember that investing carries risks, and individuals should carefully consider their investment options and strategies before investing their money.
Retirement planning tools
Retirement planning tools are designed to help individuals plan for retirement and estimate how much they need to save to achieve their goals. Here’s a little more information about some popular retirement planning tools:
Vanguard Retirement Planner
Vanguard Retirement Planner is a free online tool that helps users estimate how much they need to save for retirement based on their current savings, expected retirement age, and other factors. The tool also provides personalized recommendations on how to invest and save for retirement.
Charles Schwab Retirement Calculator
Charles Schwab Retirement Calculator is a free tool that helps users estimate how much they need to save for retirement and how much income they can expect to receive in retirement based on their current savings, expected retirement age, and other factors. The tool also provides personalized investment recommendations to help users achieve their retirement goals.
Using retirement planning tools can help individuals take control of their retirement planning and make informed decisions about their retirement savings. By estimating their retirement needs and identifying areas where they need to save more, individuals can ensure that they are on track to achieve their retirement goals. It’s important to note that retirement planning is a complex process, and individuals should consider consulting a financial advisor or other professional before making any significant retirement planning decisions.
Check out our other article on “How much you need to save on retirement?”
Credit monitoring tools
Credit monitoring tools are designed to help individuals monitor their credit scores and reports for any changes or potential fraud. Here’s a little more information about some popular credit monitoring tools:
Credit Karma
Credit Karma is a free credit monitoring tool that allows users to monitor their credit scores and reports from two of the three major credit bureaus (TransUnion and Equifax). Credit Karma also provides personalized recommendations on how to improve credit scores and offers credit card and loan recommendations.
Credit Sesame
Credit Sesame is a free credit monitoring tool that allows users to monitor their credit scores and reports from TransUnion. Credit Sesame also provides personalized recommendations on how to improve credit scores and offers credit card and loan recommendations.
Experian
Experian is a credit monitoring tool that provides users with access to their credit reports and scores from all three major credit bureaus (Equifax, TransUnion, and Experian). Experian also provides users with identity theft protection services and personalized recommendations on how to improve credit scores.
Using credit monitoring tools can help individuals stay on top of their credit scores and reports and identify potential fraud or errors. By monitoring their credit regularly, individuals can also take steps to improve their credit scores and increase their chances of getting approved for loans or credit cards. However, it’s important to note that credit monitoring tools do not provide foolproof protection against identity theft or fraud, and individuals should take additional steps to protect their personal and financial information.
Click here to know more on “How to improve credit score?“
Tax preparation software
Tax preparation software is designed to help individuals prepare and file their taxes, and they can also provide guidance on tax deductions and credits. Here’s a little more information about some popular tax preparation software:
TurboTax
TurboTax is a tax preparation software that allows users to file their federal and state taxes online. TurboTax offers a range of plans for individuals and small business owners, and it provides guidance on tax deductions and credits to help users maximize their refunds.
H&R Block
H&R Block is a tax preparation software that offers both online and in-person tax preparation services. H&R Block provides guidance on tax deductions and credits, and it offers a range of plans for individuals and small business owners.
TaxAct
TaxAct is a tax preparation software that allows users to file their federal and state taxes online. TaxAct offers a range of plans for individuals and small business owners, and it provides guidance on tax deductions and credits to help users maximize their refunds.
Using tax preparation software can help individuals file their taxes accurately and efficiently. By providing guidance on tax deductions and credits, tax preparation software can also help users minimize their tax liability and maximize their refunds. However, it’s important to note that tax preparation software is not a substitute for professional tax advice, and individuals should consider consulting a tax professional if they have complex tax situations or questions.
Click here to know more about “Taxes & Tax filing.“
Personal finance apps
Personal finance apps are designed to help individuals manage their finances on-the-go. Here’s a little more information about some popular personal finance apps:
Acorns
Acorns is a personal finance app that allows users to invest their spare change from everyday purchases into a diversified investment portfolio. Acorns also offers a range of other investment and financial planning tools to help users manage their finances.
Stash
Stash is a personal finance app that allows users to invest in individual stocks and exchange-traded funds (ETFs) with as little as $5. Stash also offers a range of other financial planning and education tools to help users manage their finances.
PocketGuard
PocketGuard is a personal finance app that helps users track their spending, create budgets, and save money. PocketGuard automatically categorizes transactions and provides personalized recommendations on how to save money and reduce expenses.
Using personal finance apps can help individuals stay on top of their finances and achieve their financial goals. By providing personalized recommendations and tools for budgeting, investing, and saving, personal finance apps can help users make informed financial decisions and improve their financial well being. However, it’s important to note that personal finance apps may charge fees or have limitations on investment options, and individuals should carefully review the terms and conditions before using any personal finance app.
In conclusion, financial tools are software or online platforms that are designed to help individuals manage their finances more efficiently and effectively. These tools can help individuals with budgeting, tracking expenses, investing, retirement planning, credit monitoring, tax preparation, and managing finances on-the-go. By using financial tools, individuals can better understand their finances, make informed financial decisions, and work towards achieving their financial goals. It’s important to note that while financial tools can be helpful, they may not be a substitute for professional financial advice, and individuals should always consider their personal circumstances and consult with a financial advisor before making any major financial decisions.