Everyday I use various calculators or financial tools to help model different situations, decisions, etc. for my clients. I now realize that most people are unaware of these and know it would be helpful to list them out. Here are my favorite calculators/tools I use!
Most people have no idea how much to save or how much they will have if they save “$x” per month. The stock market is by no means linear, but we still want to predict the value we will have to know if we need to save more or less. I love this Future value calculator. To use it simply put in how much you have invested, how many years till you need the money, how much you plan to put in each year, and then predict what the average return you will get. This by no means is perfect, but it will help give you a general idea. I typically just use the average of the last 100 years, but it is up to you and what type of portfolio you have.
It is hard to know how much to put down, 15 year vs 30 year mortgage, etc. You have to take a look at the numbers to decide what is best for you. This loan calculator can help you take a deep dive into the numbers. You can look at how much interest you will pay over the lifetime of the loan if you do a 15 vs 30 year. You also can look at how quickly you build equity, when you will reach 20% down to get rid of PMI, or what you will save on interest if you increase your payment. It is super helpful!
This one will probably get used a lot as your family will buy more cars than houses. This calculator can be helpful to see what your payment will be if you do 3,4,5 or even more year loans. You can look at how much more you will pay in interest with each one, how much your trade in will decrease the price, etc.
The last few years, many people chose to refinance as it saved them a bunch of dollars monthly. This calculator can be used to help you evaluate if it makes sense to refinance or not and what your savings will be.
If you are not going for loan forgiveness, you may consider refinancing to a lower rate once they start back up. You also may consider this with private loans before then. This calculator will help you understand the savings you could have from doing so.
Your net worth is one of, if not the most important number for you to be tracking. This calculator will help you do so. I recommend you definitely do this at least 1x a year to track your progress!
Once you have people who depend on you, life insurance is not really a choice. It is a need. This will help you calculate the right amount for you and your family!
I have found these to be 7 of the best calculators to help you make better financial decisions in your life! Make sure to use these free resources when needed!