Planwise Financial Planning Software 18 Comments
Last week I published my first post featuring a financial software program. That post featured SpringCoin, an online debt relief coach.
I’ve decided to keep reviewing more financial software to see if I can find something suitable for myself and my readers. This week I am featuring fairly new software which is still early in development. It’s showing some decent promise though. The name of this software is Planwise.
Basically Planwise is a simplified financial planning tool, designed to help assist with financial decisions. The great part is that it is both free and anonymous. So unlike many financial software programs, you don’t need to provide your social security number or banking details.
I admit that for most financial bloggers it may be a bit too basic at this point in development. You’re not going to be able to enter your entire financial story and get detailed analysis. It seems to be aimed more at a younger audience with limited financial knowledge.
Still, I thought it would be interesting to try it out to see how my expenses will fare until I land a new daytime job. This would give a good idea of how long I will be able to get by on just my side income.
It was very easy to enter my approximate expenses and income with their user interface. Right away it produced a nice graph showing how my bank balance would gradually decrease over time. Of course this was all assuming my expenses and income would remain steady. Despite this assumption, it seems like a good way to plan things like this.
It’s actually setup to help you plan for specific events in your life. This includes the following:
- Buying a new home
- Buying a car
- Paying down debt
- Selling your car
- Selling your house
- Getting a raise
- Losing your job
- Changing your expenses
- Making a major purchase
- Planning a trip
- Getting a loan
- Getting a lump sum
As you get more things going on in your life, you can integrate multiple plans into their software to see the overall effect.
The folks at Planwise were kind enough to offer to create an exclusive video about a financial planning scenario. They’re not going to use my specific financial details, but in the video below you can see how someone could plan their finances in the event of losing their job.
How do you plan your finances for these kinds of situations? Have you used any software to help?