Since the New Year I’ve been trying to buckle down on my spending and start saving. I haven’t been doing too well with the saving part. The other day I was taking a look at the calculators available on Connex’s website and experimenting with just how far my money could go. Below are links and descriptions to some really useful calculators. It is important to note that all calculators provide estimates and are intended for illustrative purposes only. However, I encourage you to play around with some numbers to see how money can work in your favor!
The loan calculator can help you determine the financing and payment options that are best for you. The loan calculator will display the results along with an optional payment schedule if you choose to do so. I did an experiment with a $15,000 car loan with for a 5 year term and 5% interest rate.
Loan Comparison Calculator
Use the loan comparison calculator to help you determine the financing and payment options that are best for you. The loan comparison calculator will create a table for the desired information. In order for the calculator to calculate your table, you must first enter the loan terms, payment frequency, and interest rates. Then decide on a calculation: do you need to find out what the overall cost of the loan with interest will be, or do you need to know what the payment for a specified loan amount will be?
Use the mortgage calculator to help you determine the financing for a mortgage that you potentially qualify for. These calculations are based on standard guidelines that lenders use to determine loan amounts that borrowers are eligible to receive. The factors used to determine how much money may be financed include income, total mortgage payments, and total debt payments. The mortgage calculator will display the results along with an optional payment schedule.
Use the retirement calculator to help you determine the amount of money to save each year in order to achieve your financial goals. The retirement calculator will compute the annual savings required in order to reach a specified future dollar amount of savings. If I wanted $50,000 of income a year for 30 years after I retire at 65, I would need to start saving about $16,000 a year if my investment yielded only 2%. This one was a big shocker to me!
The savings calculator is pretty simple to use. The end result will tell you how much you need to save weekly or monthly in order to reach your desired savings goal. I find this tool the most helpful for short term saving goals. Here are the results if were looking to save $10,000 in 2012.
The kids calculator is perfect to share with your kids or grandchildren if they want to learn the very basics of saving money. You just enter the amount of money they want to save each month and it shows the total amount of money saved.
Will these calculators help you reach your financial goals?
Have questions about these calculators? Leave a comment or ask me on Facebook!
Chris, VP of Unbanking