Software designed for managing your finances on the go is becoming increasingly popular among the Millennial generation.

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A plethora of personal finance apps, each designed to manage different aspects of personal finances, are available as freeware or for an affordable fee.

Software designed for personal financial planning can be a cheaper alternative to using a professional financial adviser. It typically goes through various steps to build a comprehensive financial plan which you can update when life events dictate. Unlike many of the apps available, it focuses on planning your finances over the longer term. Some good examples include the following.

FlexScore

This is a free online app that presents your financial health using a numerical score between 1 and 1,000, similar to the way credit scores are presented. It then provides tips and links to resources to help you improve that score. For example, it may suggest that shopping around for a mortgage with a better rate would increase your score and suggest some lenders with products more suited to you.

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Financial Fate

This free DIY financial planning app provides comprehensive reports, including your financial details over the years, to help you get a better understanding how your decisions affect your finances.

VeriPlan

If you prefer the spreadsheet approach to financial planning, VeriPlan, a spreadsheet template with retirement plan calculators and other planning tools, is available at a very affordable price and can be installed on multiple PCs in one household.

eFinPLAN

For an affordable subscription, eFinPLAN will provide a 65-page personal finance plan and comes with a 30-day free trial. It also provides access, for an additional fee, to one-on-one consultations.

Providing an affordable financial advice service is a goal that isn’t just being pursued by eFinPLAN. Financial adviser software developed and provided by vendors such as https://www.intelliflo.com/ not only give advisers the robust support they need to deliver tailored advice, but can provide online portals for clients to view their financial details, secure messaging services and the option to provide automated advice.

The line between robo and traditional financial advice and planning is gradually being rubbed away as more innovative apps and financial services fill the gap. This provides a smooth progression for individuals who may want to move from automated to professional advice in the future.