Plan your investment smartly with web-based savings calculators
At a time when internet has revolutionized our lives to a great extent, making financial investments has become a lot easier. There are various smart tools available online such as retirement planner, SIP calculator, savings calculator, and mutual fund return calculator that help investors in planning their finances. Let’s know more about them in the below article.
Over the past few years, mutual funds have been emerged out as a lucrative investment option among small, medium and big investors who wish to grow their money by investing in stock markets. The complexity of market is now simplified by mutual funds that make it easier for people to put their money in the market and enjoy great returns. Moreover, the internet has added more value to the same by providing smart tools in this domain. For example, there are mutual fund return calculators that can easily tell you how much money you should put in each scheme to get the best value against the money you’re planning to invest. Let’s know more about different types of financial calculators available today.
SIP Calculator –System Investment Plan (SIP) is the most popular investment scheme provided by mutual fund companies. It enables investors to invest a fixed amount at regular intervals in a financial instrument. A SIP calculator typically shows how smaller investments made at regular intervals can yield much better returns over a long period of time. This calculator is used to demonstrate the benefits of compounding to the investors in an understandable manner.
Inflation Calculator – This calculator helps people calculate future values based on the assumption of the annual inflation rate. This tool is very much helpful in retirement planning, where you may seek to decide the actual amount of money you need for a happy life.
Inflation Calculator allows people to make predictions about the future based on any inflation rate you choose. It uses formulas similar to the PV (present value) and FV (future value) formulas in Excel.
Savings Calculator – As its name indicates, savings calculator is typically used to calculate the accumulated amount basis the monthly contribution, yearly growth rate and the time period. One can compare savings with different combinations of interest rate, monthly savings amount and period of saving. For example, if you wish to save Rs. 10 lacs at the end of 10 years, this tool will help you determine the monthly amount you should put aside to reach that goal. Savings calculator is the best online financial tool to answer people’s savings related questions.
Retirement Planner – Whether you’re in a government job or a private job, it is imperative to save for your retirement. A retirement calculator helps people determine the amount they will need for their retirement. It is a smart tool and takes several factors into account to determine the right amount of investments for your retirement plans.
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ABOUT THE AUTHOR
Mr Prem Singh is a financial adviser and helps you plan your investment with web-based savings calculators online such as retirement planner, SIP calculator, mutual fund return calculator and Sip Calculator