Cash forecasting software?
Discussion
Last week i went to my wifes IFA (recently got married so trying to tie up out finances). The IFA used a software product to enter assets/income/spend/investments to make lots of pretty graphs, forecasting your net worth til your 80 given our households current spend/saving etc
The product is called "truth software" https://www.truthsoftware.co.uk and is £200+ pm so not for personal users. Anyone recommend any similar software to forecast their cash burn/savings/pension?
The product is called "truth software" https://www.truthsoftware.co.uk and is £200+ pm so not for personal users. Anyone recommend any similar software to forecast their cash burn/savings/pension?
I wrote my own spreadsheet but after I'd done that I had a quick look to see if there was any software to use to check my numbers.
I ended up subscribing to Retire Easy. It's pretty basic and assumes consistent growth every year (which obviously isn't going to happen) but as well as your pensions and savings it lets you put a lot of other information in such as property downsizing, debts, one off costs, etc. Plus you can factor in a slow down of spending as you get older.
You then get a few charts which make it easy to play with the desired income etc to see how it all works out.
It runs on a subscription basis and is only a few quid per month.
I ended up subscribing to Retire Easy. It's pretty basic and assumes consistent growth every year (which obviously isn't going to happen) but as well as your pensions and savings it lets you put a lot of other information in such as property downsizing, debts, one off costs, etc. Plus you can factor in a slow down of spending as you get older.
You then get a few charts which make it easy to play with the desired income etc to see how it all works out.
It runs on a subscription basis and is only a few quid per month.
mids said:
I wrote my own spreadsheet but after I'd done that I had a quick look to see if there was any software to use to check my numbers.
I ended up subscribing to Retire Easy. It's pretty basic and assumes consistent growth every year (which obviously isn't going to happen) but as well as your pensions and savings it lets you put a lot of other information in such as property downsizing, debts, one off costs, etc. Plus you can factor in a slow down of spending as you get older.
You then get a few charts which make it easy to play with the desired income etc to see how it all works out.
It runs on a subscription basis and is only a few quid per month.
Out of interest, speaking as someone who has spent an inordinate amount of time building my own forecasting spreadsheet which takes into account all the variables I can think of, does the software online do anything you can't do in a spreadsheet? I'm all for simplification so keen to look at other less home-built options if there's something better.I ended up subscribing to Retire Easy. It's pretty basic and assumes consistent growth every year (which obviously isn't going to happen) but as well as your pensions and savings it lets you put a lot of other information in such as property downsizing, debts, one off costs, etc. Plus you can factor in a slow down of spending as you get older.
You then get a few charts which make it easy to play with the desired income etc to see how it all works out.
It runs on a subscription basis and is only a few quid per month.
I prepared something similar on excel which was useful for a specific view, but it became complicated when I try to make it flexible to accommodate different scenarios using IF functions, Vlookups, and pivot table etc.. to view the results. Currently undergoing a financial planning exercise with an IFA who use Voyant to produce the various what-if scenarios. All done over a conference call, and the IFA make the adjustments with the results available real time. Unsure if Voyant is available for retail use, but it's pretty efficient tool from my limited experience. If the planning exercise goes well, I could bin my excel file altogether and just pay for this service instead.
I was looking for something similar without success.
Did have a brief look at Timeline (you can test it for a month, pretending to be an advisor!) but either I missed something obvious or it wasn't easy to personalise!
In the end I wrote a spreadsheet to try to model a few pensions against desired income over the years ahead, with a few variables to drop in different scenarios of returns.....pm me if you'd like a sanitised copy of it (but you have to commit to giving me some feedback, good bad or ugly
)
Did have a brief look at Timeline (you can test it for a month, pretending to be an advisor!) but either I missed something obvious or it wasn't easy to personalise!
In the end I wrote a spreadsheet to try to model a few pensions against desired income over the years ahead, with a few variables to drop in different scenarios of returns.....pm me if you'd like a sanitised copy of it (but you have to commit to giving me some feedback, good bad or ugly
)Think i will have a look at retireeasy.
Excel seems to be alive and kicking! And thanks for the offer, Ive got spreadsheets trying to model income/outgoing/corp tax/divis for my wife and my limited companies (yes we have an accountant but i like to dabble) so will give more excel brain ache a miss!!!
Excel seems to be alive and kicking! And thanks for the offer, Ive got spreadsheets trying to model income/outgoing/corp tax/divis for my wife and my limited companies (yes we have an accountant but i like to dabble) so will give more excel brain ache a miss!!!
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