Explore the top free online financial planning tools in Nigeria. This article discusses why you need a financial planning tool and some of the free tools available in Nigeria.
Over the years, financial planning in Nigeria has evolved greatly. From the informal days of relying on saving clubs, keeping money under mattresses and makling small boxes popularly called ‘Kolo’ for savings. It wasn’t really a structured process during those times.
Now, there’s a general awareness of the importance of formal financial planning. People are gradually turning to tools and seeking professional advice. Although, it has always been true that Nigerians save more for emergencies however, in recent times it has been revealed that ambitious goals are now been set, as people now save towards other aspects like rent, education, vacations, e.t.c.
This has been possible with the rise of free online financial planning tools that make financial planning accessible and convenient, especially for younger generations in Nigeria. Also, the rise of smartphones and the internet has been a game-changer and contributed to the growth of these free financial planning tools. However, it’s still not enough.
The knowledge gap is still wide. While few Nigerians have a grip on financial planning, there’s a lot more that don’t know where and how to start; and if you’re one of them, then this article is for you. This blog explores the world of top free online financial planning tools specifically designed for Nigerians. We’ll discuss free available tools to help you navigate your financial journey. First, let’s discuss why you need to have a tool for your finances.
Why You Need to Have a Financial Planning Tool
A financial plan is your roadmap to financial well-being. A financial plan is a comprehensive picture of your current finances, your financial goals and any strategies you've set to achieve those goals. It considers everything from your regular income and expenses to your savings and any debts. It also factors in how you're protecting yourself (insurance) and how you're growing your money for the future (investments).
- Taking Control of Your Finances: Financial planning tools help you see your income and expenses clearly. They allow you to set and track your financial goals. You can identify areas to save and make informed spending decisions.
- Goal Tracking: A financial planning tool helps you set specific goals, either you’re saving towards rent, vacation, school, rent etc. With the help of the tool, you can allocate funds towards each goal, track your progress, and adjust your strategy.
- Peace of Mind/Security: Financial planning tools can reduce financial stress and anxiety. Knowing you have a plan can give you a sense of control over your finances. They can help you avoid financial pitfalls and make better financial decisions
- Mitigate Risks: Financial planning also mitigates risks and prepares individuals for unforeseen events and emergencies.
Now that we’ve outlined reasons why you need to have a financial planning tool, let’s discuss further the free online financial planning tools that you can use as a Nigerian.
Free Online Financial Planning Tools in Nigeria
Financial planning in Nigeria is on a positive trajectory. Increased access to tools, education, and a growing Financial technology sector are empowering Nigerians to take control of their financial futures. Let’s explore some of them…
Bitnob
An important aspect that you must know while starting your financial planning journey is that a great financial plan is incomplete without a solid investment portfolio. This is where bitcoin comes in. One way to think of Bitnob as a working financial planning tool is to create a savings plan. Bitnob uses an investment strategy known as Dollar Cost Averaging (DCA) to make a periodic bitcoin purchase for you, which helps to hedge against inflation and price volatility over time.
DCA means that when there is a drop in the value of bitcoin in the market, you get to acquire more satoshis (units of Bitcoin) at a lower price, and when the price of bitcoin goes up, you have even more value from your investment. It is always a win-win situation with DCA. If you decide to save $1 a day in bitcoin for 12 months using the DCA strategy, you would have invested $356, which is estimated to be a value of $527.15. You can estimate how much you would be able to save through the DCA strategy using Bitnob’s DCA calculator. You can check out the DCA calculator here.
Notion
Another free online financial planning tool in Nigeria is Notion. It is a versatile productivity tool that can be effectively used for financial planning. Its flexibility and customizable nature make it a powerful platform for organizing and tracking financial information.
Notion can help with financial planning by bringing all your financial data in one place. Create detailed budgets, track income and expenses, analyze spending patterns, establish savings targets, track progress, and visualize your financial milestones.
By leveraging Notion's features, you can create a personalized financial planning system that empowers you to make informed decisions and achieve your financial goals
Microsoft Excel
Another free online financial planning tool available in Nigeria is Microsoft Excel. Excel is a spreadsheet software that has been a staple in the business world for decades. Its versatility and extensive functionality make it an invaluable tool for financial planning.
Excel has key features that allow you to structure financial data in a clear and logical manner using rows and columns. You can perform complex calculations with ease using built-in formulas and functions, create detailed budgets, track income /expenses, and analyze spending patterns. Also, create charts and graphs to visualize financial data and trends.
Google Sheets
Unlike pre-built financial planning apps, Google Sheets allows you to tailor your financial plan exactly to your needs. You can create custom categories, charts, and formulas to analyze your specific financial situation. Google Sheets is free and readily available to anyone with a Google account. This makes it a budget-friendly option for managing your finances.
Apart from the ease of use and easy integration with other Google apps like Google Finance, it also gives access to multiple users who can edit the spreadsheet simultaneously, making it a great tool for couples or families working on a budget together.
Start With Bitnob
Now that you’ve read this article to this point, you must understand that planning your financial future just got easier, and it can start with as little as a dollar a day. Saving a dollar a day might seem insignificant, but over time, it adds up. With Bitnob, you can easily automate these daily or weekly Bitcoin purchases, putting your savings on autopilot.
This DCA strategy fosters financial discipline. Bitnob's user-friendly interface makes it easy to stick to your savings plan and witness your Bitcoin stack grow steadily. Ready to take control of your financial future? Download Bitnob today and start building your Bitcoin savings plan, one dollar at a time!