How to use investment calculators

As published in Telegraph on 10th August, 2016

1) Financial Health Check: Before you plan your finances, take stock of your current situation. The Financial Health Check app asks you various questions regarding your savings, expenditure, investments, and loans. Once you answer, the app then addresses the parts of your finances you ought to work on. This can be a good starting point.

2) Goal Calculator: All your goals in life require money—thousands or lakhs of rupees. Input this initial value in the calculator and select the time frame to achieve this amount. Once you mention the return you expect, the result will tell you how much you should invest every month or year. Increase or lower the return to see how you can change your monthly investment.

3) SIP Calculator: Alternatively, you can input the amount you invest every month and then find out your total investment value. This is best for people who have limited savings. You will find that by increasing the amount by even Rs 500 can make a drastic difference in your final investment value.

4) Children Career Planner: You can be smart like such planners, for your child’s sake. In the Children Career Planner app, input your child’s age as well as your monthly investment details. Next select if you are investing in Balanced or Equity Growth funds. Accordingly, the returns will vary. The calculator then tells you how much money you will gather by the time the child is 18.

5) Retirement Planner: You have no income when you retire. You need your investments to replace your income. You can start investing a bit every month to accumulate this money. The calculator takes into account your current age and automatically decides how long you have until the age of 58. Next, input your monthly investment to find how much monthly pension you can earn.

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