Are you barely scraping by financially or do you have cash to spare? Either way, effectively managing your money is crucial to building lasting wealth.
Luckily, you don’t need to hire an expensive financial advisor to take control of your finances. Several free wealth management tools exist to help you budget, track net worth, invest wisely, and more!
Let’s explore the top 7 free platforms and resources to master your wealth in 2024:
1. Budget With the Best: Mint, YNAB, and EveryDollar
Knowing exactly where your money goes each month is the foundation of financial success. Without a budget, you can’t allocate funds properly or track wasteful spending.
Budgeting correctly takes time and consistency, but these 3 heavy hitters make it simple:
Mint
- Free browser-based and mobile app
- Sync all financial accounts in one place
- Set spending goals and budgets
- Receive alerts for unusual charges
- Track cash flow trends over time
YNAB (You Need a Budget)
- Web and mobile app options
- Manual syncing instead of auto-import
- Emphasis on giving each dollar a “job”
- Flexible enough to pair with any banking style
- Educational resources included
EveryDollar
- Founded by finance expert Dave Ramsey
- Strict zero-based budget methodology
- Simple design and goal-focused approach
- Sync accounts or enter transactions manually
- Income vs. expense tracking
While each platform takes a slightly different approach, they all provide the necessary tools to control spending, eliminate debt, and build wealth. Take your pick based on your needs and preferences!
“Budgeting and tracking your expenses will help you see where your money is going so you can make intentional decisions that align with your financial goals.”
2. Assess Your Finances: Personal Capital and CoinTracker
Simply budgeting isn’t enough to master your money. You also need a complete picture of your financial health, including your net worth, account balances, investment performance, and more.
Personal Capital
- Fully-featured free version available
- 360° view of banking, investing, etc
- Retirement planner and fee analyzer
- Portfolio performance tools
- Educational resources for all levels
CoinTracker
- Track crypto gains and losses
- Generate tax reports
- Monitor portfolio performance
- Integration with leading exchanges
- Optimized for desktop and mobile
As Albert Einstein once noted:
“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”
Let Personal Capital and CoinTracker help you harness the power of compounding returns over time through savvy investing!
3. Choose Your Investment Strategy: M1 Finance and Robinhood
Investing may seem complicated but getting started is simpler than you think, even without mountains of cash.
M1 Finance and Robinhood allow you to dip your toes into investing with easy-to-use platforms, fractional share investing, retirement account options, and more:
M1 Finance
- No trading commissions or account minimums
- Build customized portfolios (“pies”)
- Schedule recurring transfers or deposits
- Fractional share investing
- Retirement, trust, & joint accounts
Robinhood
- Intuitive mobile app trading experience
- Extensive research tools and data analysis
- Fractional share trading with no fees
- Option to earn interest on cash balances
- Additional Gold tier for $5/month
As famed investor Warren Buffet put it:
“The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.”
Let M1 and Robinhood help you craft an investing strategy aligned with your temperament and financial aspirations!
4. Slash Debt: Undebt.it and Debt Snowball Calculator
Debt steals your financial freedom and shrinks your net wealth. Thankfully, Undebt and the Debt Snowball Calculator offer two straightforward methods for eliminating debt:
Undebt.it
- Visualize debt accounts
- Set custom payoff goal dates
- View debt freedom progress
- Receive reminders and notifications
- Integrates with budgets & banks
Debt Snowball Calculator
- Step-by-step Snowball method
- Rank debts by balance
- Select target payoff dates
- View real-time progress
- Guide to repay smallest debts first
As motivational speaker Tony Robbins said:
“The secret to financial freedom: Pay off your debts, invest the rest.”
Let these tools motivate you towards freedom from debt!
5. Plan for Retirement: Social Security Tools and AARP Calculator
Preparing for your golden years may feel overwhelming but taking it step-by-step simplifies the process.
The Social Security Administration and AARP offer absolutely free wealth building resources related to Social Security and overall retirement planning:
My Social Security
- View your Social Security statements
- Estimate future benefits
- Update account details
- Access payment history
- Manage direct deposit
AARP Retirement Calculator
- Estimate retirement costs
- Calculate savings goals
- Factor in age, income, assets, etc
- Customizable assumptions
- Easy-to-interpret projections
As investor and business tycoon Andrew Carnegie put it:
“Ninety percent of all millionaires become so through owning real estate.”
Let AARP and Social Security give you the foundation, then turn to real estate investing to build next-level wealth!
6. Discover Educational Resources: Khan Academy, Investopedia, and More
Expanding your financial literacy is vital on the journey towards financial freedom.
Luckily, the web abounds with free wealth building educational materials including:
- Khan Academy: Courses on budgeting, investing, retirement accounts, taxes, and more
- Investopedia: Investing dictionary and extensive library of definitions and articles
- FDIC Money Smart: Money management curriculum with interactive tools and resources
- NEFE Financial Education: Workshops, publications, and activities focused on life events and money decisions
As personal finance icon Suze Orman put it:
“Action is the foundational key to all success.”
Commit to leveling up your financial IQ with one new course or article per week this year! Knowledge builds confidence to take productive money actions.
7. Automate Your Wealth Journey: Digit, Acorns, Credit Karma and More
Manually budgeting, tracking, investing, and learning certainly delivers results but automating parts of the process helps save time and stay on track.
Integrate tools like Digit, Acorns, Credit Karma, and more to streamline money management:
Digit (Oportun)
- Automatically saves small amounts
- Transfers savings to separate account
- Analyzes income and spending
- Allows easy withdrawals
Acorns
- Invests your spare change
- Builds diversified portfolios
- Low monthly fee option
- Tailors strategy to goals
Credit Karma
- Monitors credit scores & reports
- Sends notifications for changes
- Offers recommendations
- Provides credit education
As Microsoft founder Bill Gates put it:
“Automation applied to an inefficient operation will magnify the inefficiency.”
Choose automation tools wisely and use them to enhance and streamline (not complicate!) your finances.
Let them work behind the scenes to help you effortlessly build lasting wealth over time.
In Summary…
Did you notice a common theme across all these money management platforms and resources?
They’re 100% free!
You genuinely can take complete control of your financial life without spending a dime.
The key is identifying your unique needs and challenges, then leveraging the appropriate tools consistently to form positive money habits, eliminate bad money behaviors, and optimize outcomes.
Building wealth doesn’t happen overnight but with the right foundations in place now, your financial future will thrive!
What are you waiting for? Register for a few of these powerful free platforms today!
For more content, check out A Trader’s Guide to Financial Products: Opportunities and Challenges in a Digital Age.
Disclaimer: The information provided in this blog post is for informational purposes only.
