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8 calculators your money cannot do without
We live in a techno-savvy world. Anything and everything is available online. Even calculators.And no, we are not talking about the calculators that help add, subtract, multiply or divide.We are talking about calculators that do complicated, but essential, math—how much to invest, how much will your invested money grow, etc. Basically, these are projections you can use to make smart decisions. So, naturally, you cannot—and should not—live without them. Here are the 8 important calculators you never knew you needed:
Monthly investment for your goalsIt works this way:- You know how much money you need in the future. E.g.: Rs 5 lakh to buy a car in 3 years.- You want to start saving for this goal already. (Smart move, btw!)- But you don’t know how much to save. So, use this calculator.- Punch in your final goal amount, the number of years and how much return you expect.- The calculator will tell you how much you need to invest every month.
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Final wealth creation:This works the other way around:- You can set aside only a certain amount of money every month.- You don’t have goals planned per say.- All you know is you want to save and invest.- Use this calculator to find out how much money you can make over time.- Punch in your monthly amount, the number of years and how much return you expect.- The calculator will tell you how much you would have accumulated over the years.
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Return and time calculator- Let’s suppose you have a goal in mind AND a monthly budget.- But you don’t know when to realize the goal.- Or you may not know where to invest in a certain time.- This calculator can help you understand the amount of return you need to achieve your goal in a certain time.- This can help you decide where to invest (depending on the return).- Or, if you have an investment option in mind, then you can figure out how long it will take.
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Top ups calculatorOver time, your salary and income increases.- You can then increase your monthly investment amount too.- So how will that affect your final investment amount, time period, or even the return you need?- You can understand that using a top up calculator.- Most are available for investments in Mutual Funds through Systematic Investment Plans (SIPs).- However, you can easily use it for regular calculations too.
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Compounding interest- A bank or financial institution promises a certain amount of interest on your investment.- But these interest payments earn interest too over time.- This is called compound interest.- So, use calculators to understand the actual return you earn.- Alternatively, use it to find out the final value of your investment.
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Loan calculatorsThese work in many ways:- Punch in your EMI budget to find out the final loan amount.- Input your current salary and age to find out how much loan you are eligible for.- Use your loan amount and period to calculate your monthly EMIs.- Or, figure out the loan tenure using the loan amount and monthly EMI budget.
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Inflation calculator- Prices keep increasing every year.- Your goal amount needs to keep this increase in mind.- You need to plan your money matters accordingly.- Use an inflation calculator to understand how much the price will rise by a certain period of time.
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Insurance calculator- You want to insure your life, car or health.- You have a certain budget or need in mind.- But you don’t know the premium amount or maybe the sum assured.- Use insurance calculators to calculate these amounts.
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