Check Out Online Financial Planning Tools You Should Be Using

Financial planning is as important as nutrition in your life; while the latter enriches your physical health, the former nurtures your financial health. That is why it is important to make financial planning a part and parcel of your life. In fact, you must start planning your finances from a young age itself, so that you have more time to accumulate your wealth and build a stable future for yourself and your loved ones.

There is no denying that financial planning is a tiresome chore; you have to take into consideration many calculations such as taxes, inflation, income, expenses, compound interest, investments, and so on. However, we have brought to you a few online financial planning tools that build on the power of tech to smoothen out all these processes. Start your financial planning from the convenience of your home without any prior experience or industry knowledge through these tools:

1. SIP calculator:

The easiest way to start early when it comes to investing is to start a SIP for mutual fund investments. SIP calculators can help you here. Be it a beginner or an experienced investor, SIP calculators can help you ascertain the compounded value of your monthly investments over a period of time. You get to understand how much you will earn by investing a particular sum of money every month at a specific interest rate. This can help you tweak your monthly investments depending on your wealth creation goals.

2. EMI calculator:

While planning for any big financial decision, you have to be prepared to pay off a considerable loan amount. This is where EMI calculators are helpful. They give you an accurate idea of your monthly instalment expense while repaying your loan amount to the bank. In doing so, you also get a fair idea of what your disposable income shall look like every month, helping you revisit your budget and savings. You can find your EMI for any loan amount by putting in the duration and interest rate of the loan.

3. Tax calculator:

You can find these tax calculators on the Chartered Account websites like vbgco.com. The calculators help you find out income tax, TDS, allowances, depreciation, and other related taxation aspects of your income. This tool gives you a clearer idea about your disposable income after paying taxes, shaping your investment strategy. It also serves as a guiding post for tax planning in the next financial year.

4. Retirement calculator:

Retirement calculators help you plan how much corpus you should build for retirement. They can also help support you in planning for your retirement through a variety of instruments. Such customised investment plans also cater to a part of your financial goals. You need to put in your current income, investment strategy, expected rate of interest, and inflation in order to calculate how much money you need to save and invest for your retirement.

5. Jagoinvestor:

This financial planning service boasts a wide range of aggregate calculators, with unique offerings such as an emergency fund calculator, cost of delay calculator, financial freedom calculator, etc. You can use their host of tools to approach financial planning from different perspectives of savings, investments, capital gains, retirement planning, and so on.

Want to make your wealth creation process a lot smoother, easier, and more effective? Get the Tailwind app and use the expertise of wealth managers to build a financially secure future. Our unique interface combines the best of all financial planning tools for individuals to ease you into your investment journey.