Empower serves as a financial management solution that is both free of charge and user-friendly. With its centralized system, you can easily oversee your financial situation.
The Empower budgeting application boasts a variety of features, such as tracking cash flow, instantly viewing your net worth, and more. These features assist you in adhering to your budget, managing investments, and reaching your financial goals. The app connects effortlessly with thousands of financial accounts, ensuring a streamlined setup and providing both mobile and web accessibility for managing finances anywhere.
With our guidance, you will ascertain if this alternative to Mint aligns with your needs!
What Are The Essential Features Of Empower’s Budget App?
Empower guarantees a “complete perspective on your finances,” which it certainly offers. In addition to allowing you to view all your accounts at once, it features numerous tools designed to make managing your finances simpler.
Pursuing more than just a basic budgeting tool, Empower emphasizes investment tracking and overall wealth progression. While the budgeting capabilities do not quite measure up to solutions such as YNAB, they still hold their own.
Here are some capabilities you can anticipate when accessing your account online or beginning to use Empower’s app:
User-Friendly Budget Creation
Creating a budget with Empower is straightforward. Simply enter your target monthly expenditure, connect your accounts, and you’ll be able to see if you’re aligning with your budget.
However, it lacks an option to develop a detailed monthly or yearly budget that sets limits for different categories. The app adopts a more general approach. Your dashboard only indicates whether you’ve remained within your total spending cap each month.
The silver lining is that the Empower budget app provides a summary of your spending across various categories. If you establish spending targets for areas like travel, entertainment, and healthcare, it allows you to check if you’re adhering to those budget caps.
It simply doesn’t furnish a feature for setting spending limits for individual categories or for displaying those limits directly in the app.
Goal Establishment And Monitoring
Empower enables you to track if you’re on path to realize key financial objectives. These can encompass retirement savings, building an emergency reserve, or reducing debt.
It’s essential to note that Empower does not facilitate the establishment or monitoring of multiple financial targets, such as saving for a holiday. However, it does indicate the monthly savings required to reach your retirement goals and whether you are on target for accomplishment. This feature offers useful financial insights regarding some of your paramount financial objectives.
The retirement planner is tailored for your specifics, as you enter personal data about yourself, your spouse, and your desired retirement date.
Empower also assesses if your emergency fund is appropriately sized. If it falls short, the app can suggest an amount to add to your savings in preparation for unforeseen expenses. Conversely, if you have excess savings, Empower will recommend that you invest some of those funds for retirement while demonstrating how much your returns could potentially increase.
The app delves deeply into its retirement module. It outlines anticipated Social Security benefits, the potential income generated by your portfolio, and what your final asset balance may look like. Additionally, it offers recommendations for enhancing your current financial standing to boost your likelihood of success.
Automatic Savings And Investments
The investing functionalities within the Empower app rank among its standout features. This isn’t unexpected given that the company also provides investment accounts and wealth management services.
Empower allows you to connect your investment accounts and see crucial metrics on your dashboard. You can access your complete balances in both taxable and nontaxable accounts, along with your holdings, asset allocation, and more.
The app, however, does not facilitate the movement of funds on your behalf or handle automatic contributions to investment or savings accounts. Instead, Empower primarily allows for the tracking of your progress and identifying areas where adjustments to your investment strategy may be necessary.
That said, it does provide investment accounts free of setup charges, which enable automated investments. Signing up for these accounts is distinct from the budgeting app.
Expense Monitoring And Classification
Expense tracking is seamless and quick with Empower.
By linking your bank and credit card accounts, the app automatically imports your transactions and categorizes them accordingly. You can easily customize these categories with just a few clicks if desired. For example, you can sort items purchased from Lowe’s as being for home improvement or business-related.
Empower also gives you the option to attach tags to transactions for easier searching. For instance, you can create a tag or unique category for holiday spending to manage it better if needed.
Within your dashboard, you can filter your spending by category, and review your total expenditure for the month. If you set a monthly spending cap, which can be done through a simple click, a bar graph will visually represent whether you’ve maintained your budget.
Thanks to automatic expense categorization, you can quickly pinpoint where your money is allocated and strategize for smarter expenditures.
Financial Insights And Evaluation
Empower aids you in attaining a clearer comprehension of your financial standing. The app delivers insights into asset allocation, cash flow overview, and details on your spending across various expense types.
Arguably its most beneficial tool is the net worth tracker available on your dashboard. Net worth is calculated as assets minus liabilities, and this metric is excellent for assessing the wealth you’re accumulating. You can track your net worth over time to ensure that it’s increasing and analyze which assets and liabilities contribute to your overall wealth accumulation efforts.
How Can You Take Advantage Of Empower’s Budget App?
Are you interested in learning more about how Empower’s budgeting tool can enhance your financial journey? Here’s what you need to keep in mind.
Financial Empowerment
The most impactful financial empowerment tools offered by Empower lie within the investment section. Once you link your investments, you’ll receive a comprehensive breakdown of your asset distribution and the performance of your portfolio and investments. This clarity makes it easy to identify if you’re overexposed in any sector and whether a rebalancing is necessary.
Reducing Personal And Financial Stress
Through using Empower, you can alleviate financial anxiety by having all essential information about your accounts collected in one location.
In your dashboard, you’ll find insights into your largest spending categories, your cash flow status, and the performance of your investments. You will also be able to evaluate your progress towards retirement savings, emergency funds, and debt reduction.
Having a single platform to manage all your accounts not only saves valuable time but also provides a holistic overview of your financial health.
Achieving Your Goals
Empower can guide you toward fulfilling your largest financial aspirations, such as eliminating debt, planning for retirement, and building an emergency fund. The easily interpretable gauges on your dashboard motivate you to continue working towards your objectives as you track your progress over time. Unfortunately, the app does not enable the creation of additional separate financial goals beyond the standard defaults.
Fortunately, numerous Empower app users have reported that it has aided them in reaching their goals, especially in sticking to their budgets.
Enhanced Financial Awareness
Thanks to Empower’s automatic expense categorization, monitoring your spending across various types of purchases is quite simple. Being able to view your total expenditures flat-out on your dashboard helps you ascertain if you are remaining within your budget.
Personal Development
One distinctive advantage of Empower is its offering of free consultations with a financial adviser who can provide tailored advice. This service is accessible to users who link accounts totaling over $100,000 in assets. The adviser can assist you in cultivating a mindset geared toward financial growth, enabling you to formulate your own financial blueprints for a brighter future.
Empower Budget App: An Excellent Alternative To Mint
The Empower budgeting application provides an all-encompassing tool for tracking your expenditures, investments, and savings. While its budgeting features may not be as robust as those found in other applications, it still supplies an excellent overview of your financial health. Its dual platform availability, both mobile and web, can empower you to meet your financial targets and stands out as a remarkable alternative to Mint.
Frequently Asked Questions
Is The Empower Budget App Authentic?
Empower is a credible budgeting application that has garnered positive feedback from users, particularly from those using iOS devices.
Is Empower Truly Free?
Utilizing Empower’s financial management dashboard incurs no cost. However, accessing the company’s wealth management services will involve a fee.
Is Empower A Reliable Company?
Empower is a reputable company with positive acclaim from thousands of users on Apple platforms.
