Many of our everyday duties are made easier by the internet, from accessing up-to-date news and weather information to paying bills and even filing taxes online. For people interested in learning how to manage their own money, the internet is a terrific resource.
One of the most useful web resources is calculators, which can answer many of the most basic personal finance concerns, such as whether you should save money or pay off debt and if you’ll have enough money to retire.
Net Worth Calculator
Everyone should be aware of their financial situation, and this simple calculator will determine your net worth by balancing your obligations and assets. After all, you can’t build a strategy to reach where you want to go if you don’t know where you are financial.
This calculator not only calculates your current net worth but also breaks it down into pie charts and bar graphs by assets and liabilities.
401(k) Plan Savings Calculator
Check out our 401(k) savings calculator to get an idea of what your current contributions will look like when you retire. The calculator is simple to use and takes into consideration any employer match for which you may be qualified. This calculator underlines the significance of beginning early and the value of an employer match.
College Savings Calculator
With the escalating expense of a college degree, many parents are concerned about their children’s ability to complete their education. This calculator is as straightforward as it gets, beginning with your child’s age.
You may personalize the statistics by indicating how much college tuition you anticipate paying and how much of the overall expenditures you hope to save. If sending your child to college and avoiding the student loan pinch is one of your financial goals, it’s never too early to start thinking about college savings.
Debt Planning Calculator
This debt calculator effectively helps you answer the question, “When will I be debt-free?” Simply input the debt balance, appropriate interest rate, and monthly payment to calculate the month and year you will be debt-free if no new debt is incurred.
This calculator is particularly useful for calculating student loans and credit card debt. If you had credit card debt, for example, you would input the balance on each credit card, the interest rate(s), and the minimum payment (s). The calculator can tell you how long it will take to pay off each sum if you only make the minimum payment each month, how much interest you will pay, and when you will be debt-free.
The calculator is straightforward and self-explanatory. Though it will not cure your financial problems, it will offer you with the information you need to manage your debt more effectively.
Loan Payment Calculator
This loan payment calculator can rapidly calculate your monthly loan installments. If you’re going to borrow money for a large purchase in the near future, this calculator can be incredibly useful. The calculator is designed to be used for a fixed-rate loan, such as a vehicle loan or a fixed-rate mortgage.
To get started, you’ll need a few pieces of information regarding the possible loan. You must provide figures for the total loan amount, loan period, and interest rate. If you’re not sure what interest rate to apply in an estimate,
Fixed Rate v. Adjustable Rate Mortgage Calculator
This tool contrasts fixed-rate mortgages versus adjustable-rate mortgages to help you decide which is best for you. The tools assist in making a suggestion by guiding you through a series of pertinent questions regarding your future intentions.
Basic Retirement Savings Calculator
Enter some basic information into this calculator, and it will predict how effectively your current savings rate will prepare you for retirement if you wish to keep your current yearly income in retirement. This tool is a fantastic place to start when analyzing your existing retirement savings strategy, but its simplicity may be its undoing when compared to a genuine financial planning approach to retirement. The closer you get to retirement, the more things you’ll have to think about. Check out the financial planning calculator for a more thorough retirement planning tool.
Retirement Planning Calculator
This AARP retirement planning calculator delves much further into the aspects that will affect your retirement. The tool considers your age, current income, and savings rate, as well as other sometimes disregarded aspects such as Social Security and your intended retirement lifestyle. While it is not a replacement for expert financial planning, it is a good place to start.