Financial planning is one of the critical steps to saving and investing your income today and meeting your short and long terms goals successfully in life. There exists a wide array of investment alternatives that yield reasonably good returns and can help you save and grow your money for various financial obligations in life– be it sponsoring for your child’s education and/or marriage, funding your lifestyle after retirement, etc. To this end, some of the leading investment options in India are as follows:
A healthy of mix of equity and debt funds can yield a return of 9-10% for investments below 10 years & for 10-12% for investments lasting longer than 10 years.
To ensure that your financial planning in India goes as per the plan, the following 12 calculators will prove instrumental.
As a parent, your child’s higher education, as well as marriage, might be of paramount importance to you. Hence, planning and investing in these obligations may be high on your priority list. To help you make the most of this investment, use a Child Education and Marriage Calculator, which will help you assess:
You can make use of the Life Insurance Need Calculator to assess
Sometimes in life, you need to contemplate your investment options. If you have been eyeing a new, more promising insurance policy in the market, and are thinking of surrendering your existing policy, this calculator may help you make the final decision.
As the name suggests, this calculator will help you assess the bulk of the corpus that you will need at the time of retirement. The calculator proves especially helpful as it takes into account the following aspects-
If you are new to the concept of FIRE Retirement, it might prove to be in our interest to understand that FIRE denotes Financial Independence-Retire Early. It is essentially a movement with extreme savings and high investments, which are undertaken with the objective of retiring much earlier than the traditional age of retirement.
A FIRE retirement calculator will help you assess the bulk of corpus required at the time of FIRE retirement, in both the cases–
The calculator proves especially helpful as it takes into account the following aspects-
Also known as the Increasing SIP Calculator, this calculator can help you assess –
The Public Provident Fund will help you assess your-
If you have a Recurring Deposit Account or invest in SIPs, you can make use of the RD/SIP calculator to assess the value of your investments after a particular number of years.
The NPS Calculator can prove to be of incredible help, as it can help you assess-
This calculator is designed to help you assess the total corpus at the time of your daughter’s education and/or marriage.
If you receive a Housing Rent Allowance from your employer and are also paying the rent for your accommodation, you can make use of this calculator to assess your Income Tax deduction.
If you have some additional funds which you want to invest, this calculator will help you assess whether it will be better for you to invest in a residential property or in mutual funds. You can analyse the returns on both the investments and then make an informed decision in favor of the one that works the best for you.
Make sure to put these Personal Finance Calculators to good use and enjoy financial freedom!
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