Financial calculators for everyday use

It's never too early to learn how to manage money. Keeping track of where you spend your money and how much you earn teaches you how to save and set goals. Learning to budget is an important skill to have. When you spend more than you earn, then you have to borrow from other people. You have to pay them back before you can take care of your own needs and wants.

Budgeting is about separating your wants from your needs. You have to pay for your needs before you can save up for the things you want. There are short-term budgets and long-term budgets. Short-term budgets are useful for calculating whether your weekly allowance is enough to buy sweets after school. Long-term budgets help you figure out if you'll be able to afford an expensive gift for a family member's birthday.

As you get older, you will find out budgeting has more and more uses. It can put you in the right position to buy your own car. If you have good credit, you will be able to buy a new car and make monthly car payments. “Credit” means that you have a reputation for paying your debts on time and that you make more money than you owe.

Establishing good savings habits early prepares you for college. Most students need financial aid to offset the costs of attending college. College costs more than tuition. There are living expenses, textbook costs, and meals to worry about. When you calculate your expected college expenses and match them to your financial aid package, you'll know if you need to supplement that income through a part-time job or a work program.

Sometimes when adults need extra money to finance an unattainable item, they take out a loan. The most common type of loan is a mortgage. A mortgage is a loan from the bank to a person who wants to buy a house. The buyer pays a relatively small down payment. Then the bank pays the rest of the money on behalf of the buyer. The buyer must pay a monthly payment to the bank. If the buyer does not pay, the bank can take the house. People who own their own businesses may take out a business loan to start the business. When they earn enough profits, they start repaying the loan.

People who have loans have to pay interest. Interest is a small percentage that is added to the loan. It is a way of compensating the lender for the risk of you not paying back the money. If you never repay your loan, you go into default. Default means that the lender can take your belongings to go towards the value of the loan.

One of the best ways to learn how to save money is to watch your parents. Believe it or not, your parents budget and save every day. They calculate how much allowance will be paid to you and they make monthly plans to find out what kind of lifestyle you can afford. Sometimes parents have to say no when you ask for an expensive toy because they know they need to spend the money on something more important. You can use one expense management strategy for more help.

The reward for decades of hard work is a pension fund. Pension funds enable the elderly to live out their remaining years comfortably. There are many different ways to save for retirement. One way is through a 401k plan. Employers offer 401,000 plans to their employees. Both the employer and the employee contribute small amounts to the plan. It's a long-term savings plan to make sure people don't have to work hard all their lives. Entrepreneurs can choose a private pension savings plan.

Personal loan

Budget calculator

Debt Consolidation

College financial aid

Automatic loan calculator

Pension savings calculator

Calculator for children