Calculators are essential part in managing our personal finances. As they said, numbers don’t lie. They tell you exactly how much is needed to reach your desired savings goal or payments of your bills. Through them, we can our keep track of our developments towards the goal that we aim.
Ultimately, we need to save more and spend less. In particular, online calculators are useful in trying to get our personal finances back on track. Consider the following calculators which are free for you to use.
Savings Calculator. One of the earliest articles I wrote here in Millionaire Acts is about paying yourself first through wise savings of salary. That is to take out a portion of your salary and put it to your savings first before spending the rest. “Do not save what is left after spending, but spend what is left after saving,” Warren Buffet said.
Unless you are born with a golden spoon or you inherited a massive wealth, everyone starts their journey to financial freedom through savings and frugal living. As personal finance experts say, it’s not how much you are earning, but how much you are saving.
Retirement Calculator. Everyone wants to retire early so as to enjoy life at an earlier age. However, it’s hard to make that decision when you know you don’t have enough to cover the payment of bills as soon as your income stops from your regular job. That is why Kiyosaki advises to invest in real assets that will produce passive income so that it can produce its own income even while you’re not there working. In the US, there are two types of individual retirement accounts (IRA) – Roth IRA and traditional IRA.
Credit Card Repayment Calculator. Available via the Federal Reserve website, this calculator determines how long it will take you to fully pay your credit card debts given that you only pay the required minimum payment monthly. Simply plug in your credit card’s monthly rate expressed as an annual rate. For example, if your credit card charges a monthly 3.5% finance charge, then that would amount to 42% annually. If you’re looking to get those credit cards under to control, this is your first stop.
Mortgage Calculator. In our lifetime, we are compelled to buy at least one house for our shelter. It can be one of the biggest investments we can make in our entire life. When it comes to payments, we need to know exactly how much should we be paying our mortgage so we can properly allot our monthly budget with it. This simple mortgage calculator is a good guide to gauge if you can afford the monthly amortization in case you are on the stage of thinking of buying or investing in a real estate.
Cost-of-Living Calculator. In the US, cost of living varies a lot from one state to another.Are you being paid fairly relative to where you live? To make sure you aren’t being cheated, or before accepting a job offering in another city, use this cost-of-living calculator available through CNN. It not only lets you in on what you ought to be making, it breaks down the costs of common expenses and goods in that particular geographical area.
If you’re struggling to get your personal finances under control, then it’s safe to say you need all the help you can get. Look no further than the aforementioned online calculators to get started.
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