In this article, we’ll talk about five (out of several dozen), things you need to know about Savology and how it can help you on your financial journey.
Whether you’re well on your way to retirement, you’ve already created your free financial plan with Savology, or you’ve just stumbled across this article through sheer luck… which you should consider yourself pretty lucky. The more you know about Savology, the better off you’ll be when it comes to navigating your finances.
As a quick summary, the five things you, and everyone else, needs to know about Savology are:
1. Savology is free to use.
2. Savology is not a budgeting tool.
3. Savology makes financial planning easier than ever before.
4. Savology makes financial literacy a priority.
5. Savology cares about your financial well-being.
Now let’s take a look at each one of these in a little more detail.
1. Savology is free to use.
That’s right, Savology is a free financial planning platform. Which means it’s completely free to sign-up for and free to use.
You might be wondering if there is any catch, or if there are any features that aren’t available to you.
The answer is simple: no and no.
When you sign up for Savology after going through the online survey, you immediately get access to your free financial plan, retirement calculator, financial report card, personalized action items (recommendations) and even financial planning modules to help you improve your financial literacy and well-being.
We’re on a mission to make financial planning more accessible and affordable than ever before. By making it free, we’re able to help millions of households make the financial progress they deserve.
2. Savology is not a budgeting tool.
Savology is not a budget or a simplified money app.
It’s a comprehensive financial planning platform. Savology gives you both a snapshot of your current financial picture, as well as a detailed breakdown into every area of your financial life. Naturally, this includes your budget and how you’re saving your money.
Other areas of your financial plan include:
- Retirement outlook and income trajectory
- Savings rate calculations
- Emergency fund allocation
- Net worth breakdown
- Debt-to-income ratio
- Life insurance and risk management
- Other insurance types
- Estate planning and guardianship nominations
- And more
Your plan is your financial roadmap. It’s there to help you navigate your finances and make important financial decisions by eliminating most of the guesswork and showing you the exact steps you need to be taking to reach your goals.
3. Savology makes financial planning easier than ever before.
What traditionally can take anywhere from hours to days or even weeks. Savology is able to do in just 5 minutes.
Savology makes it easy to get started on your financial journey and to prioritize your next moves by recommending personalized action items. You’ll likely even notice that as you continue to complete each of those action items, you’ll receive additional ones as a way of continually making progress.
Oftentimes, one of the most challenging parts of improving your personal finances comes down to making decisions around not only knowing what steps you need to prioritize but also which providers you should move forward with.
Savology is able to save you both time and money by doing most of that upfront work for you. The platform connects you with quality providers (for life insurance, savings accounts, student loan services, estate planning, and more) that are there to help you implement parts of your plan and complete your action items.
Another part of financial planning that has traditionally left a lot of people with reservations is how confusing it can be.
That’s why your Savology plan provides you with both brief summaries and detailed explanations in every area.
4. Savology makes financial literacy a priority.
Savology recognizes that financial planning takes time, commitment, and is an on-going process. Even the most sophisticated technology won’t be able to provide all of the answers.
One of the best ways to continue making improvements in your financial life is to better understand each of the major areas and improve your financial literacy.
Recently, Savology released financial planning modules as a way of expanding your financial plan and suggesting more specific ways to improve your finances. Each of the planning modules only takes a few minutes to go through and complete, and are there to improve your overall understanding of your plan so that you are more equipped to work towards your goals.
5. Savology cares about your financial well-being.
Last, but certainly not least, Savology cares about your financial well-being and the progress you are making to improve it.
Financial planning has traditionally had a lot of barriers for the majority of people. This is why Savology is making financial planning more accessible, affordable, and effective than ever.
When you take a look at the numbers, not only are they alarming, they’re not in anyone’s favor:
- 72% of Americans don’t have a written financial plan
- 69% of households have less than $1,000 in total savings
- 34% of households have nothing at all saved to their name
It paints a very clear picture that something needs to be done. By making financial planning more accessible and affordable, Savology can help households make significant improvements so that they can better their financial lives.
Lastly, Savology is committed to making weekly updates and changes to the platform as a way of improving the effectiveness of your plan and your overall experience not just with Savology, but with financial planning in general.
Getting started with your free financial plan from Savology
Want to know something mind-blowing? In the amount of time you took to read this article you could have already built your free financial plan through Savology. Who knows, you might have even been able to get started on some of your action items.
So if any of the above stood out to you and more importantly, if you’re looking for a new way of managing your finances in an easy-to-use yet effective way, give Savology a try and keep working towards your financial goals.
