You need to be wise with your finances to lead a secure and stable life. Besides saving and investing in the right places, you should also be aware of your returns. The same discernment should be shown while managing your existing loans. But planning such monetary aspects requires extensive calculation. Manually doing so may consume a lot of time and energy. This is when financial planning calculators help.
They are free online tools that compute such values instantly. Following are the most popular ones that you should know:
- Personal Loan Calculator
Repaying any Loan requires strategic planning. However, many struggle with this, given the factors involved. This further affects their calculation process. Errors and inaccurate values prevent them from devising an effective repayment structure. To avoid such occurrences, it is best to consider a Personal Loan calculator. It computes EMI amounts and the total interest payable. It even compares interest rates, allowing you to make a wise pick.
- Lumpsum Calculator
A Lumpsum Investment prepares you mentally and financially. It contributes to your long-term investment objectives. But this is possible only when you are certain about the returns. An excellent way to assess this is by opting for a Lumpsum calculator. It estimates returns for your investment. This way, it guides you in achieving your financial goals.
- SIP Calculator
A Systematic Investment Plan is a reliable investment scheme. However, it mandates some forethought. Hence, many investors turn to a Mutual Fund SIP calculator. It estimates how much they need to save to sustain the scheme. It also calculates how much they can accumulate through their SIP scheme.
- CAGR Calculator
The Compound Annual Growth Rate) is the rate of return required for an investment to grow from its initial balance to its ending balance. It is the most efficient way to determine the returns of any asset that can fall or rise in value over time. But to compute this aspect, you should consider other calculations. Using a CAGR Calculator helps.
It gives you a comprehensive idea of your return on investment. Moreover, it allows you to compare stock performance to that of other investors or the industry.
- SWP Calculator
A Systematic Withdrawal Plan lets you withdraw an amount from your investments periodically. It enables you to receive a regular income and earn better tax efficiency without hampering your investments’ growth. However, if you are confused about the appropriate amount, you could use an SWP calculator. It computes the total value of your Mutual Fund after the withdrawal. As a result, you can decide the SWP amount accordingly.
Prompt calculation engenders coherent money management. It is best to use the helpful tools mentioned to make this task easy.