A good number of people want their financial resources directed to the best course, which implies developing a plan that works well with their financial goals. Budgeting and financial planning are the ideal way of keeping your financial life on track. With a budget, it becomes relatively easy to clean up areas where you could be spending money extravagantly while leveraging on living within your means. People create budgets for a wide range of reasons, including retirement, debt repayment, income, and holiday budgeting, which demand unique ways of formulating a budget. Fortunately, today, there are plenty of online budgeting tools that one can use to gain control of their financial resources. Here is a guide on budget calculator online tools.

Mortgage Budget Calculators

A mortgage budget calculator helps you establish how much you can afford to spend when moving or buying a house. The calculator takes into account multiple factors, including principal, interest, insurance, and taxes. Borrowers can use such a calculator to determine their monthly repayments on a mortgage, while lenders use it to establish the credibility of a mortgage applicant. There is quite a lot of requirements that go into conveyancing and mortgage application, and an online budget calculator is the best tool to help you around these processes.

Family or Household Budget Calculators

A family budget calculator helps you to determine and monitor how your money is spent. Every family has unique financial concerns that range from necessities, house utilities, healthcare, transport costs, and even vacations. Creating a budget with all these factors in place can be quite overwhelming. This is why you need a household budget calculator. This calculator enables you to spend your income appropriately while saving for the future. A family budget calculator can be used to formulate monthly or annual budgets by simply keying in income values in the specified fields. Depending on the type of online budget calculator you choose, you may have vast fields to fill, including net income, housing, debts, taxes, insurance, household expenses, investments, and savings.

Event Budget Calculators

Events hold important meaning for individuals, businesses, and corporate organisations. Whether it is a birthday party, wedding, birthday and anniversary celebration, or a corporate retreat, you want to see your event run successfully without spending unnecessarily. However, an event comes with a wide range of revenues and expenses to manage, and without a centralised platform to monitor them, things can fall out of place. This is where an event budget calculator comes in handy. An event budget calculator helps establish the estimated cost of an event and monitor the associated revenues.

Travel Budget Calculator

A travel budget calculator is what you need to determine the amount of money you will have to spend on your tour and travel around various destinations in the world. The calculator estimates your travel costs by accounting for such factors as your destination, spending habits, and the nature of your trip. Items covered in a travel budget may include but are not limited to transportation costs, food, pre-destination expenses, and the cost of activities to be undertaken.

Online Budgeting Tools

While looking for an online budget calculator, it is essential that you find a secure and reliable budgeting software. Some of the online budgeting tools available in the market today include the following;

1. Personal Capital
Personal Capital enables you to track various aspects of your budget, including your investment portfolio. This way, you can monitor where your money is going as you work towards achieving your financial goals.

2. Mint
Mint is a mobile-based budgeting software that makes it easy for anyone to track their financial expenses and balances. The software also enables you to save more through its multiple money-saving offers for retirement rollovers, credit cards, and personal savings accounts. Mint is also ideal for a debt repayment plan, thanks to the software’s visual tools that enable you to monitor your situation and chart a helpful course.

3. My Spending Plan
My Spending Plan is a centralised budgeting platform where both long-term and short-term financial goals can be achieved. The software applies the envelope system to enable users to develop their ideal budgets. The email notifications forwarded by My Spending Plan make it easy for you to pay bills and utilities in time.

4. SavvyMoney
SavvyMoney is another budgeting tool that makes it easy for you to increase your savings and pay down available debts. The software allows you to create a debt repayment plan based on your capacity, through which you are kept up with your debt repayment progress.

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