The suite of “apps” in financial planning software has a wide variety of uses.

Financial Priorities – Allocate money where you need it most and immediately see how this affects your overall positions.

Saving for Retirement – See how one or multiple accounts are performing and can perform based on “what if” assumptions.

Long Term Wealth Building – Check your personal balance sheet, looking at individual accounts or as an aggregate figure.

College Expenses – Track your progress toward funding your child’s education.

Risk Management – Compare projections using higher and lower investment risk profiles.

Mortgage Financing – Some financial planning software compares leasing vs. buying (cars, houses) and how much a mortgage payment may be based on inputted rates.

Goal Setting – Peter Drucker, a successful management consultant used to say :  “If you can measure it, you can manage it.”  Imagine having control over your financial journey so that you could see where you are and where you’re projected to be in the future.  Seeing your financial destination and how you can get there may be the motivation you need to act to get there.

There are two ways to use financial planning software; to do it yourself (DIY) or to have the help of a financial advisor or planner.

Choosing the DIY route is generally less expensive but you’ll have to figure out what you need to gather, what terms mean and how each affects you, and while you will be able to see you output based on your input, you have to learn the software yourself.