Financial Tools and Calculators
Whether you want to see how much interest you'll pay on your next loan or calculate the amount needed to retire in the Bahamas, financial tools and calculators can help you maximize the value of your hard-earned income. Consider a few digital and analog resources the next time you sit down to make an important financial decision.
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Online Savings Calculators
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Keeping a close eye on your future goals is getting easier with the continued development of web-based forecasting tools. In just minutes, you can determine if you're on track for the type of lifestyle you'd like to maintain during retirement. You can also dig into the details of savings through a 401k, 403b or IRA calculator The American Institute of Certified Public Accountants publishes a wide selection of savings calculators that can help you plan, whether you've already reached financial stability or are just starting to build your wealth.
Online Loan Calculators
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There are many decisions to make when financing a home, car or an education, but none more influential on your pocketbook than choosing the right rate, term and amount. Loan calculators not only tell you what your monthly payment will be, but how much interest you'll pay over the entire loan to reflect the true cost of borrowing. The American Bankers Association offers online calculators that can help you decide the right loan product or tell you how long it will take to pay off your current debt.
Budgeting Tools
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If you find yourself feeling disconnected from your everyday spending habits, it may be time to seek some help. Fortunately, several online budgeting tools can help you track your spending, set goals and also tell you how much you could save if you gave up those daily fast-food stops. Mint.com offers a free money management tool that will securely pull information from your financial accounts and create reports to help you identify and categorize your spending. Being able to measure your expenditures and income is the first step toward effectively managing your financial life.
Hand Held Helpers
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If you work in corporate finance or simply prefer to hold the power of calculation in your hands, you may be a candidate for a financial calculator. Professional financial calculators can do much more than just multiply and divide. Calculate net present value, internal rate of return or standard deviation with trusted business tools like the HP 12c. Such calculators are also approved for use on many professional finance-related certification exams.
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References
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