Tools For Life: 5 Free Online Calculators That Can Help You Earn Or Save More Money
Photo: Vadim Bozhko / Unsplash
The calculator on your smartphone certainly comes in handy when you want to figure out how much a discount will save you or split a bill at a restaurant. However, if you’re looking to earn or save more money, there are far more sophisticated calculators that can help you in this endeavor. Best of all, they’re free and readily available online.
If you’re ready for the best financial year of your life, consider bookmarking the following calculators:
1. Tax calculators
A good online tax calculator is the best way to reduce the amount you owe to the government and ensure you’re never hit with a nasty surprise come tax time. Start by tracking your income and work or business-related expenses throughout the year. Speak to your accountant to get an understanding of the credits and deductions you’re entitled to, and enter the data into a tax calculator. This will give you a rough picture of your obligation each year, helping you save for tax bills or plan what you’ll do with tax refunds.
2. Compound interest calculators
If you’ve ever felt deprived after putting money in your retirement fund or investment account, a compound interest calculator can help you get your head back in the right place. Of course, it’s important to dedicate some money to having fun. However, every dollar you invest will buy you exponentially more in the future than it ever could have bought today. The reason for this is compound interest. Play around with a compound interest calculator online to discover the wealth you can build for yourself through wise investment choices.
3. Debt wrangling calculators
If you have credit cards, loans, medical bills, or other forms of debt, one of these calculators will be your best friend, helping you create a plan for staying out of trouble. Most debt calculators allow you to list the details of all your debts, including the remaining balance, interest rate, and minimum payment. The tool will then give you options for tweaking the amount you can dedicate to repayments each month, revealing how soon you can expect to be out of debt if you stick to a certain schedule.
4. Net worth calculator
This is an important tool for gaining a clear picture of where you currently stand. Many people only see their assets, leaving them thinking they’re in a far better place than they are. Conversely, some people only see the debt, stressing constantly and failing to understand the value of things like their home or retirement fund. A net worth calculator will destroy such illusions, revealing your true position once everything is balanced.
5. Credit card calculator
Are you guilty of paying the minimum balance on your credit card each month? Perhaps your college-age kid is considering getting their first credit card. In such situations, a credit card calculator will deliver a sobering dose of reality.
Enter your credit card balance and the minimum payment details to see how long it would take you to pay it off at this rate and how much interest you will have paid along the way. The insight you get from this is astonishing. For new credit card users, it’s helpful to enter the credit limit and minimum payment details to see how bad things can get if you don’t use your card responsibly.
These free calculators will help you gain a clearer picture of your current financial situation and develop a plan for improving that position. Use them wisely, and you can look forward to more prosperous years to come.