Managing personal finance includes the regular monitoring of income, expenses, inflation taxes, financial goals, and other important aspects. There are several online tools that can be of great help in calculating these aspects.
Given below is a list of top 4 online tools useful in managing personal finance:
Retirement Calculator
The retirement calculator helps the senior citizens search and invest in a retirement plan according to their current financial condition, current monthly expenses, age, years of retirement, and risk profile. Few calculators allow the users to select the inflation rate and the rate of return on as per their investment.
EMI Calculator
The EMI calculator is provided to the users mostly by banks and NBFC websites in order to make them familiar with their EMI for a particular loan amount. Users can get complete information by entering different details like loan amount, duration of the loan, and the interest rate.
Tax Calculator
The official website of the Income Tax Department helps the taxpayers calculate their taxes according to their income, TDS allowances, depreciation, and many other things. The taxpayers can access the tax calculator from the official website of Income Tax.
SIP and RD Deposit
The Systematic Investment Plans (SIP) calculator helps in the calculation of the amount deposited in a particular SIP in order to help the taxpayer collect an exact amount. The amount deposited in a SIP for a particular duration at a given rate of return. Recurring Deposits (RD) can also be calculated with the help of a specific tool provided by banks. A SIP calculation tool is available on the website of Mutual Funds.
Points to remember
- Keep a check on the assumptions taken by these calculators for performing the calculations with respect to the rate of inflation, rate of return, and frequency of compounding.
- One must approach a tax consultant or a financial advisor in order to take some help regarding specific economic situations and goals.
