Online Tools for Financial PlanningSubmitted by Summit Financial Advisors on June 25th, 2015
Managing your finances can be a challenging task. To help you, there are a number of free online tools that can offer guidance and insight. Explore the tools below to get assistance in organizing your financial life.
For budgeting - Mint.com
Mint brings all your finances together in one convenient place to help you get a comprehensive understanding of your complete financial picture. The free, online service automatically categorizes and calculates your spending in different areas for easy budgeting and can help you set and track saving and debt reduction goals.
For student loan repayment - Bankrate.com’s student loan payoff calculator
Find out how long it will take to pay off your student loans based on varying payment strategies with this easy-to-use tool. Input different numbers to model different scenarios to help you develop a repayment plan that’s right for you.
For paying off credit card debt - Creditcards.com’s payoff calculator
Simplify the stresses of eliminating credit card debt by using this straightforward tool. It can help you develop a payment plan based on a desired payoff date or desired monthly payments. It even provides guidance on avoiding interest charges.
For credit score management - CreditKarma.com
Why pay for something when you can get it for free. Credit Karma agrees with this sentiment and offers 100% free credit scores. The catch? It’s only your credit score, not your full credit report. However, it does help you understand how your score compares to others and how you can anticipant potential changes in your score.
For wedding planning - Your Wedding CompanyTM Wedding Budget Calculator
Wondering how much you should spend on each area of your wedding based on your overall budget? This user-friendly tool makes it easy to develop an itemized budget for your wedding.
For mortgage planning - Mortgagecalculator.org
Taking on a mortgage may be one of the biggest financial commitments of your life. Mortgagecalculator.org can help you develop a repayment plan and find a lender that may be right for you.
For family planning - USDA’s Cost of Raising a Child Calculator
Are you ever really ready to have kids? Having an idea of how much children might cost you could help you prepare—at least financially. The USDA’s calculator gives you estimated annual costs for housing, food, transportation, clothing, healthcare, childcare and education and miscellaneous expenses.
For retirement savings - AARP Retirement Calculator
When you finally have the time to do the things you want to do, make sure you have the money. Based on your savings, Social Security, and other various factors, AARP’s Retirement Calculator can give you a look at how your potential retirement income compares to your retirement income needs. In addition, the tool can help you review your options for overcoming any gaps in retirement income that you may face.
For more personal guidance on education funding, portfolio management, retirement strategies or developing an estate plan, take advantage of a complimentary consultation by clicking here.
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