Best Online Tools for Managing Personal Finance

Governing ones finance is a difficult process as one need to check constantly about income, expenses, taxes, inflation rate, investments, financial goals, compounding of principal investment, changing rules of the government and so on.To ease the work of a common man and to improve the habit of savings and plan in a better way, several online tools have been launched which comes in handy for investors as they can check, cross-check and decide firmly before investing.Lets take a look at some of these personal finance tools which are easily accessible to individual investors. Fixed Deposit or term deposit is one of the most popular forms of personal finance investment in India. Due to its guaranteed returns, better interest rates, tax benefits from Income Tax most of the working class and middle-income group in India opt for this investment.Fixed Deposit is a kind of financial instrument offered by banks, financial institutions which fetches higher interest rates as compared to the savings account. The deposit will be locked in for a specific pre-decided period and will mature after the completion of the said tenure. The FD as it is popularly known amongst masses is one of the safest forms of investment in India.By using a fixed deposit calculator, one can get to know the exact amount of maturity value on the principal deposit, interest earned amount, tax deducted at source (if any) based on the tenure of the deposit. If the money is huge, even a slight change in the interest percentage rate will make a big difference and can mean a lot.One can even get to know the highest interest rates offered by the banks and you will not be forced to look for depositing your money in a bank which is located near your house.How fixed deposit is calculated? In case of a fixed deposit calculator all the investor has to do is to enter the principal amount, rate of interest, the period of deposit (years or months), frequency of interest to be credited to the said FD, to arrive at the maturity value. The term retire is to withdraw oneself from active working life. For most of the retirees, retirement lasts for the rest of their lives. Planning for retirement since the early years of employment is the best thing to do for safeguarding the life post-retirement. By using a retirement calculator an investor can find the amount of investment they would like to safeguard to plan their retirement.There are many factors which will attribute a persons decision to retire it may be physical or mental health or disability. Age also plays a significant role in ones life which affects a persons decision to retire.So all one has to do is to enter the relevant details like your existing investment scenario, present age, monthly expenses, inflation rate, expected rate of return, risk profile, years of retirement in the tool and you will arrive at the results which you help investors to plan and execute properly to reach their desired retirement goals. The Income Tax Calculator comes in handy to assess the amount of tax which an individual has to pay the government as a part of the income tax during a particular financial year. This tool helps to earn individuals to avoid miscalculation of tax amount at the time of filing their returns.The word ‘Income Tax refers to the tax paid by an individual or company or a firm or a Hindu Undivided Family or Association of Persons or all artificial judicial persons directly to the government. The amount which will be collected in the form of income tax will be used for the development purpose by the government for the betterment of the lives of its citizens.The income of an individual will be earned during the financial year and taxes on it will be paid during the assessment year.By using the Income Tax Calculator individuals can calculate their tax amount based on their income, depreciation, allowances, exemptions, TDS and so on under many heads as defined under the Income Tax Act of 1961.One has to enter relevant details in the tax calculator which includes the category, financial year, total gross income, basic salary amount, dearness allowance, house rent allowance, medical allowance, bonus, transport allowance, the value of perquisites, income from house property, income from other sources, income from interest and so on to arrive at the tax amount. Equated Monthly Installment Calculator or EMI Calculator is one of the popular ways of paying the loan every month. Most of the banks, financial institutions will provide a calculator on their web portal which gives users some idea about the EMI for a particular loan amount.The EMI is a uniform amount of loan which a borrower has to repay to the bank or financial institution and is distributed equally throughout the loan. There are several types of loans be it home loan, car loan, gold loan, educational loan, vehicle loan, personal loan and the list goes on.All you have to do to calculate an EMI is to enter the amount of the loan, period of the loan and the interest rates to arrive at the said equated monthly instalment which you will be likely to pay if you borrow a loan. By using an EMI calculator, one can get to know the best EMI rates offered by banks and can also check ones cashflows.GoodReturnsAbout the AuthorArchana is a content writer at GoodReturns. She has been writing articles related to investment planning and personal finance for more than two years.