22 May, 2020

5 Free Financial Planning Tools You should know!

I am not a financial planning expert, but I am always conscious of my earnings, savings, and I follow a budget plan. 

In these times of Covid-19 where job security is not that good and the global economy doesn't feel much stable, it becomes very important for us to look into our everyday expenses more closely and use any financial tools to make better decisions when it comes to Personal Finance.  What do you say?

I used to sit with my dad in my childhood from around 10 years of my age or so, to understand the everyday expenses of our family, the budget planning, the extra expenses that we can cut, etc., Nowadays, I think of the different ways to save money for our first home, for children's education, emergency fund, health insurance, and savings. 

Fortunately, we have many free financial tools available like Calculator.me

Pin it for later!

Budget Planning:

When I checked this Budget planning tool, I felt, it is super simple to use. You just enter the Net-income for which you want to create a budget like monthly or annual income. It calculates the minimum and maximum values you can spend on multiple things like Savings, utilities, housing, loans, insurance, etc., 

This tool calculates the percentages based on suggested guidelines by Dave Ramsey, the author of Financial Peace. 

Budget Planning Calculator

Life Insurance Needs :

Life insurance ensures that our family is protected financially even in our absence. It is really important to know how much we should set aside for Life insurance needs. If we are not sure, this tool might help to calculate how much life insurance is enough to provide financial security for our family.

Retirement Planning :

We often tend to ignore about retirement until we reach the age of 40 or so. We usually spend luxuriously and enjoy life in our youth. Of course, there is nothing wrong with enjoying our early years of work, but it becomes easy, if we start retirement planning a bit early.

This Retirement Planning calculator lets us decide on how much amount we should put aside now to have a comfortable life after retirement. The good thing is - it even allows us to consider inflation in the future!

Savings :

Keeping something aside as savings is a basic financial plan that everyone does. But, we also need some knowledge on how interests are calculated, how to earn high-interest rates, how compound interest is calculated, and the best ways to deposit/ invest money to get great returns.

I am a novice in this field and have to rely on good savings calculators like this.

Savings Calculator

Frugal Living:

We can change our lifestyle to avoid unnecessary expenses if we can find better alternatives. For example: Taking lunch from home is better than relying on take-outs regularly. We can cook fresh vegetables and can improve our health instead of relying on takeouts, whose quality of nutrition is doubtful.

Even though we tend to lean towards branded products, sometimes it makes sense to try local and generic store brand products without any judgment. Some store-brand products are equal in quality when compared to branded ones and might cost a bit less than them. Check out more ideas about frugal living.

What do you think of simple ways to save money and what are the best Financial tools that help you in day-to-day life?

Please do let me know in the comments. I would love to know more about Financial planning.

Until next time,


  1. The final impact of the extreme slowdown with shutdown of many businesses is yet to be seen but as an individual, Pandemics has made it more important for us to make the smart decisions. Financial planning is a must.

    1. I agree , especially in this time. Thanks for dropping by.


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