Normally when people sign payment plans with a bank, they are not able to calculate the final costs themselves. This is mostly because they do not know how to factor in everything and how to derive the final charges. Thankfully they can use the services of a wonderful tool name CalcMoolator.
CalcMoolator is a website that offers a collection of free financial calculators online. You can use the site to compute payments involving vehicles, mortgages, jobs, taxes, money saving schemes, loans, credit cards, and anything else.
Each type of calculator has different values you input to reach your result. For instance the “Mortgage Payment Estimate Calculator” requires you to enter values of principal amount, interest rate (in percentage), duration of plan (in years), home value, annual taxes, annual insurance, and annual PMI. It factors in all these values and reaches the required mortgage amount.
Similarly other calculators on the site help people conduct financial calculations without having to learn any mathematical formulas.
Features:
- A collection of free online financial calculator.
- Each calculator factors in a number of values to reach a reasonably accurate result.
- No extensive knowledge of banking or financial formulas is required.
- Can be extrememly helpful for anybody planning to sign up a payment deal with a bank.
- The website also has an iPhone app that Apple device owners can use.
- Similar tools: Mookal, MyBankTracker, IRS Withholding Calculator, WhatsTheCost, TripLittle and Repayment Calculator.
Check out CalcMoolator @ www.calcmoolator.com (by MOin from ThumbPress)
Mint.com is arguably one of the most popular personal finance management tools out there. For all that it has done well, up until this week, it hasn't been the best place to track financial goals. Now, with the introduction of Mint Goals you can link all of your financial goals with the accounts that you have connected to Mint to better track your progress.
Mint Goals improves on the Planning section, which Mint users had until now used for goal-setting. The new Mint Goals section provides users with eight goal areas which can be tailored to the individual so that the goal is realistic and achievable. These eight goals include getting out of debt, saving for an emergency, saving for retirement, buying a home, buying a car, saving for college, taking a trip and improving your home; you can also set a custom goal.
Mint Goals Video from the Wall Street Journal:
When you create a goal Mint will ask you a few questions to find out when you want to achieve it and suggest a monthly contribution to this account. If you have Mint connected to all of your accounts the service can use the data it already has to automate some of the planning process. For example, if you are setting up an emergency fund, Mint knows about how much you spend a month so it is easy to figure out how much you need to cover three months' worth of living expenses. If you are working to pay down debt, and have your credit cards linked, you'll get a look at what you owe and a pay-down plan based on that amount.
After you choose the amount you want to save, Mint allows you to link the goal to a specific account, add a new account or suggests an account to open that fits the goal's purpose. When I was setting up an emergency fund goal, Mint shared several high yield savings accounts.
If your goal is getting out of debt, Mint may suggest that you get a loan through a partner like Lending Club, a peer to peer lender that offers personal loans at rates more than 50% lower than the average credit card APR. The suggested accounts are not all encompassing and you should still take a few steps to find the best bank or account for you.
In addition to budgeting for your day-to-day expenses, setting a goal for purchases and events such as buying a new HDTV, a house or taking a vacation is an important step to getting out of debt and staying out. If you need help after setting up your goals, Mint provides a checklist of to-do items and advice. You can also come back to WalletPop to learn more about all topics personal finance.
What do you think about the new Mint Goals?
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Before you can begin mastering your personal finances, you need to understand what personal finance is all about. First, it's personal - meaning it's about you and it's unique to your situation. Second, it's about finances - meaning it involves money. Personal finance is more than just paying off debt, picking your investments, and buying your first home. Those things alone will not achieve your goals. Personal finance requires you to define your goals and dreams and then to apply the ideas and behaviors required to reach those goals. It's all about managing your money with an end in mind - achieving your goals.
Identify Your Issues
You probably aren't reading this article just for the fun of it. There is a reason you are seeking personal financial advice. Maybe you never seem to have enough money to make it through the month - or week. Perhaps you just need to figure out how to prepare yourself for those unexpected emergencies. Or you could be just fine, but you'd like to polish your financial plan and accomplish goals you never thought possible. Whatever your reason, it's important to begin by identifying the obstacles that lie ahead. Here are some common financial problems:
Repeated Overspending - We have all experienced the temptation to buy more than we can afford at some time or another, but making a habit of overspending will quickly destroy any financial plan. Debts can easily become too much to handle and prevent you from ever reaching your true financial goals.
Emergencies - Your car breaks down, your paycheck comes late, or you forgot about that insurance bill that only comes twice a year. Financial emergencies can wreak havoc on the best laid plans. By not preparing for these emergencies, you are setting yourself up for future failure.
Procrastination - Who hasn't put something off until the last minute? We're all likely to do this sometime or another, especially with long-term goals that don't seem very urgent. But saving for retirement is a lot easier if you start early - even if you're only saving a little bit.
Emotional Decision-making - Financial decisions require prudent forethought and careful execution. By allowing our emotions to take over, we often make terrible financial mistakes. Those get-rich-quick schemes you see in infomercials late at night may seem like a good idea, but they're just another quick way to kiss your hard-earned money goodbye.
Personality Mismatches - Money & finances are one of the top reasons people get divorced. But how do you manage to create a financial plan when you are a saver but your spouse is a spender? By working together to create a solid basis for your personal finances, you and your spouse can utilize all your strengths to ensure financial success.
The Basics
Personal financial planning draws from aspects of finance, investments, insurance, law, employee benefits, and taxes. But you don't have to be an expert in all of these areas to reach your goals. Three basic rules will help you stay on track in your personal finances:
1. Money, income, and wealth are all different. Your financial situation doesn't depend solely on how much money you make - it really depends on how much money you keep. Personal finance focuses on the accumulation, preservation, and distribution of the money you keep - your wealth.
2. Be on your best behavior. All the nifty financial tricks in the world can't save you if you don't learn to control your spending, begin saving, and change your habits to achieve your goals.
3. It's an ongoing process. Managing your money requires more than creating a financial plan and following it for the next 10 years. It requires a lot more than just making sure you paid all your bills for the month. Personal finance demands that you are fully aware at all times of your responsibilities and actions - otherwise all your effort will be for naught.
Income Is Not as Important as You Might Think
If I told you I make $100,000 a year, you'd think that sounds pretty good, right? But what if I'm spending $150,000 every year? Doesn't sound so great now, huh? Income is important - but only to a certain extent. What's more important is what you do with that income and how much you keep at the end of the month. Your financial success depends much more on how you manage your expenses than the money you make on each paycheck.
Another important factor is your net worth. Your net worth is basically your assets (what you own) minus your liabilities (what you owe). Net worth is the real measure of financial wealth. You might live in a $300,000 home, but it doesn't mean much if you owe $270,000 to the bank for your mortgage. Take a minute and think about your net worth. Do you know what it is? Do you have any idea? Keeping track of this number helps you see where you are, where you came from, and where you are going.
What's Your Financial Type?
You may have heard of the Myers-Briggs Typology. To borrow from that system, think about how you would categorize your financial type. Are you aware or oblivious? Can you easily control your spending, or do you have problems? Are you committed to your financial goals, or do you lack follow-through because you haven't established firm goals yet? Are you an aggressive investor, or do you prefer to safely manage your risk by taking a more prudent route?
The answers to these questions can help you determine the make-up of your financial type. These questions can also help you realize the areas where you and your significant other may differ. Take the time to answer these questions honestly, and you'll soon find yourself on the path to a better understanding of your current financial behavior and what you may need to work on.
Your Habits Will Make You or Break You
The financial habits you adhere to will ultimately determine your success or failure. You can make all the plans in the world, but if you don't stick to them you'll never achieve your goals. Begin thinking about your current financial habits and ask yourself how you started those habits. Ask yourself if those are good habits - in that they will lead you to your goals. If you need to change your habits, what should you do instead and how will you make the change? Start today by thinking of a simple change you can make. Stick to that one little change for two weeks or four weeks and you'll soon find you can begin to make bigger changes. Eventually you will have all of your habits aligned with your goals, and you will be on the path to achieving your dreams.
Stay tuned for the rest of this Personal Finance series. We will cover net worth, financial math, budgeting, reducing debt, understanding credit, investing, insurance, taxes, education planning, retirement planning, estate planning, and other important topics along the way. In the meantime, you may visit Free Financial Plannerto get answers to your specific and unique financial questions.
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