Your Guide To Online Financial Calculators

Financial calculators are a helpful tool to assist you in managing your money and estimating your loan payments. With the many options available online, though, it may be overwhelming to decipher which information you require.

Whether you need help seeing how much you will need to pay off your credit card debt early or starting up a nest egg for retirement, here's our guide to using online financial calculators.

Benefits of using a financial calculator

You may be familiar with the handy financial calculators used by business students, accountants and economic pros that are used to help solve complex monetary questions, but the availability of these tools online has made them easier to use than ever before.

One of the best benefits of using a financial calculator, HP explained, is its ability to solve complex financial equations  that a common calculator can't handle. From calculating the time value of money to debt ratios, these tools have added functionality that are applicable to working in the financial industry.

With a number of free tools available online, you don't need to necessarily know how to calculate these financial equations on your own. All you need is some information about your finances and these specialized online math machines will spit out the numbers or percents you need to manage your finances and make budgeting decisions.

Financial calculators can help you manage your money and budgeting.

What can a financial calculator be used for?

Today, there's a specialized financial calculator for nearly all your monetary needs. Here are just a few of the the ways these calculators can be used:

• Mortgage calculators: From calculating your monthly payments and yearly tax savings to determining how much you need to pay to end your loan early, these calculators can help you understand your mortgage.
• Credit card and debt management calculators: Paying off your debt and credit cards in full is a great way to improve your credit score, these tools can help you determine what it will take to pay off your balances and accelerate your payments. On the flip-side, you can calculate how long it will take to pay off your credit card if you only make the minimum payments.
• Savings calculators: Having savings is an important part of your financial wellness. From putting aside money for college to having an emergency fund, there are a multitude of calculators that can help you save for your needs. These are great tools to help you make a budgeting plan and understand how consistent investment and small changes to your spending add up over time.

Always consult with a financial professional

While these online calculators are great tools for understanding your finances, they should never be used to make major monetary decisions. A trusted financial professional can provide personalized advice based on your current situation with additional tools and support. You can receive a sound recommendation from a professional on your finances that you may not receive from a financial calculator.

For more financial tips, contact your local Vectra Bank representative today.