Key takeaways
- There are many ways to get free financial advice from a variety of sources.
- It may be possible to see a financial advisor for free or at a reduced cost.
- When dealing with more complex financial planning issues, such as estate planning or starting a business, it may be worth paying a financial advisor for personalized advice.
Paying for financial advice can seem like a catch-22. After all, shelling out cash for financial advice can be difficult if you don’t have money to spend. As a result, you may find yourself looking for free financial advice. Perhaps you like to read blogs, or maybe you’re someone who goes down a YouTube rabbit hole, spending hours watching every video you can find that discusses finances.
While there is a substantial amount of free financial advice online, what you will find isn’t always the best information. Given the importance of managing your money properly, we’ve highlighted some places where you can often find good advice and guidance even without paying.
Top ways to get free financial advice
Financial advisors and wealth managers sometimes limit their services to people with substantial wealth. If you don’t meet the minimum threshold to use their services, you may feel left out. But you still have options. If you can’t pay for financial advice, consider these top ways to get free financial advice.
1. Your bank or credit union
Banks and credit unions provide many valuable services beyond deposits and withdrawals. You might be able to speak with a banker who can walk through your finances and make recommendations. For instance, they might review your accounts with you and help you get the most out of your money.
In addition, some banks have financial education resources on their websites. Several large national banks have many articles online that discuss various topics. These resources are generally free and available to anyone — not just customers.
2. Online brokers
Many online brokers, like Charles Schwab, E-Trade and Fidelity, offer robust educational resources, which can be particularly helpful for new investors. While brokers naturally cover investing topics, the information they publish typically goes beyond stocks and bonds. For instance, they might cover topics like retirement, budgeting, debt reduction and more. Even if you aren’t an existing customer, you can find lots of information free of charge on these websites.
3. Budgeting and financial planning apps
A budgeting app like Rocket Money or PocketGuard can analyze your spending habits and offer recommendations based on your budgeting goals. Many budgeting and financial planning apps are available, and the companies that develop them want to attract new customers to create accounts with them.
These companies aim to bring in new customers by offering financial education on their websites and apps. Some also offer articles, videos and other supplemental material to help you learn about personal finance.
4. Consumer Financial Protection Bureau (CFPB)
The CFPB is a U.S. government agency “dedicated to making sure you are treated fairly by banks, lenders and other financial institutions.” In support of its mission, it provides numerous articles, guides and news reports on credit cards, debt collection, mortgages and more.
You can find useful information in the consumer education section of the CFPB’s website.
5. Public resources
Many public entities offer free financial classes and seminars. Your local library, community center and county extension office are some places to look. The Department of Labor publishes retirement tool kits and other online materials at the national level, and the Federal Trade Commission offers guides for loans, mortgages and credit reports. MyMoney.gov is another government-run website providing free financial education and tools.
You can also look into resources available at local community centers and credit unions. For example, you might have a local community center that hosts seminars covering budgeting, credit management and buying a home. Local credit unions may also offer one-on-one financial counseling, though that service might be reserved for members.
6. HUD-approved counselors
The Department of Housing and Urban Development (HUD) offers comprehensive home advice for free or at a low cost. HUD-approved counselors can offer guidance on buying a home and rental housing services, foreclosure avoidance, credit issues and reverse mortgages. HUD partners with local nonprofit agencies to host seminars and workshops and meet with members of the public.
To find a HUD-approved housing counseling service near you, use this HUD database.
7. Financial Planning Association (FPA)
The FPA offers pro bono financial planning for underserved and at-risk communities. The association has 86 active chapters in states all over the U.S. It also lists financial planners who provide pro bono financial planning for low-income individuals and families, military personnel/veterans and domestic violence survivors.
To find an FPA chapter in your area, visit the Find Your Chapter page on the organization’s website.
8. Savvy Ladies
Savvy Ladies is a nonprofit organization that promotes the advancement of self-reliant, financially educated women. It offers webinars, panel discussions and articles. In addition, it offers free courses to empower women through financial knowledge. The classes cover various topics, such as budgeting, investing, marriage and caregiving.
Savvy Ladies also runs a free helpline, connecting you to a volunteer financial professional for one hour of free financial advice. Over 280 volunteers give guidance monthly on the helpline.
Getting ready for your financial consultation: What to prepare
With so many resources available, you might be eager to get started and meet with a financial professional immediately. However, it’s best to prepare for your meeting in advance by assembling important documents. Start by obtaining your pay stubs, tax returns and records of any other income you may have.
You should also have information on your expenses, which may be as simple as downloading your bank and credit card statements. However, you may also need statements for your loans, such as mortgage, student loans and auto loans.
If you want your session to be productive, you should also clearly define your financial goals ahead of time. For instance, what do you want to achieve in the short and long term? Short-term goals might include building an emergency fund, reducing debt or saving for a vacation. Long-term goals could be buying a home or saving for retirement. Whatever your goals, decide what they are ahead of time to get the most out of your session.
When should you pay for financial advice?
Free financial resources can make you more money-savvy but can’t replace personalized advice in all situations. For more advanced financial planning, it might be worth paying someone instead. If you need help finding an advisor, you can use Bankrate’s free AdvisorMatch to connect with a certified financial planner in minutes.
This is especially true if you have complex estate planning or tax questions since these go beyond the scope of free financial advice services. The same is true if you’re starting a business and need help organizing your startup’s finances. Volunteers or pro bono services are best for helping with basic, day-to-day financial planning.
FAQs
Bottom line
If you’re going through a major life change — like finishing college, approaching retirement or getting married— seeking financial advice is natural. Plenty of free resources exist, but it’s sometimes worthwhile to pay a financial professional. Complex tax and estate planning questions justify a fee because making mistakes here can cost you big and cause long-lasting legal headaches. Starting with free resources is a good idea, but be aware of their limitations.
You can also take advantage of Bankrate’s free course on investing for beginners, in which we break down the different types of investment options available and how to build a smart portfolio. Or check out this course on budgeting for beginners instead.
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