What are popular Financial Planning Tools?
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- Updated On:02-Feb-2021
- Replies:1
Short Answer
There are plenty of financial tools that can come in handy. Some of them are retirement calculators, health insurance calculators, SIP planner/calculator, fixed deposit calculator, budget planner, and income tax calculator.
Detailed Answer
Financial planning is a complex process which requires you to review your current fiances, cash flows, estimate future cash flows as well as financial obligations,create goals and map money that you will require to achieve the goal, understand amount of insurance you would need now and in future, look at your tax outgo and do tax planning, there are lot of tools for financial planning which can come handy for all these activities, this post summarizes some of these tools that can come handy as you try to create a good financial plan
Retirement Calculator
This is a simple calculator which helps you calculate what kind of funds you will require to have a comfortable retirement. It calculates your retirement corpus as well as how much you should save now to achieve that corpus. This Retirement calculator uses your current expenses as a base and projects your future expenses based on inflation assumptions in future to arrive at your corpus.
Health Insurance Calculator
Health insurance calculator helps you to calculate the right insurance cover for you , in general health insurance should provide the right cover for you and your family, health insurance cover varies with your city , age and family status. Also premium changes with your current health condition etc.
SIP Planner/Calculator
SIP planner/calculator helps you create a financial goal and tells you how much investment you require every month to reach the goal, the goal can be your child's education and you might require certain money to take care of that, this tool can help you plan for that, this can also be an indication to
Budget Planner
Budget planner is a handy tool to help you track your income and expenses, this helps you be tidy with your finances and understand how your money is moving
Fixed Deposit calculator
Fixed deposit calculator helps you calculate the periodic interest on your fixed deposits, it also helps you to calculated amount at the end of the term of your fixed deposit, this calculator can be used not just for fixed deposits, but post office deposits etc. You can use following calculators to calculate amount on your fixed deposits
Income tax calculator
Income tax calculators help you to calculate your tax obligations for the year, you need to select the right assessment year for the same, you can go to income tax department site and calculate your tax, you can go here
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