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Online Tools That Can Make Your Financial Life Easier

Online financial tools are not only for the business managers or the investment advisors who have to do tedious financial calculations. These are simple yet handy tools for the general people who need help in financial management, budgeting, and loan management.

Often we see the internet is flooded with various such resources, but we do not know which one to use for what purpose. We deal in money every day whether at our home, at a local store, at marketplace buying daily consumer goods, while paying our bills and while planning savings and investments. The financial calculations and financial planning can be simplified with the use of some of the most brilliant online financial tools. Here are a few such online financial tools that are meant to help you make your financial life easier.

  1. Insurance Calculators:

Insurance is one of the most crucial investments that you should make in your life to financially protect yourself and your loved ones. However, with different kinds of insurance plans doing the rounds of the market and the constant brainwash inflowing from different insurance agents, you are probably confused about which insurance to select and whether or not it will suit your family’s needs. There are various online financial tools available to help you get rid of your confusion. Insurance calculators are one of the most popular online financial tools. With the insurance calculators all these biases can be sorted quickly, and you can make informed decisions about investing in the right insurance policy. If you observe, there is a significant change in the insurance industry after all these insurance calculators have come into play. People are nowadays not depending much on insurance agents. Instead, they are reading and comparing different insurance plans using the insurance calculators that are free and readily available on various online platforms.

With an insurance calculator, you can quickly calculate the premium amount that needs to be paid for the desired insurance coverage and for a given period. Whether you want to purchase term insurance, car insurance, home insurance, ULIPs, life insurance or a health insurance these insurance calculators will help you derive at the necessary decision. These online financial tools are time-saving and help you make an independent decision based on your needs and affordability. The best part of these calculators is that you can modify the calculation changing the figures infinite numbers of times. You can try out different permutations and combinations within just a few minutes. Now isn’t that cool.

  1. Financial Calculator:

People with non-financial background might often feel that calculating EMIs, filing Tax returns, calculating taxes and tracking investments are a set of cumbersome Yes, they are, but with the advent of online financial tools like financial calculators, you need not run to a financial advisor all the time for every little calculation. In order to use these financial calculators you just need to input a few details and click on the submit or the go button to get the results, you are looking for. Some such financial calculators include Home Loan EMI CalculatorFixed Deposit CalculatorPersonal Loan EMI CalculatorAtal Pension Yojana Calculator, and PPF Calculator. Whether you want to track your investment, calculate the profit made by your portfolio within a particular period or calculate your taxable income, these financial calculators can be readily used. For instance, you want to invest in mutual funds, and you have already shortlisted a few by their five-year return, and you also have a set financial goal for a tenure of ten years for which you want to make this investment. You can calculate the amount you need to save every month to achieve your goal after ten years. Once you input the target sum, the interest rate and the tenure for the investment, the financial calculator will provide you with the amount that you need to invest every month. These online financial tools not only make your calculations easy but also ensure that you have a clear picture in mind before you take a financial decision.

  1. Budgetary tools:

We all make budgets even if it is in our subconscious mind. However, hardly anyone can stick to it strictly. Often we spend a small amount and forget and then we cannot trace it back at the end of the month when we sit to calculate. However, if you have some tool that helps you realise that you are spending more than your estimates, would not that be a great thing? Some significant online financial tools are budgetary tools that help you set a budget and stick to it.

You can link all your cards whether debit or credit, investments accounts, loan accounts, bank accounts to some such genius budgetary tools so that all your income and expenses are recorded in one place. These tools also segregate the transactions and thus help you understand where you spend more and help you monitor your expenditures. Some of the most popular budget tools are Mint and Personal Capital where you can not only keep an eye on all your expenses and incomes but use other inbuilt features to help analyze your spending and meet your financial goals better.

  1. E-Insurance Account:

An E-Insurance Account is one of those online financial tools that is meant to increase the efficiency of the insurance companies. With this tool, an insurance buyer can apply for buying insurance without any paperwork. All the processes can be undertaken online, and one can update the required documents online and verify the same online. This saves time and offers facilities that ease your life. You can modify your insurance from time to time with this brilliant tool without investing much time.

With these online financial tools making investments, managing loans, and planning and sticking to a budget can become completely hassle-free, less time consuming, and totally convenient. These online financial tools make your financial life easy and help you take prudent and independent financial decisions.

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About the Author: Praveen Unnikrishnan

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