FinTech Spotlight: Get Control of Your Cash Flow with Planwise
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FinTech Spotlight: Get Control of Your Cash Flow with Planwise

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In your small business, you track every single expense and all the profit coming in, in order to run your business efficiently. However, entrepreneurs often have significant difficulty translating that to their personal lives. A few new apps are on the market now to help you manage personal finances as well as you manage those of your business.

FinTech Spotlight: Get Control of Your Cash Flow with Planwise

Planwise is designed to help you keep track of expenses as well as plan for future big life events like buying a new house or a new car. If you use the application you can game out how those events will impact your income, and set up a savings plan. Getting started is a fairly straightforward process in which you enter an email to set up your account and then basic financial vital statistics like how much money you make and your monthly expenses.  From there, you can add future life events and see the impact on your bottom line.

The application presents this impact in the form of dynamic graphs and charts that will show you what you would need to save in order to say buy a new car in six months, and/or how much it would eat into your discretionary income if you bought it now.

You can set up future plans for as far out as 10 years in advance (this option would be appropriate if you wanted to save for a new home for example, or retirement). Even if you aren’t interested in gaming out what it might take to buy a home or a new car, Planwise can help you visualize personal spending reports. At a micro level, these reports can help you identify opportunities to cut back on spending, or just get a better picture of where your money goes each month.

Users can take a tour of the application and enter in basic financial details to see the charts anonymously, or if you choose to set up an account you can save those plans and return.  The anonymous option is handy if you want to get a broad sense of where things are at without handing a third party your financial information. If you’re more interested in active tracking, setting up an account will do that, and the company offers basic privacy and security controls.

Planwise is a free application, no matter how many plans you set up or how much data you save. They also offer basic customer service if you have questions about how to use a feature. Being able to set up multiple plans at once is handy if you’re interested in seeing how several major financial decisions may impact each other over the near to longer term.  The graphs will showcase however many plans you enter in up against your net income. You can also forecast out changes in income like a raise or changing jobs with another feature. The graphs will also reflect how income increases or decreases may impact your future plans.

Overall, the app is helpful to gain a quick understanding of expenses if you know your own financial details relatively well. If you’re looking for something that will import on a transaction-by-transaction basis, you won’t get that here. They’re looking for bigger buckets, more like entering a round monthly budget instead of each time you spend. Given that, Planwise is less about financial management, and more about financial forecasting. It’s a great tool to work in tandem with a personal financial management platform like Mint or if you run QuickBooks for your home finances as well.  And hey, it’s free, so there’s absolutely no risk in giving it a try.

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One Response to FinTech Spotlight: Get Control of Your Cash Flow with Planwise

  1. Meredith Wood says:

    No problem Vincent! Congrats on the update. This looks awesome!

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