6 Secret Ways Anyone Can Get Financial Advice Without Blowing Wads of Cash
What does it cost to give your finances a checkup?
If you’re going through a major life change — a new career, a new relationship, maybe you’ve got a new baby on the way — you might feel compelled to seek financial advice. But even the most basic plans from certified financial planners can cost anywhere from a few hundred bucks to a few thousand.
If you want to be more money-savvy but aren’t necessarily ready to work with one of the pros, here are a few ways to get free financial planning or organize your finances for success without spending a ton of cash.
1. Use a Personal Finance App or Budget Tool
If you’ve just started to think about your spending and saving habits, a budgeting app can help you get a bird’s-eye view of what you’re working with (we like apps like Cleo and Rocket Money). Personal accounting systems — many of them are available in desktop and mobile forms — can analyze your spending habits and give you recommendations based on the budgeting goals you set.
Many of these apps offer free financial planning options as well as paid subscriptions that unlock more features. Using a budgeting tool or tracking your spending habits by hand can help you think about your relationship with money and questions you may want to ask a professional.
2. Work With a Credit Counselor
If you feel like you’re drowning in debt, start by working with a credit counselor who’s certified by the National Foundation for Credit Counseling. Your first consultation will typically include free financial planning advice.
Once you’ve secured a credit counselor, they will meet with you by phone or in person to ask about your debt and other aspects of your financial situation. The counselor can help you evaluate potential steps to reduce your debt and prevent further debt.
Most certified credit counselors offer services at no cost or charge nominal fees.
3. Attend a Community Class
Check your local library, senior center or community center calendar for free or low-fee workshops covering a variety of personal finance topics.
4. Seek Financial Counseling
Members of the Association for Financial Counseling & Planning Education (AFCPE) can help you with money management and other financial basics. An accredited financial counselor can help you address your financial roadblocks and plan for the future but isn’t permitted to sell you any products.
According to the websites of member counselors listed in the AFCPE directory, counseling rates typically start at about $75 per hour. Counselors in your area may also offer free financial planning workshops or classes for the public.
5. Attend a Financial Planning Day Event
Certified financial planners volunteer their time each autumn to lead workshops or host one-on-one sessions during Financial Planning Day events across the country. The planners who take part aren’t allowed to sell you anything — they’re not even allowed to hand you a business card. It’s 100% no-strings-attached free financial planning advice.
You can find local events, register and find out how to prepare for an event on the Financial Planning Day website.
6. Pay a Certified Financial Planner for a la Carte Services
Looking for a step above free financial planning? You can still get advice on a specific aspect of your finances at a reasonable price by working with a certified financial planner at an hourly or package rate. If you’re researching financial planners, ask about specialty or a la carte services.
“I always tell younger consumers that it’s never too early to start engaging with an adviser,” says Geof Brown, former CEO of National Association of Personal Financial Advisors. “There’s someone out there who has services and a fee structure that will meet your needs.”
Lisa Rowan is a former writer and producer at The Penny Hoarder.
