Many a times you need assistance while handling your finances, but you have nowhere to look for. Instead what you end up doing is either approach others for help or buy some software to solve your problems. But, why be dependent on anyone or spend money when the internet is full of helpful websites.
The internet hosts numerous websites with valuable tools that are completely free to use and can be of great help with money management. So, without further ado, let’s read ahead and check what these online tools are and how you can use them.
Financial Calculators
What is it that you are planning to do? Are you looking forward to taking a home loan or a personal loan, or are you interested in filing your income tax return (ITR)? Well, if your answer is yes, then the internet has a host of calculators available that can help you calculate your loan repayment amount or your tax returns.
Financial calculators give you a clear picture of what your expenses are going to be. To use these financial calculators, you only require a working internet connection and knowledge of good finance websites that offer such calculators. Once you access these calculators, you are required to put in the details as asked and keep proceeding as per instructions until you reach the result.
Insurance Calculators
Buying insurance is gradually shifting online. Online purchase of various plans, including pure term plans, is already drawing the attention of insurers. That is simply because of the online calculators, and very few add-on features of term insurance plans. However, insurance calculators are not just limited to term insurance plans. You can compare the quotes for ULIPs and Pension Plans as well.
Insurance calculators are specially designed to help you calculate the required monthly/annual premium if you are thinking of purchasing insurance plans. These calculators allow you to adjust the sum that you want your family to receive in your absence.
You can select various features and compare the premium for adding covers to your base plan. For example, term insurance of Rs. 1 crore may only cost about Rs. 11,000 or so for a 30-year-old non-smoker person. But, adding a Rs. 25 lakh critical illness cover may increase the premium by Rs. 2,000 or more.
Another example could be the term insurance calculator determining your monthly, half-yearly, or annual premium payments and helping you select the most affordable option. Annual premiums usually enjoy a discount over monthly premiums.
E-Insurance Account
You can now adopt e-insurance accounts to maintain your insurance policies in electronic form. Such electronic insurance account gives you access to your life insurance portfolio in a few clicks. This eliminates the need for physical policy documents. By submitting all the required KYC documents, you can open this account (opening the same is free). This brings benefits like:
* You can revise your insurance policies with accuracy and speed
* It increases transparency
Budget Planners
It can be a difficult thing to handle money and organize your expenses every month. Well, that can be controlled by budget planning tools available on the internet. These tools allow you to link your credit cards, debit cards, savings accounts, investments and loans all in one place. They also categorize and update every transaction that you make, thus helping you to understand where your money is being spent. This, in turn, helps you discover new ways and opportunities to save your money. Budget planners help you differentiate between the expenses that are a must, as compared to the expenses that are not entirely required.
You may be struggling with handling your finances. But, with these tools, you can lead a financially relieved life. These tools can assist you in planning out your financial goals and even predict whether such goals are achievable. The internet is home to numerous opportunities and the same can be said for financial management as well. So, try these online tools today and watch your lives turn around for the best.