Once set up, it tracks your income and expenses from the different financial accounts you’ve linked to the platform. The Cash Flow Analyzer tool creates a budget for you. You will have to continue to pay your bills directly from your bank accounts.Ĭash Flow Analyzer. For example, while the platform provides alerts of upcoming bills, it does not provide a bill payment function. However, if you’re looking primarily for budgeting software, you probably won’t use Empower. You’ll get monthly summaries, helping you to know exactly where your money is going. You can also analyze your spending categories and individual transactions. You can use the free version as a budgeting tool to track your cash flow and spending patterns. The free Financial Dashboard offers the following capabilities:īudgeting. It’s a highly organized method of asset allocation so that you can view your entire financial situation at once. You can even include any employer-sponsored retirement plans you have–in fact, this is the free version’s specialty. It allows you to assemble your entire financial life on a single platform. That includes investments, savings, checking, loan accounts and credit cards. The dashboard serves primarily as a financial aggregator, where you can include all your accounts. Even if you have no intention of using Empower for budgeting, the free version will provide valuable investment support. However, the investment tools are extensive. Though this version is often seen primarily as a budgeting app, it’s actually fairly limited in that regard. Let’s take a look at each individually, to see which service is best for you. While they’re related services, they provide very distinct functions. How Empower WorksĪs noted at the beginning, Empower offers two versions, the Empower free Financial Dashboard, and Empower Wealth Management. But even if you don’t upgrade, the free version offers so many investment tools it’s worth having for those alone. Most users start out with the free version, then upgrade to the wealth management service if they want direct investment management of their investment portfolios. The company was founded in 2009 as Personal Capital (it changed its name to Empower in 2023) and is headquartered in San Carlos, California. But the wealth management service takes in more than 25,000 clients, who have more than $14 billion in assets under management. About EmpowerĮmpower is used by nearly two million people, who primarily use the free version. The wealth management version is a full investment management service, working somewhat like a robo advisor, but providing a generous amount of live support from financial advisors. The free Financial Dashboard is a robust budgeting, planning, and investment management tool. It comes in two versions, the Free Financial Dashboard and the Wealth Management service. Mint subsequently allows you to delete your financial data remotely.Empower has risen to become one of the most popular financial management platforms available. In fact, as you pick through the Mint landscape you’ll find that there are plenty of places where its meticulous authentication procedures safeguard both you and your data.įear not this is most notable on the app editions, which take into consideration what would happen if your phone gets lost or stolen. Doing all this is really easy and involves nothing more than adding in accounts with the odd screen tap or two.Īs you’d expect, Mint keeps a firm grip on security and uses 256-bit data encryption, plus VeriSign security scanning. The good thing is that you can also ‘unplug’ these as and when you need to, or if you want to block out specific areas of your finances. The action centres on a few main features, with Mint offering the ability to connect to your bank, or banks, and other financial interests along with keeping an eye on your credit score. Mint might sound like a fairly simplistic proposition and it’s certainly not complicated to master, but the options it provides you with are actually many and varied. The Mint interface offers a quick but comprehensive overview of your finances (Image credit: Intuit) Features
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