What Are Some Good Personal Financial Planning Tools and Why Should You Use Them?

Personal financial planning is an irreplaceable and invaluable skill in today’s global economy. It not only acts as an incomparable asset in your life but also serves the genuine purpose of securing the future of your loved ones. Hence, you should start planning your finances from a young age. In doing so, you will use the precious years of your life to compound the wealth you create from your income.

Financial planning is exhausting; one must make use of calculations such as taxes, inflation, income, expenses, compound interest, investments, etc. Fortunately, the digital age has enabled anyone to start goal-based financial planning from the convenience of their homes without any prior experience or industry expertise. In this blog, we’ll take you through 5 personal financial planning tools that will make your wealth creation process a lot smoother, easier, and more effective:

1. Retirement calculator:

Retirement calculators can help you understand how much you need to grow your wealth before you retire and can also support you in planning. We recommend using them since you can benefit from customised investment plans that suit your retirement goals. By punching in a few details, such as current income, monthly expenses, expected rate of interest, and risk profile, you can find out how much money you need to save and how you should invest it for your future.

2. EMI calculator:

This one is pretty self-explanatory. An EMI calculator can help you understand your monthly instalment expense while repaying your loan amount to the bank. This tool can help you ascertain your monthly disposable income, aiding you in investing your precise savings. You can find your EMI for any loan amount by putting in the duration and interest rate of the loan.

3. Tax calculator:

This is where the Income Tax department’s website comes in increasingly handy. On the website, you can find calculators that can help you determine your income tax, TDS, allowances, depreciation, and other related taxation aspects of your income. You use this online financial planning tool to gauge how much money you’d be left with in hand for you to invest. Investing in the next financial year can also help you plan and manage your taxes better.

4. SIP calculator:

Consider this your best friend in financial planning, whether you are a beginner or a seasoned investor. SIP calculators can tell you the total amount you will earn by investing a particular sum of money every month at a specific interest rate. This way, you can adjust your monthly investments according to how much wealth you seek to create at the end of the SIP’s duration.

5. Pension plan calculator:

You can use a specific pension plan calculator to calculate the lump sum amount you will earn after investing monthly in the National Pension Scheme by the government of India. This tool will also support your retirement planning and guide you in determining how much you should save every month/year for your retirement.

Tailwind is a wealth management company that supports you throughout your wealth creation journey. Our unique interface combines the best financial planning tools for individuals to ease you into your investment journey. Download our app and start securing your future right away!


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