Managing finances as a couple can be a challenge, but it's an essential part of building a successful relationship. Luckily, there are many financial tools available to help couples track their spending, save money, and invest for the future. In this article, we'll explore the top five financial tools for couples to grow their wealth.
Projection Lab
Projection Lab is a financial simulation software that enables couples to model and forecast their financial future together. It involves couples entering the current state of their finances to determine their current net worth. After this, they can proceed to create different plans that simulate various scenarios they expect to run into in future.
YNAB (You Need A Budget)
YNAB is a budgeting app that helps couples to create a budget and track their spending. It also provides tools to help couples prioritize their spending and make sure they are saving enough for their future goals. YNAB's unique approach to budgeting focuses on giving every dollar a job, which can help couples to stay on track and avoid overspending.
Acorns
Acorns is a great tool for couples who want to start saving and investing but don't have a lot of money to spare. It rounds up your purchases to the nearest dollar and invests the difference, making it easy to start growing your wealth. Acorns also offers a range of investment portfolios to suit different risk profiles, so couples can choose the portfolio that's right for them.
Betterment
Betterment is a robo-adviser that provides low-cost investment management services. It's a great tool for couples who want to invest in a diversified portfolio of low-cost index funds and who want to automate their investment strategy. With Betterment, couples can access professional investment advice without paying high fees.
Couple Financial Planner
A Google Sheet that a couple can use to plan their finances for the next 30-40 years and make key decisions such as when to buy a house, when to have kids, etc. The Couple Financial Planner helps couples to create a long-term financial plan that takes into account their goals and priorities. It's a great tool for couples who want to build a secure financial future together.
In conclusion, these financial tools can help couples to understand their current financial situation and set goals for the future. By using these tools, couples can work together to build a strong financial foundation that will support them throughout their lives.