Is this the best free financial planning tool?

Want to know if Empower is the right tool to help you track your net worth, budget and investment? this Empower Review Will break down everything you need to know.

Tracking your money can feel overwhelming, especially if you have multiple bank accounts, credit cards, and investments. That’s why I like using financial tools and currency applications that help simplify the process.

One of the best free sites to manage your financial situation in one place is Empower (formerly known as Personal Capital).

I first reviewed personal capital a few years ago and since then they have been renamed as authorization. They still have their popular free financial dashboard.

In this review, I’ll cover everything you need to know about Empower, such as how it works, the best choices, and whether it’s worth using. I will also share my personal experience and some tips to take advantage of the free tools Empower offers.

Please click here to use Empower for free.

My Authorized Comments

Below, you will learn about my thoughts on this popular financial planning tool.

What is authorization?

Empower is a free financial tracking tool used by over 18 million people to help you manage your budget, monitor your investments, and track your net worth.

The platform provides you with a complete financial snapshot by allowing you to link all your bank accounts, credit cards, loans and investment accounts to one place.

Empower is best for:

• People who want to track their net worth without a spreadsheet.
• The budgeter wants to see where their money goes.
• Investors who want to analyze expenses and portfolio performance.
• Anyone who plans to retire and finds predictions based on actual data.

Empower also offers wealth management services, a paid financial advice service for users with over $100,000 of investable assets. However, you don’t need to sign up to take advantage of its free tools.

Recommended reading: How to Save Retirement – Answer 13 Most Common Questions

How is authorization helpful to ordinary people?

You might be wondering: “Will Imports work if I don’t have a lot of investment?”

The short answer is yes. Even if you are just starting to manage your financial situation, you can use Empower:

• Instead of checking multiple apps, you can track all your money in one place.
• Budget tools can show you exactly where your monthly money goes.
• You will have a better understanding of cash flow – how much you are bringing in.
• You can find hidden investment expenses that can cost thousands of dollars over time.
• Retirement planners can help you set goals and see if you are on track.

Whether you want to pay off your debt, invest smarter or plan a retirement plan, Empower makes it easier to stay financially.

How does authorization work?

In order to start authorization, here is what you need to do:

1. Register a free account on the Empower website.
2. Link your financial account including checking, savings, credit cards, loans and investments.
3. Empower will automatically extract your financial data and classify transactions.
4. You can view net worth, track spending, analyze investments and more from your personal dashboard.

One of my favorite things about Empower is that it automatically updates your account every day, so you don’t have to manually enter transactions like you would via a spreadsheet.

The main tools you can use on authorization

Here are the main tools you can use on the Empower platform:

1. Free financial dashboard

The dashboard is where all your financial information is brought together. You can see:

• Your net assets (assets and liabilities)
• Your cash flow (income and expenses)
• Your investment balance and performance
• Tips on how to improve your financial situation

This is the best free net worth tracker I’ve found – I love that I can see everything in one place.

Recommended reading: What is net worth? How to calculate your net assets

2. Budget and cash flow tracking

The free authorized budgeting tool is not as detailed as some other budgeting tools, but is very useful for seeing your spending overall.

• Automatically classify transactions
• Track your monthly cash flow so you know if you’re overspending
• Shows your spending in different categories like groceries, restaurants and shopping

3. Investment inspection

If you have an investment account, Empower’s free investment inspection tool can help you analyze:

• How is your portfolio performing
• Are you appropriately diversified
• If your cost is too much

4. Retirement planners

One of Empower’s most fun free tools is retirement planners. It can help you:

• Check if you are in retirement based on your current savings rate.
• Test different programs (early retirement, savings, etc.).
• Plan major financial activities such as buying a home or having a baby.
• There is even a recession simulator, so you can see how your retirement plan will be affected by the recession (e.g. 2008).

I think this is a good tool because you can easily see how different actions affect you.

5. Retirement Fee Analyzer

Many people don’t realize how much investment they have lost. Free authorized retirement expense analyzer:

• Shows the fees you pay on 401(k), IRA and other retirement accounts.
• Calculate expenses can affect your savings over time.
• If your expenses are too high, please help you find a lower cost alternative.

It’s an easy way to save thousands of dollars over time without making huge changes.

6. Authorized Wealth Management (Paid Services)

Empower’s wealth management services are for those with over $100,000 of investable assets. If you choose to register, you will get:

• Specialized financial advisors to help you make plans
• Retirement Plan Help

And more.

This comes at a price, it depends on your balance.

I personally don’t use this service because I manage everything myself and I like to save money this way instead of paying percentages (there is always a lot of money in my life!).

If you just want a free financial dashboard and other tools listed above, you don’t need to sign up for this service.

Also, if you list over $100,000 on your Empower dashboard, you’ll most likely receive calls from Empower asking if you want to sign up – still, if you don’t need/need this service, you don’t need to sign up. You can tell them no.

Some people may find the value of this service – it only depends on what you want.

Pros and cons of authorization

Here are the pros and cons of authorization.

advantage:

• Free to track net worth and expenses
• Perfect for investment and retirement plans
• Help identify hidden expenses in your investment
• Easy to use dashboard with useful images to see how you perform

shortcoming:

• If you link your assets over $100,000 (some people might find this annoying, but you can simply tell them that if you don’t want to sign up, you won’t be interested). I think I may have received 2 or 3 calls over the years, so not a lot.
• Budget tools are not as detailed as other applications.
• Some people may be reluctant to connect their accounts.

How to start authorization

It’s easy to start authorizing. You just:

1. Sign up for a free account here.
2. Link your financial account for complete picture of money.
3. Start tracking your net worth, spending and investments now!

Frequently Asked Questions about Authorization

Here are the answers to frequently asked questions about authorization.

Is it authorized to use it safely?

Yes! Empower uses bank-grade encryption and two-factor authentication to ensure your data is secure. They can’t move your money – they just track. I personally connect and add my own information to the Empower dashboard, so I do trust it.

Grant money ability?

Financial dashboards are 100% free. If you choose their wealth management service, there will be a fee. I personally chose not to pay because I don’t use their wealth management services.

Is licensing a good application?

Yes, this is one of the best free financial tracking tools available. Many users (myself included) love its net worth tracking and other features.

What are the common authorization complaints?

Some users don’t like this kind of authorized consultant If you link for more than $100,000, you can access Upsell Wealth Management Services. Additionally, those who want more budgeting tools may think it is too basic, for example compared to tools like YNAB.

Was Empower once called personal capital? Why change it?

Yes! Empower acquired personal capital in 2020 and renamed it after a name.

Is the authorization worth it? My last thoughts

Hope you enjoyed my Empower review.

If you are looking for a free, easy way to track your finances, you may want to try Empower. Even if you don’t have a large portfolio, budget, net worth tracking and retirement planning tool, it’s really helpful.

Personally, I like that I can see all my financial situation in one place without having to manually enter data. It’s a great tool to keep money and make smarter financial decisions.

Please click here to use Empower for free.

Have you used Empower? Do you like using Excel tables to manage your finances, or do you think the tools are better?

Note: To protect my privacy, the images in this authorized comment are not mine – they are all provided by Empower.

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