Savology Review – How To Get A Free Financial Plan In 5 Minutes

As a financial geek, I’m always on the lookout for cool programs that will make budgeting easier and easier financial planning.

If I find them, it’s a bonus if these programs are offered for free – and are Actually worth my time. (And don’t pester you to buy investments, yes I’m talking about you Personal Capital)

Recently, I was contacted by a Savology employee who asked me to review their new product which launched in early 2019. I was promised that Savology could provide me with a personalized financial plan that would only take me five. minutes to complete.

The plan would provide me with actionable information on how to improve my retirement, current budget, debts and estate planning.

With such a list of financial criteria, could they really deliver it all in just five minutes of my time?

Presentation of savology

When I first heard of Savology, I was skeptical to say the least. There were several fly at night apps invented and promising the latest and greatest financial planning strategies – to leave me disappointed. Good financial planning software is often expensive, so at first I was not optimistic about this new one. free financial planning company.

I was a financial planner years ago and understand the complexity of personalized financial plans. To correctly provide the most relevant information, a large amount of information must be evaluated.

Financial planning in the 21st century

As we move through this digital age, the old way of writing a financial plan on paper and balancing a checkbook is becoming a thing of the past.

Savology’s goal is to provide a solid financial plan for just about everyone, especially those of us with short attention spans. The company promises a free financial plan in five minutes or less.

Savology’s primary audience is the Millennials Market, but they offer advice for all generations. Company founder and CEO Spencer Barclay quickly realized that millennials unfortunately weren’t prepared for future retirement, let alone the recessions they face.

Spencer found that 70% of millennials didn’t even have $ 1,000 in their savings account, and most didn’t have life insurance.

How savology is different

In my previous experience in financial planning, most online businesses tell you what you’re doing wrong with no concrete action to fix it, or they provide advice for hundreds or even thousands of dollars in fees. consultation.

You usually get what you pay for. Free apps are a waste of your time, and paid programs usually hurt your wallet more than they help you.

Savology aims to reverse this trend by offering free financial plans with simple steps to reach your personal financial goals. Spencer and the Savology team created the software to empower millennials by giving them power and control over their unique financial situation without sacrificing the things they value.

Areas of intervention of savology

Because everyone’s financial goals are different, Savology focuses on some of the most important and damaging financial topics to measure. The platform assesses each person’s financial situation with regard to:

  • Emergency fund
  • Debt refund
  • Current savings rate
  • Estate planning
  • Optimize taxes
  • Using insurance to reduce risk

Key indicators and evaluations

In addition to the actionable items and metrics listed above, Savology provides each user with additional reporting criteria:

  • A Financial Report Card – A one stop shop to see how your current financial situation compares to where you should be.
  • Key Performance Indicators – In every personal finance plan there are basic individual financial building blocks that need to be in place. These metrics assess your unique financial building blocks.
  • Further Education – While Savology focuses on short bursts of information and actionable material, they save their findings, quotes, and references for further learning.
  • Recommended Businesses (Suppliers) – Much of personal finance is ‘do it yourself’, but several sections require professional advice and service. For example, if you need term life insurance, Savology recommends some of their trusted partners to provide you with the financial services you need. You don’t have to use their partners, but if you are looking for advice, this is something Savology has to offer.
  • Milestones – To keep you engaged, Savology has incorporated a type of rewards system that requires you to complete certain actionable items to unlock additional features. By challenging you to stay involved, they aim to make you succeed using a gamification type model.

FinTech is here to stay

Financial technology (FinTech) is the future of financial planning. Millennials have embraced this technology and continually challenge software companies to find better and more efficient ways to achieve their goals. Savology is no different and has risen to the challenge.

How savology works

As stated earlier, Savology is free software that will give you an easy-to-follow plan for reaching your personal financial goals. It’s more than a budget tool – it provides a comprehensive overview of your financial outlook and your risks.

1. Start your plan

By creating a brief profile with only your basic information, Savology allows you to edit and modify your plan according to financial changes. I was pleasantly surprised that Savology didn’t want my last name, social security number, or even my birthday. I could create my financial plan while remaining mostly anonymous.

I was able to create my first financial plan by answering a series of automated questions focused on my current savings, debt, retirement, and estate planning progress (or lack thereof). After spending about five minutes answering the questions, I was able to move on to my personalized financial plan.

2. Examine my results

The second step was to provide me with information on my current financial progress based on what I wanted to achieve in the future. My own retirement goals were analyzed and judged against my time horizon.

The results gave me a financial plan that I could follow to achieve the desired results as well as a financial report. The report card assessed my current progress based on where I wanted to be versus where I was. Actually was in my financial plan.

Finally, specific and actionable elements and recommendations were provided to me to get me started. Rather than just saying “you need more life insurance,” Savology showed me the amount of life insurance I should have based on my liabilities and debt. In addition, I have been provided with a series of term life insurance companies that could help me achieve my financial goals.

3. Analyze your progress

Since Savology is not directly tied to your retirement or bank accounts, you need to manually update any progress you make. Personally, I hate software that requires logging into my personal banking institutions, so while it does require a bit of work, I prefer to keep my bank account secure.

Savology uses your ID to store the information you have provided so that you can track your progress.

Stay engaged throughout the process

Actionable items, such as creating a emergency fund or opening a retirement account, are some of the first steps Savology focuses on. When you complete the first steps of your financial plan, additional items are unlocked for you to complete.

For example, adding additional life insurance may be the best solution after opening your retirement account. By using a systematic system of steps to get you started, Savology strives to make getting your finances back on track easy and fun.

So what’s the catch?

We all know that nothing in life is free, so why would Savology offer it all for free? I dug a little deeper into the business and found that they were making money from the companies they recommend as part of the actionable items.

As a consumer of the program, I didn’t mind as I wasn’t required to use their suggested partners to receive my personal financial information. With each company that was recommended to me, I was able to do my own research and follow their recommendation or a different company.

However Savology;

1) Provides in-depth reviews and details on each supplier, helping to reduce search time

2) It only includes platform providers who can help users progress. Each supplier is previously checked and used by Savology staff.

3) Not all providers compensate Savology. Some providers are recommended because of the benefits they provide to your plan.

Basically, I found that Savology was genuinely free for the consumer, and partners were paying for referrals. This is what you call a “win-win”.

The bottom line

Overall, I was quite impressed with the Savology platform. He provided me with a complete financial plan and made me aware of several areas that I could improve. Plus, it was really “free” and didn’t require me to enter a bunch of my personal information to get the results.

I recommend you try Savology to see how you are doing on your own financial path. You have nothing to lose, and you might be surprised to find that you neglected to address some things in your plan.


Michael started Your Money Geek to make personal finance fun. He has worked in personal finance for over 20 years, helping families lower taxes, increase income, and save for retirement. Michael is passionate about personal finances, side activities and everything geeky.