It is hard to really identify anything that the Coronavirus disease has not affected. The COVID-19 has spread across countries and continents and declared many lives. Because of nation-wide lockdowns, people have become unemployed and are trying to find ways to stretch and sustain their budgets. The declining economy, unreliability of markets, and massive unemployment have rendered chaos and tension among the public.
These unrivaled times have brought concerns about the narrowed income and the future.
Nonetheless, as Einstein said, “in the middle of difficulty, lies opportunity“, there are ways to deal with the current crises. To tackle these hard times, individuals and families carry out some steps to manage their budgets wisely. Although COVID-19 will continue to affect the world, a few smart measures can aid people to maintain their finances better.
Websites like Calculator.me have tools that help customers manage their finances and budget by using free financial calculator tools. You can use the tools to sort out financial planning, clear off debts, manage your savings, and more.
How To Use Financial Calculator
Consider the following steps if you are looking for ways to making your finance handling more clever and sustainable-
Budgeting and frugal living
Frugal living doesn’t have to do with being stingy, depriving, or compromising yourself to save a few bucks here and there. It is more about living smarter and being ingenious. Frugal living focuses on saving your money wherever possible so that you can utilize it in more valuable things. You can make a frugal living with these methods:
Improvise your food budget
Cooking your meals instead of eating outside is far less expensive, and it can help in stretching your budget even more. You can also grow your own vegetables; buy less-expensive parts of meat, and try to minimize the expenses while eating out.
Save money by embracing DIY.
Dare yourself to create the things that you usually buy or to adjust with what you have, as opposed to buying new. Although it is more convenient to head to the shop, DIY is much cheaper. There are many online tutorials that can teach you DIY skills.
Control your household expenses
By getting frugal at home, you can save monthly electricity, water, cable, or phone bills. Also, you can be your own handyman when the need arises by consulting YouTube or other sites. The more money you save on these expenses, the more you can save for what is more valuable to you.
There are many other factors like using coupons and freebies, taking care of your health, timely maintenance of your vehicle, and more that make your frugal style of living more effective.
To keep track of your budget and lifestyle, you can also use calculator tools from websites like Calculator.me.
Use calculators for paying off loans early
Some loans can be a real burden on one’s shoulders if they are not appropriately managed. Borrowing money from the wrong lender and at high interest rates and not repaying in time can cause a lot of trouble too.
You can take the help of a Loan Calculator to calculate your loan’s regular payment and total interest paid during the loan period. It is a tool that will guide you to keep track of your existing personal loans and help you clear them fast.
If you are having a hard time managing your loans and clearing payments, it’s time for you to allow a calculator tool to take the wheel for loan amortization. The tool also shows the time and interest rates it will take for you to clear off a loan if you are opting for a new one.
With a loan payoff, calculator handling a loan makes it easier for you, which directly affects your overall finance management.
Various salary conversion tools
Earning a good salary often misleads people into not thinking about their financial future. Sadly, people realize that their salary isn’t permanent only when their earning years come to an end. Guilty or not, you can always be aware and avoid this kind of situation by taking care of your finances and building a secure financial future.
While you can be determined to manage your salary on your own or with someone’s help, you can also opt for a tool like a salary conversion calculator. It is used to calculate and convert your wage or salary of one period into equivalent periodic terms.
For example, you can keep track of how much you are earning hourly, daily, weekly, monthly, or yearly by calculating your salary of a periodic term. The tool can also help you if you want to compare your present salary or wage to previous ones.
With a salary conversion tool, you can know everything about your salary, calculate quick estimates, convert annual salary from hourly wage, and vice versa. There are a lot of other benefits when you are well aware of how much you earn versus how much you spend. So consider using a salary conversion tool.
Money-saving and investment calculators
Saving money is a process most people find difficult, although it shouldn’t be when you’re doing it the smarter way. Here are some simple tips to help you save money:
Limit your credit card usage– This is an essential factor as many people tend to over-use credit cards and build up their debts. Make sure you don’t get caught in that web and regularly pay the dues in full amount.
Don’t delay paying your bills– You can avoid late fees and other unnecessary charges if you pay your bills on time.
Clear your debts– The lesser debts you have, the less interest you will have to pay so that you can save more money.
Make a shopping list– While going for groceries, be sure you have a list of all the items you need for some time so that you won’t have to take extra trips to the store. Also, avoid buying things just because they are on sale.
You should also negotiate prices when you can, lessen your phone expenses, and do many more small changes that can really affect your money-saving process. Above all, you need to set your mind into saving money to make the process a long-term habit.
The money-saving and investment calculator can show the benefits of saving-money.
You can calculate how much money you’re saving by replacing expensive products that you habitually buy with the less expensive one of equivalent quality. This Calculator also helps you see how much you could earn (interest) if you invested the money you are saving.
Through the money-saving Calculator, you can estimate the future value of your investment at different compounding terms. There is so much you can benefit by using a money-saving calculator as you can keep track of all your savings and investments and decide what to do best.
Retirement planning calculators
Retirement may not sound serious when you are young; it is something you can easily ignore and think about later. But the problem with that is, life doesn’t always work according to your plans, and without a retirement plan, you put you and your loved ones in a compromised situation.
Retirement could mean merely relaxing at your home, an afternoon nap, or for some, it is going on a trip with friends. And yes, these years are most-anticipated by hard-working people who work 8-10 hours every day.
The thing about retirement is, it is an end to the regular struggle for wagers and salaried people. For you to be financially independent even after you retire, you need to have a pension plan. Everyone who wishes to enjoy a joyous and financial tension-free retired life will know why retirement planning is vital.
What is retirement planning?
Retirement planning is a life-long process of setting income goals post-retirement and taking necessary actions to achieve those goals. It includes studying sources of income, approximating expenses, and devising a savings plan for the future. You can start planning your retirement anytime, but it is best if you do it sooner.
Uses of retirement planning calculators
Using a retirement planning calculator helps you figure out how much money aggregation is needed to maintain a financially comfortable retired life. It is a simple tool that lets you determine the amount of money you will require after you retire from work to enjoy a stress-free life.
It takes personal details like your present age, current income, savings, life expectancy, and the desired retirement age. The money you need in the future to achieve your retirement goals is based on these details by the Calculator. The Calculator then helps you choose the ideal plan for you to invest in to grow your wealth for post-retirement plans. If you haven’t planned your pension plans and want to now, you can check out websites like Calculator.me, which provides the best savings and retirement plans.
Loan calculator tools for personal loans, auto loans, mortgages, and mortgage refinance
For you to deal with personal loans, auto loans, and mortgages, there are calculator tools that can make it easier and more systematic.
Personal loan calculator
A personal loan calculator makes it easy for you to determine the monthly installments on your loan. Monthly installment is the key component that decides the tenure of your loan.
The benefit of using a loan calculator is that you can calculate your pay-offs and EMI better, thus, having better loan planning. Calculator.me has user-friendly calculator tools that anyone can use easily. It shows loan options you can opt for and how to estimate the EMI annually or monthly, calculate the interest rates, in case you are planning to take a loan.
A mortgage calculator works out your mortgage’s monthly repayments built on the principal amount, balance, the interest rate, and the tenure of the loan. It also calculates your associated mortgage costs like taxes and insurance. Mortgage calculation can be done by handheld calculators as well as free software programs and online calculators.
Another benefit of using a mortgage calculator is that you can amortize your loans. Different types of loans depreciate in different ways, although the most common and general style is that loans amortize first with interest and later with the principal. Meaning, the borrower will eventually pay more interest than the actual borrowed amount.
If you have an opportunity to shorten the time of the mortgage, you should take it, as you can save a lot of interest while doing so. You can easily create your schedule for amortizing principal and interest with Calculator.me. By knowing the schedule and where your loan stands for the remaining period, you will have the advantage of budgeting and saving for the long run.
Auto loan calculator
If you are interested in buying a car, you will have to make a variety of conclusions as you prepare to purchase it. Apart from choosing the right models, finance is also an important factor of concern.
Unless you have enough extra cash, you need to borrow money to capitalize on big purchases. Before buying, you need to think about the cost of the vehicle, how to keep it running, and the timely servicing expenses.
Some people might be able to pay for the automobile at its entirety out of their pockets, but it is not the same case with everyone. The rest of us will need some financing options. So the things you need to consider while buying a car are down payments, loan term, rate of interest, and so on.
An auto loan calculator’s job is to help you choose the right car loan. You can calculate the monthly payment, interest rates, and the term of the loan with this calculator. Hence, it keeps you aware of the expenses and your investment in the automobile so that you can efficiently estimate and manage your overall budget.
As you finance and stretch your budget in these difficult times and try to save money, the factors mentioned above and points will help you make the best of what you have and lead a sustainable life.
It is crucial to have a calculator to aid you while you try to cut costs and save money in every possible way as it can help you determine your financial status better. So consider giving it a try.
While continuing your money-saving process, you might want to treat yourself from time to time. When you do so, keep your goals in mind so that you don’t over-spend. Saving money and controlling your finance is all well and good, but it all comes down to you- the way you think about spending. If you have set your mind to your goals, everything will pay off eventually.