Personal Finance Tools, Investing and Money Management Tools

The personal finance tools help in managing personal finance of an individual.

The personal finance tools can be classified into 4 and they are:

The personal finance tools help in managing personal finance of an individual.

The personal finance tools can be classified into 4 and they are:

• Investing tools
• Money management tools
• Retirement tools
• Spending wisely toolsEach of the aforementioned tools may be discussed in detail under the following heads:

  • Investing tools

    Investment in stocks: The Kiplinger’s stock finder is a personal finance tool that helps in the investment in the right kind of stock. Here the investor is required to provide certain information regarding the stock criterion he is opting for and mention its value. By simply clicking on the search button, he can get the list of the stocks matching the specified criteria.

    Investment in funds: The Kiplinger’s mutual fund finder is another personal finance tool that helps to invest in the proper mutual fund. The investor has to select the type of stock that he wants to invest in and then select the appropriate performance criteria. After this, simply by clicking on the search button one has access to all the mutual funds that suit his needs. The Kiplinger’s mutual fund finder also helps to find the right on line financial broker. It also helps to determine the time when the individual would sell the fund and invest money elsewhere.

    Investment in bonds: Just by filling in some information in the web one can find which type of bond would be most suitable for the investor, whether the investor should opt for a tax exempt or taxable bond. It also calculates the return if the bond was to be sold then.

     

  • Money Management Tools:

    Budget worksheet: This is a special personal finance tool that plans the monthly finances in such a way that one is forced to save at the end of the month. It helps to project expenditure in various categories and then compare these with the actual expenditure.

    Credit calculator: In order to calculate how much money would be required to pay unpaid balances, one can use the credit calculator. This personal finance tool helps to calculate the real cost if the minimum balance is paid.

    Insurance calculator: The insurance calculator helps to understand how much life insurance is required. This personal finance tool also helps to estimate an individual’s Medicare prescription and drug savings.

    Real estate calculator: This personal finance tool helps to find out how much one should invest in housing and whether the individual would be in a better financial status by renting instead of purchasing. It also calculated the amount that he should borrow to meet such financial needs.

  The other money management tool is the tax calculator.

  • Retirement tools:

    The retirement income calculator helps to find which source of income would yield the maximum retirement income. It would help to calculate the amount of income that social security will provide.

     

  • Spending wisely tools:

    This personal finance tool would help to calculate the monthly car payments and also searches the best car loan that is available in the individual’s locality.