How to get the benefits of a free financial adviser

Money, and how we manage it, impacts every part of our lives, from the home we live in to the holidays we take and when we can afford to retire. It’s a complex subject that not everyone is comfortable with, which is why people often look towards financial advisers to help them.

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Financial advisers, however, cost money, and sometimes quite a lot. They are therefore not always an option for people. If you fall into this category, there are other options which will give you the benefits of a financial adviser at little or no cost to you.

Budget planning

The first thing you’ll want to think about is creating a budget. There are lots of budget templates out there that you can download for free, including within Excel if it’s your software of choice. Your bank or credit card websites may also offer budget tools, and these should also have the added benefit of linking to your accounts and offering a real-time analysis of your spending. Take time to look through the different templates available to find the one that’s right for you and be prepared to experiment until you find one that works.

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Financial adviser software

Whilst professional financial advisers make use of Financial adviser software, software packages for individuals cannot identify financial planning strategies, but they can help you manage your finances – or those of your business – and understand the risks associated with the decisions you make around investments, for example, or the return you’ll get on your savings long-term.

Online calculators

If you are looking at a specific area of your finances, such as trying to predict your income in the new financial year for example, or what you will need to have a comfortable retirement, there are lots of online tools and apps to help you do this, such as https://www.ageuk.org.uk/information-advice/money-legal/pensions/pension-calculator/. A google search should bring up a range of options, and you should then look for the highest rated sites and the ones that allow you to enter variables, such as the amount you plan on saving each month or your employer’s pension contribution.

Combined, these tools will help you develop a good understanding of your financial situation, now and in the future, and will enable you to better manage your finances.