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The best personal finance calculator should have budgeting tools, track spending habits, and calculate mortgage payments and savings. It should also be able to generate reports and track multiple users.
To choose the best personal finance calculator, look for one with some basic budgeting tools to meet a variety of needs. Look for a calculator that makes it easy to calculate things like saving on interest rates and reducing the length of payments. The best personal finance calculator might have some kind of storage capacity to track past payments or add payments in different subcategories. Some consumers also prefer a personal finance calculator that can remember running totals and be used to generate monthly statement sheets. In general, the best personal finance calculators will be online tools or computer software.
The number one trait a good personal finance calculator should have is the ability to break spending habits. Worldwide, the average consumer spends approximately $7 US dollars (USD) on non-essential items per day, or $210 USD per month. A good personal finance calculator is designed so that consumers can recognize wasteful spending habits like these and plan to save money.
While many personal finance calculators will track spending habits to some degree, the best software programs available will automatically store each piece of information in a predetermined category. Users can track their spending throughout the month, which makes it much easier to set short-term and long-term goals. For example, if a family wanted to eliminate $15,000 in credit card debt, a personal finance calculator would help determine a payment plan that could make it happen. Since the data is synced with the family’s checking account, this task becomes much easier.
Another feature that consumers look for in a personal financial calculator involves mortgage payments and amortization schedules. Some of the best calculators can determine how much interest would be saved over the life of a loan by increasing each payment by a set amount. Consumers could also calculate based on a future payment date, which would provide what the monthly payment would have to be for the debt to be eliminated at a certain time. The same formulas can be applied to saving as well, and a quality personal finance calculator will calculate what future balances would be of interest.
One of the features that the more expensive personal finance calculators have is the ability to take all of the traits mentioned above and combine them into a single report. Since this data would continue to accumulate indefinitely, the user can look back and compare things like utility bills or total income from several previous years. It can also be programmed to track the income and spending habits of multiple users, making it much easier to find ways to save money when finances come from different sources.
Smart Asset.
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