6 ways to get free financial advice

Financial advice can be a bit of a Catch-22 — you often need it when money is tight, but financial advisors usually charge fees for their services. And because money is tight, you may not be able to afford that cost.

Fortunately, there are many ways you can find financial advice that is low cost or even free. These are not substitutes for personalized financial advice, but they could be worth considering until you can afford advice tailored to your situation.

Top 6 ways to get free financial advice

If you can’t afford a financial advisor yet, there are many places you can look first for free or cheap financial advice. Here are some places to look.

1. Your bank or credit union

Banks and credit unions sometimes provide articles to help their customers learn basic financial principles. This is a good option because you are probably already familiar with the organization and its website, app, etc. Start there if you aren’t sure where to look for free financial advice.

2. Online brokers

Do you have an IRA or a brokerage account with an online broker? Much like banks and credit unions, these firms often have articles that break down the basics of personal finance. Because they are brokers, their educational material likely covers investing as well. They may even go a step further and offer financial planning tools and calculators to help you build a financial plan.

3. Budgeting and financial planning apps

Using a budgeting or financial planning tool can be a helpful way to take control of your money. But many of these apps offer supplemental material to help you learn about personal finance. Those materials could come in the form of articles, videos or even workshops.

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,” according to its website. In support of its mission, it provides a host of articles, guides and news reports on the topics of credit cards, debt collection, mortgages and more.

5. Public resources

Many public entities offer free financial classes and seminars. Your local library is one place to look, as well as your community center and county housing department. At the national level, the Department of Labor publishes retirement toolkits and other online materials, and the Federal Trade Commission has guides for loans, mortgages and credit reports. The Department of Housing and Urban Development offers comprehensive home buying information.

6. Financial Planning Association (FPA)

The FPA offers pro bono financial planning for underserved and at-risk communities. The association has 80 active chapters in states all over the U.S. It also has a list of financial planners providing pro bono financial planning for underserved communities most impacted by the COVID-19 pandemic.