Managing personal finances is a time taking task, where one needs to take care of the income, expenses, inflation, taxes, financial goals, investments, compounding and other such important aspects. There are several online tools that can help one with these calculations.
Let’s check some of the online tools that can help calculate and cross check the output.
Retirement calculator
This calculator helps investors find the investment that they need to make to plan their retirement, by simply entering few details like their current investment situation, current monthly expenses, age, years to retirement and risk profile. Some calculators allow users to also select inflation rate and the rate of return on their investment.
EMI calculator
Most bank and NBFC websites provide this calculator which gives the users an idea about their EMI for a particular loan amount, by entering details like loan amount, duration and the interest rate.
Tax calculator
The income tax department website provides useful tools and calculators that can help taxpayers calculate their taxes with respect to their income, TDS, allowances, depreciation, and many other heads. These calculators can be accessed at: https://www.incometaxindia.gov.in/pages/tps/tax-tools.aspx
SIP and RD calculator
Available with most MF websites or online investment platforms, the SIP calculator calculates the amount that one will accumulate if a particular amount is deposited towards an SIP for a said period at a given rate of return. A similar tool is available for calculating recurring deposit returns on bank websites.
Point to note
- Check the inherent assumptions taken by these calculators while carrying out calculations with respect to rate of inflation, rate of return and frequency of compounding.
- While these calculators provide a basic idea, it is advised to approach an experienced financial adviser or tax consultant to help with specific economic situation and goals.