For the past few months I have been searching for a free financial tool to help us keep track of our debt payments and income. I considered Mint and Ready For Zero, but didn’t want to release the account details necessary for these tools to work. However, I stumbled upon Planwise one day and it seems to be exactly what I was looking for.
Planwise is an online tool that helps you to plan out your financial future. As I explained in a guest post on Reach Financial Independence, my wife and I haven’t been very good at planning out our finances. It’s definitely a work in progress, but I’m really liking the results so far.
What is Planwise?
Planwise is a free, simple to use personal finance tool that makes money planning easy. It doesn’t require any bank account or personal information, which is one of my favorite aspects of the tool.
There are several aspects of your finances that Planwise allows you to track:
- Bank account balances.
Once you have completed the various categories, you can start making various plans.
A plan is something that you intend to accomplish. Whether it’s saving for a major purchase, or paying off a debt. The best part with plans is that you’re not limited to just one. You can create various plans to see how your different goals will affect your financial situation.
Because Planwise is free and doesn’t require any account information, it is a little more limited in what it can do.
First: I have not been able to find an option for retirement savings. Therefore, you need to use a different tool for these calculations.
Second: Because it doesn’t track your retirement savings, you’re also unable to calculate net worth. This isn’t an issue for me though, because I’ll still use Excel to track this information.
Third: Because it is not directly tied to your bank/credit card accounts you must manually enter in your savings, income, debt payoff. This is a trade-off that I’m willing to make to keep me from giving my personal account information away.
I’m still experimenting with Planwise, but so far it’s exactly what I was looking for. No personal information and the interface isn’t complicated. I can’t wait to utilize this tool in helping us to track and plan our financial path out of debt and beyond.
Have you tried Planwise? What’s your opinion on it? How do you track your expenses? Mint? Ready for Zero? Excel?