This post is sponsored by Cinch Financial. All opinions are 100% ours.
If you have been following our blog for a while now you know how much we LOVE personal finance tools. We regularly write reviews and discuss some of our favorite tools on the market.
Our goal in doing this is to not only help ourselves become more money savvy but also help you our readers.
Fortunately, since we own our site and have 100% control over it only the best of the best products and services make it here.
With so many personal finance tools on the market, it can be completely overwhelming! We get that and want to help guide you in the right direction.
Many of these financial companies offer biased financial advice due to their business intentions. So how does one avoid biased financial advice?
Luckily, the answer is simple, Cinch Financial. The new tool on the market that provides truly unbiased financial advice to help you make the best financial decisions possible.
What is Cinch Financial?
The financial advisor you have always wanted for a fraction of the cost. The financial advisor that is not intimidating to have meetings with. The financial advisor that always has YOUR best interest in mind and not there own.
Cinch Financial is the perfect tool for those starting to focus on their personal finance. If you are someone with a net worth of less than $100,000 but still want professional financial advice Cinch Financial might be the perfect option for you.
Whether you want to know which debt to attack first, which insurance policy you should go with, or what spending habit is costing you the most, Cinch Financial has your answer.
How to Get Started With Cinch Financial?
When you first sign up with Cinch you will be asked a few basic questions such as your demographics, household income, gender, etc.
Cinch is all about making personal finance simple, including their sign up process. The entire process should only take you around 5 minutes from start to finish.
Once you finish the basic information, Cinch will start asking for permission to dive a little deeper into your situation. They do ask permission for access to your credit report, it’s a soft pull which means it will not impact your credit score. Cinch will then ask you to connect your main bank accounts and credit cards.
This may seem like a lot for anyone that has not used a financial product like this. Rest assured your personal information is completely safe. It’s extremely important to provide all the information necessary to set up your account properly.
Cinch want’s to get an overall picture of your finances and the only way to do that is combine your credit score with your bank account information.
How Cinch Actually Works
Clearly, with a name like “Cinch”, they want to take the confusion out of personal finance.
Unlike most financial tools that want access to each and every transaction and categorize them, Cinch strives to focus on the BIG PICTURE.
By focusing on the areas below, Cinch can provide a clear and precise BIG PICTURE of your finances.
- Spending Flow
- Debt and Credit
- Rainy Day Fund
The idea is to take these four pillars and give you a real-time picture of your overall financial situation.
As simple as money in vs. money out. The basic analysis of income vs. expenses and where you stand at the end of each month.
Based on your bank account and credit card transactions Cinch will make recommendations.
Recommendations such as what to do with any extra money coming in, as well as provide you a warning if they notice your spending is increasing abnormally.
Debt and Credit
Cinch will provide you with your overall balance of your current debt. This includes credit cards, student loans, auto loans, mortgage, etc.
They will also provide you with a real-time credit score so you can easily keep track of any changes.
Rainy Day Fund
Also known as an “emergency fund” Cinch will calculate how many months of income you have saved up. They do this by analyzing your average cash flow each month.
If your rainy day fund is struggling Cinch will offer some advice and words of encouragement to get you heading in the right direction.
Cinch, if given access, has the ability to look at your current insurance policies (life, auto, home). Based on your current policy arrangments, they’ll make recommendations on whether you have enough insurance, too much insurance, or if you are overpaying.
Truly Unbiased Advice
This is the selling point that really makes Cinch completely different than other financial tools on the market.
Instead of showing you recommendations for credit cards, loans, and insurance policies they have partnered with, Cinch acts as a fiduciary.
Being a fiduciary means Cinch does not partner with any other companies. They make ZERO income suggesting products and services.
With the thousands of financial products on the market, Cinch will always recommend the best product and service available based on the status of your “four pillars”.
The value of a fee-based financial advisor is very high. Getting unbiased financial advice has never been this streamlined, accurate, and easy.
Is Cinch Financial Right For You?
Are you are someone that wants unbiased financial advice?
Egar to understand the big picture of your finances?
Hate the high cost of a financial advisor?
Love the simplicity of a smartphone app that you can take with you everywhere?
If you answered yes to the questions above then Cinch is a financial tool you want to seriously consider using.
Cinch is perfect for those just starting to build their net worth and understand their finances.
Final Thoughts on Our Cinch Financial Review
We really LOVE the fact that Cinch works as a fiduciary. The fact that you can get unbiased financial advice from an app on your smartphone is pretty awesome!
With our minimalist mindset, we love the fact that Cinch provides you the big picture of your finances with little effort. What better way to get you on track with your financial goals?
Cinch does a great job of making the entire process of signing up, well, a cinch!
We highly recommend you sign up for Cinch Financial and give the 90-day free trial a go.