Financial Tools To Help You

If you’re looking for quick, easy-to-find advice on how to avoid debt problems, you could be just a click away from getting the basic help you need on the internet.

Here’s a look at 5 financial tools that could make all the difference when it comes to debt.* Mortgage Repayment Calculator If you’re thinking about taking out a mortgage – whether it’s repayment or interest-only – it’s important that you work out what the cost of your monthly payments would be first, to make sure you could afford them. This mortgage repayment calculator could help you to do just that.

All you need to do is fill in how much you want to borrow, how long you wish to repay the home loan over and the interest rate you’re considering. Then, at the click of a button, you’ll be given a basic idea of what size your mortgage repayments could be – which may help you to make a decision. http://www.guardian.co.uk/money/mortgage-calculator Tax Waste Calculator In the current climate, every penny in our budgets is crucial. Yet you may be surprised at what ‘hidden’ costs could be taking a decent chunk out of your budget from month to month – and one culprit could be ‘tax waste’.

If you’re not on the correct tax band, for example, you could be paying more than you need to – and seeing money that could go towards your living costs and savings go ‘down the drain’. This calculator could help you work out what your tax waste may be – and point you in the right direction to remedy the problem. http://www.unbiased.co.uk/tax-waste-calculator Debt Consolidation Calculator If you’re thinking about consolidating your existing unsecured debts with a consolidation loan, this debt calculator can help you work out what the cost of your monthly payments could be.

All you need to do is choose the size of the loan, the length of the repayment period and the interest rate you’re ideally hoping for, and you’ll be given an estimate of how much you’ll have to repay towards the loan every month. http://www.thinkmoney.com/debt/debt-consolidation/calculator/ Savings Calculator Do you have a financial goal, such as a holiday, a family wedding or a new sofa, which you’re planning for? This calculator could help you to determine how many months, how much per month and what interest rate is needed to raise the funds you need for these goals.

And remember: even if you’re not saving for a ‘special’ item or occasion, having savings to dip into whenever your finances are not at their best is always a good idea. http://money.guardian.co.uk/calculator/form/0,,603126,00.html *Online financial tools are designed to give general advice only, so make sure you always get professional advice first before making any firm decisions about your money.