The Internet makes many of our daily tasks easier, from getting up-to-date news and weather information to paying bills and even filing taxes online. The Internet is also a great source of information for those looking to learn about managing their personal finances.
One of the biggest online aids comes in the form of calculators that can inform many of the most common personal finance questions like whether you should save money or pay off debt and whether you’ll have enough money to retire.
Net Worth Calculator
Everybody should know their financial status, and this easy-to-use calculator will figure out what you’re worth by reconciling your debts and your assets to calculate your net worth. As the Money Machine says, “It’s tough to get where you’re going when you don’t know where you are.” This is never truer than when you’re talking about your finances.
Not only will this calculator provide your current net worth figure, but it will break it down for you in terms of percentages and even offers a projected net worth calculator if you want to dig deeper into the numbers.
401 Plan Savings Calculator
To get a feel for what your contributions today will look like by the time you retire, check out this 401(k) savings calculator. The calculator is simple to use and accounts for any employer match for which you may be eligible. This calculator emphasizes the importance of starting early and how valuable an employer match can be.
College Savings Calculator
With the costs of college education rising at an increasing rate, many parents are worried about being able to afford getting their child through higher education. This calculator is as simple as it can get and starts with your child’s age. From there, you can customize the data with more personal touches like how much you expect college tuition to be and how much of the total costs for which you’re hoping to save. It’s never too early to consider college savings if sending your child to college is one of your financial goals.
Debt Planning Calculator
This debt calculator essentially assists you in answering the question, “When will I be debt free?” You simply enter the balance of the debt, the applicable interest rate, and the monthly payment to get the month and year by which you will be debt free should you not incur any new debt.
This calculator is especially great for student loans and credit cards debt. For instance, if you are currently carrying credit card debt, you would enter the balance on each of your credit cards, the interest rate(s), and the minimum payment(s). The calculator can tell you how long it would take to pay off the balance if you make just the minimum payment each month, how much interest you’ll end up paying, and when you’ll be debt free if you make a different monthly payment that you specify.
The calculator is easy to use and rather self-explanatory. Though it won’t solve any debt problems, it can provide you will the information you need to best manage your debt.
Loan Payment Calculator
This loan payment calculator can quickly help you determine what your monthly payments will be on a loan. This calculator can be extremely helpful if you’re planning to borrow money for a major purchase in the near future. The calculator is set up to be used for a fixed loan type, such as a car loan or a fixed mortgage.
To get started you need a few pieces of information about the potential loan. You’ll need to enter values for the total loan amount, loan term, the interest rate, and the loan start date. If you’re unsure of what interest rate to use in an estimate, Bankrate also offers a tool that provides the most current interest rate ranges for certain types of loans and the current national average.