Make Financial Planning Easy with these Personal Finance Calculators

Make Financial Planning Easy with these Personal Finance Calculators

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:

  • Debt Instruments yield returns of up to 6%
  • Equity Investments yield returns of up to 12%
  • Sukanya Samriddhi Scheme yields returns of up to 7%
  • National Pension Scheme yields returns of up to 8% in the long term

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.

 

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Personal Finance Calculators in India

To ensure that your financial planning in India goes as per the plan, the following 12 calculators will prove instrumental.

1. Child Education and Marriage Calculator

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:

  • The cost of higher education in the future years (adjusted to inflation).
  • The requisite value of your monthly investments to meet your goals.
  • The value of your investments at the time of your child’s education and that at the time of their marriage.

2. Life Insurance Need Calculator

You can make use of the Life Insurance Need Calculator to assess

    • The amount of life insurance cover you need.
    • Whether you’re under or over-insured.

3. Insurance Surrender or Continue Calculator

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.

4. Retirement Planning Calculator

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-

  • The value of your current expenses when you retire (adjusted to inflation)
  • The requisite value of your monthly investments
  • The value of your investments when you retire

5. FIRE Retirement Calculator

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–

  • When you don’t wish to work after the FIRE retirement
  • When you wish to continue working after FIRE retirement to meet your living expenses

The calculator proves especially helpful as it takes into account the following aspects-

  • The value of your current expenses when you retire (adjusted to inflation)
  • The requisite value of your monthly investments
  • The value of your investments when you retire

6. PF Accumulation at Retirement Calculator

Also known as the Increasing SIP Calculator, this calculator can help you assess –

  • The amount of money you will receive from your Provident Fund
  • Your mutual funds’ returns (on increasing SIP)

7. PPF Calculator

The Public Provident Fund will help you assess your-

  • PPF balance after the period of 15 years
  • The PPF balance if you have opted extension

8. RD/SIP Calculator

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.

9. National Pension Scheme Calculator

The NPS Calculator can prove to be of incredible help, as it can help you assess-

  • The ideal time period for which you wish to withdraw your monthly pension
  • Your annuity returns

10. Sukanya Samriddhi Yojana (SSY) Calculator

This calculator is designed to help you assess the total corpus at the time of your daughter’s education and/or marriage.

11. HRA Calculator

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.

12. Second Home or Mutual Funds Calculator

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!

 

Also Read: Excel Loan Calculator – Step by Step Process of EMI Calculation

 

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