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Financial Planning with Fin-Life Powered By Pocketnest

According to Pocketnest, 90% of people ages 18-34 are overwhelmed by financial planning. Fin-Life powered by Pocketnest is a mobile app that can be used to build a personalized financial plan with less confusion. With just a few minutes each week, you can create a financial plan that covers 10 themes of financial wellness; net worth, budgeting, debt, insurance, investments, tax planning, estate and wills, college savings, retirement, and an annual review.

Fin-Life by Pocketnest provides clear and easy-to-understand financial information that is accessible on-the-go. Although the app is primarily used for financial planning, it also offers personalized financial advice specific to the user’s lifestyle and situation. Fin-Life can be a great tool for people who have questions about financial planning or what their personal financial plan should look like but don’t have time to meet with a financial planner or adviser. Those that are trying to improve their financial literacy can also benefit from the information provided on the app. The resources section — which includes quiz flashcards and articles — can help provide additional financial education to users.

After downloading the app, new users answer a series of questions so their personalized financial plan can be created. The first set of questions covers money mindset and personal financial details like whether the user rents or owns a home, has a pet, etc. Next, the user is asked whether they have debt, and if so what types of debt. Then, the user is asked whether they have an emergency fund, their employment details, if they have retirement accounts, their marital and household status, if they have children or other dependents, and if they have any upcoming life events. Lastly, the user will be asked about their retirement savings (that are not employer-sponsored), their annual income, if they are on active military duty, what their financial goals are, and how they would classify their relationship with money. Once finished, their personalized financial plan will be created for them to view and work though in the mobile app at any time.

Fin-Life features of note include the snapshot section on the home screen, allowing users to see an overview of each of the 10 themes of financial wellness. Users can easily access their spending and net worth information from here as well. On the home screen, there is also a “what’s next” section where users can identify what they will focus on next and what theme they will be working on. When a user completes a step in their snapshot menu, they earn a badge. Badges help users keep track of what they have accomplished and what items they have left to complete.

With so many unique and individualized features, Fin-Life powered by Pocketnest can help anyone develop a personalized financial plan. Be sure to check with your financial institution to see if they offer the opportunity to use the app for free. If you feel it could be a helpful resource for you, download it to download it to your Apple or Android mobile device to try it!

Sources:

https://www.msufcu.org/finlife

https://www.pocketnest.com/users