Christmas is around the corner, and we all love to splurge on things especially gifts as our way of saying “I love you to our loved ones during the holidays”.
New Year is coming fast this 2023. It’s time to take control of yourself, make the most of your money, make use of free financial calculators and be wise in spending, saving, and most of all investing!
I still remember back then when I got my first regular day job, we had cash bonuses and we had monetized our leave credits and converted them to cash, which is by the way a standard procedure before the holiday ends.
So, without any complaint, battling my eyelash as my way of making up my mind –
I bought several interesting gifts that somehow matched my parents’ and siblings’ tastes and preferences.
I gave my father a white casual polo shirt to remind him of being a great doctor, my sister next to me a music compact disk with Josh Groban in the background cover – since she likes classical music (we played some of his greatest hits – You Raised Me Up) back then on my father’s funeral (A sad note every time I hear that music it brings me to tears), I really don’t know what I have for my mom – I think an embroidering kit – she loves doing cross-stitching during her vacant time, right after playing chess on the computer. The rest of my younger siblings a dress or shirt maybe? Who knows that was eons ago.
Back down memory lane, in high school, my parents taught me beforehand savings basics I did not realize how important were these until I reached some point I needed one (I had a motorcycle accident twice, no savings, and insurance on hand). You’ve got to have a breakdown of manageable monthly expenses, savings, and investments covered and included on your expense list, the rest of the money if any is left can be re-invested back.
Check out these free financial calculators and explore a wide array of them to guide you in your personal finance journey.
1 Loan Payment Calculator
During my stint as a teacher, our salaries quite improving, and banks would come to us offering loan packages payable in 1-3, 4-5 years at around 7 % percent per annum.
But if you’re concerned of how much the annual rate, refer to their statement of loan transaction disclosure, or better yet use this loan calculator to figure out the total paid interest and duration of the loan.
2 Mortgage Loan Calculator
Planning to get a house of your own and settle down with a family? and work in the comforts of your home? This calculator figures monthly mortgage payments based on the principal borrowed, the length of the loan, and the annual interest rate.
It also computes your total mortgage payment inclusive of property tax, property insurance, and PMI payments (monthly PITI payments). Once you have calculated payments, click on the “Create Amortization Schedule” button to create a report you can print out.
3 Credit Card Payment Calculator
A credit card can work many wonders for you during emergencies but if misused it could accumulate compounded interest plus penalties when not paid on time and in full. This calculator will show you how much of your current credit card payment is being applied to the principal balance and how much is pure interest.
4 Savings Calculator
Since that fateful day of my motorcycle accident with no savings on hand, it was my mom who saved me on the hospital bills, and from that point on, I started saving for myself and for the things I love, saving can beat the inflation and rising prices, and oh that tax too placed on when withdrawing a saving with low bank interests.
To calculate the future value of a monthly investment, enter the beginning balance, the monthly dollar amount you plan to deposit, the interest rate you expect to earn, and the number of years you expect to continue making monthly deposits, then click the “Calculate” button.
5 Auto Loan Calculator
Self-made millionaires who are new to driving, don’t usually buy new cars, instead, they buy refurbished or used cars, simply because they are not overly cheap but affordable to get one with complete papers. Compare current auto loan rates on new and used vehicles. Aspiring car buyers will find this useful, it quickly figures the monthly payment of an automobile loan, trade-in, loan structure, vehicle price, and sales taxes.
6 Budget Planning Calculator
For families with low or high incomes, knowing where your money is going is important, plan a solid realistic workable budget to make things easier. Track monthly costs, necessities, and other financial concerns. Prepare for rainy seasons, use this budget planning calculator, this free tool will help you to see where your money is going, and how you can save for the future.