Although most financial actions should be left in the hands of professionals, it is good to have a basic knowledge of your finances. Financial tools can be used as a starting point for effective decision-making after individual due diligence is completed.
From invoices to cryptocurrency networks, daily expenses, and investment decisions, entrepreneurs need to deal with plenty of work on a regular basis. Fortunately, technology has brought a multitude of financial tools and calculators to save ample time and headaches.
Financial queries commonly arise. And here comes financial tools to your rescue, supporting all types of financial needs so you can make strategic decisions. Let’s dive into some of the most interactive financial calculators and tools to achieve your monetary goals.
1. Mortgage Calculator
A free-to-use mortgage calculator to get an estimate of your monthly mortgage payments. Simply, enter your mortgage amount, interest rate, and interest term. It allows you to calculate monthly payments, total payments, and total interest paid.
It gives you an estimation of mortgage amortization paydown and mortgage structure. So, if you are purchasing a new home or getting a loan, this mortgage calculator comes in handy.
2. Savings Calculator
If savings is your next goal, use a savings calculator to find out how quickly your savings can grow. It helps you calculate how much money you need to contribute each month to reach a specific savings goal.
Compound interest can have a drastic effect on the growth of regular savings and initial lump sum deposits. Use this calculator to identify the future value of your savings and lump sum amount. Simply, enter the initial balance, return on savings, how much you will save each year, and the number of years, and you will get an estimation.
3. Retirement Calculator
A retirement calculator can help you determine how much you need to grow your wealth before you retire and how to plan for it.
You can plan retirement with retirement age, current savings, current age, social security/pensions, inflation, investment return, and many other factors. Based on these details, you can choose the right pension plan to start investing toward your financial goals post-retirement.
4. Currency Calculator
Calculate the money exchange value from one currency to another and get the current exchange rates. This currency calculator helps you convert all major currencies across the world by the latest foreign exchange rates. For instance, you can convert Canadian Dollar – CAD to United States Dollar – USD.
5. Cryptocurrency Calculator
A crypto calculator helps you determine exchange rates between major fiat currencies and cryptocurrencies. It shows real-time crypto prices against all global currencies. Determine exchange rates of BTC, BCH, ETH, and XRP to USD, GBP, EUR, IDR, and NGN. Conversion rates are based on the Bitcoin Price Index and price indexes of other digital assets.
The Investors Coliseum, a Canadian-based investors online community, and digital awareness portal bring these essential financial calculators to simplify your investment choices. These tools are designed to be informational and educational and used alone – are not considered a substitute for investment advice.