10 Free Tools to Help Build Your Financial Plan

Taking control of your finances can yield great rewards without breaking the bank. Free personal finance tools, from AI chatbots to printable worksheets, can help you budget, track expenses, manage investments, set goals and monitor progress. These no-cost resources empower informed decisions and lay the groundwork for a strong financial future.

For deeper insight and a personal touch, you can also consider taking your personal financial planning questions to a financial advisor.

Financial Planning Tool Fundamentals

A financial planning tool is a resource that helps individuals manage their money, create budgets, track expenses, oversee investments, manage debts and otherwise plan for their financial future. By simplifying the process and helping you visualize your short-term and long-term financial goals, these tools can make it easier for you to understand your financial situation, and help you make more informed decisions to achieve those financial goals.

Financial planning tools may take the form of software, apps, online tools, spreadsheet templates or printed worksheets. Literacy resources such as books, FAQs and courses that help you learn about financial planning concepts and techniques could also be considered financial planning aids. However, this list will focus on resources that in some way facilitate the actual work of financial planning rather than imparting the concepts.

10 Free Financial Planning Tools

A couple using financial planning tools to set their household budget.

There are plenty of resources you can utilize to improve your financial situation. Here are 10 free financial planning resources for you to consider:

Make a Budget: Effective budgeting is a basic skill for financial planning, and free tools don’t get much more basic than Consumer.gov’s online monthly budgeting solution. You fill out the cells with information on your monthly income and expenses, and instantly get a readout showing whether your budget is in the red or if you’ll have money left over.
Printable worksheets: Non-profit credit counselor American Consumer Credit Counseling (ACCC) has a free financial planning worksheet you can download, print and fill out. It’s the low-tech way to get started budgeting and tracking expenses.
Spreadsheets: Spreadsheets offer highly flexible methods of managing your finances but require some work and study to use effectively. To get a jump start, you can download free templates for Excel and Google Sheets from sources like Canva.
Goodbudget: This smartphone app uses the familiar envelope system, a budgeting method where you set aside money for specific recurring expenses like rent, groceries, dining out and so on. Other app features assist you in accumulating savings and paying down debt. Plus, you can sync across devices, so you and your spouse can share and update budgets. There are paid versions of Goodbudget, but the free version’s access to 10 regular envelopes, 10 additional envelopes and account-sharing across two devices will get you a long way.
MoLo: This no-cost, ad-free app does the heavy budget lifting by connecting to your bank, credit card and other accounts, analyzing transactions and assigning them to spending categories. It predicts future events such as paydays and recurring bills like subscriptions, and then estimates how much you’ll have left over at month’s end. The app also has alerts to warn you about upcoming charges and suggest ways to pay down debt and pursue other financial goals.
Special-purpose calculators: SmartAsset’s investment return and growth calculator, retirement calculator and other calculators covering income taxes, take-home pay and more can offer insights into key questions you’ll encounter when financial planning. These calculators are free, highly customizable and accessible through simple online interfaces.
Empower: ‌You can use this free app-based tool to link all of your investment, retirement and other accounts, create a budget, track monthly expenses, measure your net worth and track progress on spending and saving goals such as retirement and college funds.
Portfolio Visualizer: This online software platform focuses on portfolio and investment analytics, offering a comprehensive suite of tools to help you compare and analyze portfolios and investment products. The free version hooks you up to surprisingly advanced techniques including Monte Carlo simulation, portfolio optimization, portfolio backtesting and tactical allocation models.
Debt Payoff Planner: If you want to focus on retiring your liabilities, this free app may be for you. To use it, enter information about your debts, including current balance, interest rate and minimum payments. Select a payoff approach, such as avalanche, snowball or a custom method, and you’ll get a debt payoff plan with visuals showing how long it will take to retire each debt, the interest you’ll pay and the payments required.
Erica: If you’re a Bank of America customer, you can take advantage of the AI-powered personal financial planning chatbot that’s part of the bank’s mobile app. Erica handles many basic budgeting tasks like reviewing spending and adds extras like informing you when duplicate charges appear or merchants post refunds to your account.

How to Choose the Right Financial Planning Tool

With a wide range of free financial planning tools available, selecting the right one depends on your financial priorities, comfort with technology and the level of detail with which you want to track. Not all tools serve the same purpose, so understanding what each tool does best can help you build a more effective personal finance system.

Start by identifying your primary goals. If your focus is day-to-day spending and expense control, a budgeting app like Goodbudget or MoLO may be the best fit. For individuals looking to track net worth or evaluate investment performance, more advanced tools like Empower or Portfolio Visualizer offer features tailored to those needs. If debt management is a priority, specialized apps like Debt Payoff Planner can help you structure and visualize a clear repayment path.

Ease of use is another important consideration. Some tools, such as printed worksheets or Google Sheets templates, are simple and low-tech but require manual entry and upkeep. Others, like app-based aggregators, automatically sync with bank accounts, offering convenience and automation but requiring more comfort with digital interfaces and privacy settings.

Security and privacy should not be overlooked, especially when linking financial accounts. Review the tool’s data protection policies, user reviews and whether the service is ad-free or supported by third parties. Choose tools from reputable developers or financial institutions to help safeguard your personal information.Testing a few tools over time can also help clarify which interface and structure works best for your habits. Many users find that combining two or more tools—such as using a spreadsheet for goal tracking and an app to track daily spending—provides a more complete financial picture.

Bottom Line

A woman uses financial planning tools to get a clearer picture of her financial situation.

You can use financial planning tools individually or in combination to get a clearer and more accurate view of your financial situation. By aligning tool features with your financial goals, level of experience and preferences, you can build a system that supports consistent financial decision-making and long-term progress. As a result, you’ll be able to make more informed decisions about how to manage your money, and you’ll be better positioned to achieve your goals.

Financial Planning Tips

A financial advisor can provide you with customized insight into how to pursue your personal financial dreams. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Your location is one of the most potent influences on your ability to save. SmartAsset’s cost of living comparison calculator lets you estimate how much you could save by relocating to a lower-cost area.