The internet allows people to perform many daily tasks easily, from getting the latest news and weather information to paying bills and even filing tax returns online. The internet is also a great source of information for those who wish to learn how to manage their personal finances.
Introduction
One of the biggest aids online is the presence of calculators that can provide answers to many common personal finance questions, such as whether you should save money or pay off debts and if you have enough money for retirement.
Net Worth Calculator
Everyone should know their financial situation, and this easy-to-use calculator will help you determine your net worth by filtering your debts and assets to calculate your net worth. After all, if you don’t know where you stand financially, you won’t be able to create a plan to reach where you want to go.
401(k) Savings Calculator
To get an idea of how your contributions today will look by the time you retire, check out the 401(k) savings calculator. The calculator is user-friendly and takes into account any matching from your employer that you may be eligible for. This calculator emphasizes the importance of starting early and the value of employer matching.
College Savings Calculator
With rising college education costs, many parents are concerned about their ability to afford their children’s college education. This calculator is simple and starts with your child’s age. You can customize the data using more personal details such as the expected college fees and the amount you hope to save overall. There’s no time too early to consider saving for college education if sending your child to college and helping them avoid student loan pressure are among your financial goals.
Debt Payoff Calculator
This calculator helps you answer the question, “When will I be debt-free?” All you have to do is input your debt balance, the interest rate applicable, and your monthly payment to get the month and year you will be debt-free if you do not incur any new debts.
Loan Repayment Calculator
This calculator helps you determine what your monthly payments on a loan will be. This calculator can be very useful if you are planning to borrow money for a major purchase in the near future. The calculator is set up for use with a fixed-rate loan type such as a car loan or a fixed-rate mortgage.
Fixed vs. Variable Rate Mortgage Calculator
This tool compares fixed-rate and variable-rate mortgages side by side to help you determine which is best for you. By asking a series of relevant questions about your future plans, this tool helps recommend the better option.
Basic Retirement Savings Calculator
Enter some basic information into this tool, and it will estimate how prepared your current savings rate has you for retirement – assuming you want to maintain your current annual income in retirement. This tool is a great place to start evaluating your current retirement savings plan, but its simplicity can also be a downside in addressing real retirement planning issues. The closer you get to retirement, the more factors you need to consider. For a more powerful retirement planning tool, check out the eighth financial planning calculator.
Retirement Planning Calculator
This retirement planning financial calculator provided by AARP explores many factors that will affect your retirement. The tool takes into account your age, current income, and savings rate, along with other commonly overlooked factors such as Social Security and the lifestyle you desire in retirement. While it is not a substitute for a professional financial advisor, it is a great place to start.
Source:
https://www.thebalancemoney.com/top-free-online-financial-planning-calculators-1289797
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