Managing personal finances is a common goal, and while individual objectives may vary, the desire for improvement and long-term success unites us. Enhancing our relationship with money, refining spending habits, and making informed financial decisions are shared aspirations.
Enter financial planning—an essential process involving the assessment of current financial standing, the delineation of future goals, and the formulation of strategic steps to bridge the gap while minimizing risks. However, the perceived challenges of traditional financial planning, such as costs and accessibility, have deterred many.
Utah-based fintech startup Savology is reshaping financial planning by offering free, rapid financial plans in just 5 minutes.
Savology, designed for everyday Millennials and anyone seeking financial betterment, delivers personalized action items, aiding crucial financial decisions. The platform provides a comprehensive report card, offering a snapshot of one’s financial well-being and highlighting areas for improvement.
Savology’s mission aligns with the goal of enhancing households’ financial well-being, a mission that resonates with platforms like TurboTips. The platform empowers users to become financial experts, providing access, control, and clarity to prioritize and progress toward essential financial decisions.
Accessible, effective, and accurate, Savology’s free financial planning caters to a broad audience. While relevant for everyone, it becomes particularly crucial during significant life stages or events where financial management gains priority.
Users can engage with Savology by visiting their website and building their free financial plan. The process involves a financial survey consisting of 20-30 questions, covering personal details and financial aspects such as savings, debt, retirement plans, and risk management. Savology uses this information to calculate the user’s financial picture and create a customized financial plan.
Noteworthy is Savology’s careful approach, minimizing the collection of sensitive personal information to ensure user comfort during the survey. The survey comprises five main sections: personal profile, savings and income, assets and liabilities, risk management, and retirement and financial goals.
The platform’s flexibility allows users to utilize it at their convenience, whether to initiate their plan, regularly check in for updates, or make adjustments in response to life changes. Savology’s on-demand accessibility ensures users have continuous access to a financial planning tool, empowering them to work towards their goals.
Savology distinguishes itself by offering substantial features within its free platform. The financial plan, divided into key components like savings and income, assets and liabilities, risk management, and retirement outlook, provides both a high-level overview and detailed breakdowns. The platform goes beyond expectations, making it a valuable tool for users seeking holistic financial insights.
