Most young people don't realize that planning for retirement and a stable financial future doesn't mean waiting until you are old. Plan and prepare for the future today. The best way to budget is using a retirement calculator. This will help you calculate just much money you will need to retire comfortably and how much money each year or month needs to get set aside to retire at your desired amount.
Depositing your money in a low-interest rate bank account is about as affective as hiding your money under your mattress. Money should always be making money. Knowing where to invest and what is best for you, depends on several variables. A screen in the investment world is an analysis process that takes several variables and calculates where your money will be best placed. Different programs have different rates and risks. Investment calculators will help you determine where and how much money to invest. Get the latest rates on IRA CDs, money-market and savings accounts at Rate Center from Bankrate.com.
Taxes can be stressful at the end of the year and without proper planning they can become a financial burden. At the start of each year and each month estimate how much money you will be making. Take the amount and input them into a calculator to determine how much money to set aside to pay the taxes. Alleviate tax headaches before April 15 by using these tools:
Buying a home will probably be the biggest and most exciting purchase of your life. How much house you can afford is determined by your income. Use different mortgage calculators to compute what your monthly payment would be on a house. Add in all your other monthly expenses to see if your income will cover it all and still leave a little cushion. Most calculators will have a place to input mortgage insurance and taxes, which can both add hundreds on top of the basic mortgage payment.
No one wants to think about losing loved ones or unlikely death, but in the event of tragedy mourning over a loss can be even harder with an added financial burden. Funerals can be pricey and having a small amount of life insurance on even children can cover funeral costs. For adults and especially parents, life insurance calculators can help determine how much money your family will need to survive. Mortgage, food, babysitters, college tuition for children, car costs, and basic needs will all need to continually be paid for.
College is the major step in jump-starting your future and preparing yourself better for the job field. Most good-paying jobs today require a degree. College has a lot of expenses that students forget to calculate into their budget. Even with a full-ride scholarship there is rent, food, class materials and books to be paid for. Books can run as high as $200 for a single book for one class. Tuition is the highest expense and depending on the college you choose, can be thousands per semester. See our tools to figure out what you need to do financially to prepare for college:
Debt is not only an overwhelming financial burden but it can emotionally and physically drain you. Getting finances organized and calculating debt can help you plan a budget and prepare for the future. Debt calculators are a great way to input numbers and bills to figure how many months or years a bill will take to pay off. Credit card debt usually has such high interest that paying the low monthly, minimum payment means you will be paying on it forever. Adding just an extra $10 can get that credit card paid off quicker. To calculate how quickly, input the added $10 into the calculator and it will show how many months will be taken off. If there is a time frame you would like to be debt free, then simply put in the years and the calculator will read how much extra you must pay each month.