When it comes to anything the internet is a big library of information. You can find anything and everything online so why not learn about how to take care of your personal finances. This skill can literally change your life and create a new way of doing things financially or those around you if they follow your lead and yes personal finance is a skill.
This is a very underrated skill but yes a skill. So with that being said every skill has tricks and tools of the trade to help you out. These are called personal finance calculators.
They can be found all over the internet but if you don’t know where to look you might not the find the right ones. So I did you a favor and put together a list of 8 personal calculators to help you with your journey.
I put this first on the list because without knowing where you are financially you will never know where you’re trying to go or be able to make a plan to get there. Calculating your net worth is not hard either so don’t be intimidated by it at all.
2. 401k Plan Savings Calculator
Everybody thinks 401k’s are the way to save for the American dream. You know a new house or cushy retirement fund but don’t really know how much they are going to save before actually taking the money out of their check.
This calculator can definitely give you a birds eye view of what your retirement fund will look like.
This one starts with your Childs age and you can customize the date with more personal touches. This calculator is to help you forecast what college costs will look like in the near future. The more you know the more you’re aware of what needs to be saved for that future college tuition.
This calculator will not get you out of debt.I repeat this calculator will not get you out of debt at all. This will literally give you crystal ball to really show you how long it will take you to get out of debt. Again it won’t solve your debt problem but it will let you see how long it will take you to get out of debt and that will give you a good idea if you need to put more money up to get out of debt faster.
This calculator can help you determine
How much a loan is really going to cost you before actually taking the loan out. This is a great tool if your considering a fixed rate loan like a mortgage or car loan.
6. Adjustable Rate vs Fixed Rate Calculator
This is a mortgage calculator that will you help you decide between an adjustable rate mortgage or a fixed rate mortgage,
7. Basic Retirement Savings Calculator
Enter some very basic information into this tool and it will estimate how well your current savings rate will prepare you for retirement. This tool is a great place to start in evaluating your current retirement savings plan, but the fact that its so basic that it might not really give you a good look what your retirement will look like. The closer you are to retirement, the more factors you must consider. For a more robust retirement planning tool, check out financial planning calculator #8.
8. Retirement Savings Calculator
This tool is way more in depth when it comes to figuring out what your retirement fund is going to look like in the long run. The tool is created by AARP so you know its very much digs deep into the planning of retirement and the different factors that can impact your income ie your age, current income and savings rate.
Those are the 8 personal finance calculators that you need to use at some point in your life. Go ahead and save this post for reference in the near future.
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Peace!!