I love numbers! And I really love playing around with calculators and spreadsheets to help me plan and manage my money. Here are some of my go-to tools for planning:
Calculating Your Net Worth
Determining your net worth (total assets less total debts) is a really powerful way to get an overall sense of your financial position. You don’t need a calculator to do this – in fact write it down on a big piece of paper will make more of an impact (here is ASIC’s online one anyway. This number gives you a clear understanding of where you need to focus your money goals – debt reduction or wealth building. Armed with your net wealth, income and investment returns, you can use the tools below get a better sense of when you might reach the holy grail – financial independence (and early retirement)!
Budgets Are Sexy Spreadsheets
As my go to, big-picture financial tracker which helps to motivate me to save and invest to reach my early retirement goal, I use the BaS Early Retirement Spreadsheet (.xls download). There are a bunch of other spreadsheets compiled by this blogger which can be found here Best Budget Templates.
ASIC’s Money Smart
The ASIC Money Smart website has some excellent calculators which are handy to get a sense of how changing your spending/saving/investments/super will impact your wealth in the long term.
To check out the list of calculators and tools go here: https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps
Some of the top picks are:
Other handy calculators:
I’d love to know if there are any great tools, apps or calculators you use to plan and manage your path to financial freedom.