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Thursday, May 10, 2018

Online Calculator - The Helpful Financial Planning Tools

Regardless of whether you are at the peak of your career, at the start of it, or at the end, savings can be done anytime. In order to get the best out of your savings, it’s vital that you have a proper financial plan in place. To get a better understanding of what that entails and why it’s so important, you will need to research the various tools you can use to come up with a financial plan.

What is a financial plan?

In essence, a financial plan is an evaluation. It takes into regard an individual’s current financial status to determine the steps they should take to stabilize or bolster their finances. To make the most for their future, a person needs to contribute to their savings often. If you want to have a substantial amount of money to fall back on, in times of trouble or emergencies, then you need to make saving a priority.
That being said, just putting aside a few small amount every month is not going to multiply your bank balance. Smart saving would have you looking at all the options available to help your money grow. To see where you should park your money, you’ll need to have a fair idea of the financial market.
To get an estimate of your financial stability, you can use online calculators. Here are some that could be of help to you.

Loan Calculators

When you apply for Personal Loan, you need to have a fair idea of what you are walking into. You’ll need to figure out how the entire loan amount is going to affect your finances in the long run. An online loan EMI calculator is one of the tools you can use to see how much you will need to spend every month. With factors like time period, principal amount, and rate of interest in the equation, you can determine if this financial obligation is ideal for you even before you apply for it officially.

Retirement Calculator

Retiring in style is one of the most coveted things working professionals look forward to. In order to make that a reality, you need to make sure you have adequate funds to support that sort of lifestyle. Like an online loan EMI calculator, a retirement calculator also factors in certain details like age, income, marital status, present savings, and retirement year.

Debt Calculator

Whether you are paying off a debt, like money borrowed from a friend or a credit card bill, a debt calculator can be of great help. You can use it to address issues like how long it will take to pay off a bill if you make minimum payments or how much you ought to pay to settle a debt within a certain time frame. Using this calculator, you will also be able to figure out how much you should be paying toward the specified debt every month without disrupting your financial security.

Life Insurance Calculator

You can’t always foresee mishaps, they just happen. When it comes to life insurance, this tool comes in handy if you want to secure your family’s future in the long run. So, if you want to make sure your family is financially stable when you’re no longer around, you can make use of this calculator to see which policy would best suit your requirements.

Tax Calculator

This year’s Union Budget announced quite a few tax amendments. To see how these decisions affect your finances, you can use an online tax calculator to figure out the taxes you need to pay and how much money you’ll need to keep aside for them. By entering personal details like net income and expenses, you will be able to determine exactly how much you need to dish out.

Savings Calculator

To ensure that your financial future is secured, you can rely on a savings calculator. By using this tool, you can conclude how long it will take for you to achieve your financial goals.

For example, let’s assume you want to save Rs.10,00,000. With the help of the calculator you’ll be able to figure out how much you need to save each month to get Rs.10,00,000 at the end of a particular time period, say, 15 years. So, if you save Rs.5000 per month in a savings account that has a 5% rate of interest rate, it will take you 12 years and 2 months to get your desired amount of Rs.10 lakh. This amount has been calculated considering you don’t have to pay tax on the returns.

The calculator will show you the principal amount you need to invest and how much interest you could stand to earn. Thus, it will give you an idea of what you will need to do in terms of setting aside money to get to your goal.

With the help of these online calculators, you will be able to work various expenses into your budget. These predicted expenses are ideal because they give you a blueprint to follow. If you stick to the plan, and not deviate from it, you will be able to rack up quite a lump sum in the end. With smart planning comes smart saving, which is what you need for good financial stability. So, employ the help of these financial tools and start your journey towards a financially secure future.

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