Online Tools for Personal Finance and Tax – Where and What to Look For..

It is said that if you want to manage something (Girl friend, Money, Relations, etc), you must be able to understand them first. In other words, if you can’t understand them properly, you really can’t manage it well. Your personal finances & tax also falls within the above concept. How do you know whether you are doing well with your finances or not? So there are tools and calculators available which can help you with a self analysis and provide a road map for your finance decisions.

Managing personal finance adeptly is the key to secure a bright future for your family. India, being a rapidly developing nation, is now open to the global market when it comes to investing money for the growth of business. Investment planning, Retirement planning, mutual fund & tax planning are the main parts of personal finance. Personal finance management has assumed all the more relevance at present market situation. To grab definitive information on personal finance management and personal finance tips we are providing some well known websites : myiris.com , moneycontrol.com , sify.com , content.icicidirect.com , icicilombard.com , icicilombard.com.

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To calculate taxes:

First online tool for tax planning is Tax calculator. Almost each & every financial site whether it belongs to mutual fund Company, Investment Management Company or Life Insurance Company provides the above facility. Sites like Sify , moneycontrol provides wide range of calculators. Almost all sites provide Salary Tax Calculator but very few provide separate Capital Gains Tax Calculator also.

For your Insurance needs:

Second online tool is Insurance premium calculator as people from India still feels that Insurance is the safest way of investment. There are few types of insurance calculator ULIP calculator, premium calculator & most important Insurance calculator. Companies like Bajaj Allianz provides even Life Insurance Retirement Income Calculator which according to some people worst combo ever. You can find Premium calculator on each & every site while ULIP calculator on some sites & Insurance calculator on very few sites. Very few companies like SBI Life insurance provides.

Mutual Fund investments tools:

Third tool is Mutual fund calculator. These Calculators are designed to assist you in determining the appropriate amount. Due to this they have various types in it, such as Return Calculator, SIP calculator, Mutual Fund cost calculator, Networth Calculator, Returns Calculator.

For planning retirement:

Next tool is Retirement planning tool. These tools and planners might help you in getting broad idea about your financial planning. However it’s always recommend that one must consult his Financial Planning Advisor before taking any decisions as this is not a Childs play. Companies like Birla Sun life , Bajaj Capital , Bharati Axa Life insurances provides it while some banks like SBI, ICICI are pushing Reverse mortgage as a new retirement planning tool.

Making the most of the web for your financial goals:

Now days people use Social networking sites like Orkut , Face book to create virtual communities of common interested people & guide them accordingly. Right now many individual are handling these communities & in future we hope to see many corporate brands to come up with their own communities to attract new users. We had seen many QnA sites went wrong due to delayed irrelevant responses. None of the available QnA sites like Yahoo answer, Rediff QnA or ibibo Sawal provides real time financial answers or help in the form of chat. Financial Blogs are picking up greatly for the net savvy investors but all we can say that it’s a double edged sword. It is great that awareness is spreading but sometimes wrong information gets picked up.

So ultimately, how much worth are these online tools?

Personally, after looking at the current market trend, I feel India still needs a well developed & sorted online tools for Financial & Tax planning. We still don’t have most required Wealth management & portfolio management tools easily available in India. Only 2-3 companies provide it & to use it you have to follow their tons conditions. So, using these tools to understand your financial planning is good but never trust on them as results vary from one site to another.

Lastly what we need in India is standard online tools available for every financial sector & online monitoring authority for the same. As India becoming net savvy & most of the investors likes to solve their problem on a single mouse click, it will take some time but it’s vital issue which can’t be neglected so easily.

5 Responses to “Online Tools for Personal Finance and Tax – Where and What to Look For..”

  1. Vipsy
    August 14, 2008 at 5:21 pm #

    Checkout Yodlee, The best online Personal Finance site.
    https://moneycenter.yodlee.com

    It manages all of your Bank/Credit card/Loan accounts at one place. (also all emails).

    Though it is for US, it supports all major Indian banks. ICICI, HDFC, etc. Developed out of Bangalore.. !!

  2. Hi,

    May I also suggest RaagVamdatt.com – Financial Planning Demystified?

    The website strives to educate the small investor, and the public in general, about the different areas of personal finance.

    This covers investment (stocks, mutual funds, ULIPs, gold, real estate, etc), insurance (term insurance, endowment plans, ULIPs, etc), loans (home loans, personal loans, etc), income tax, and many other money-related things affecting the common man.

    You can read the articles and improve your understanding of investment avenues, or ask a specific question about your situation and get a customized solution.

    You can also get free advice for your investment issues, and lots of other useful information about personal finance in an easy to understand way.

    One suggestion: WatBlog can also review the site, and present a balanced analysis to the readers.

  3. Ruskin
    September 2, 2008 at 10:40 am #

    I’ll second Vipsy..Yodlee is the coolest thing i have come across..Just cant imagine life without moneycenter since i added my accounts there..And safety, Top 50 banks of the world have deployed Yodlee product at their online portals and considering the young company that Yodlee is, i think it is on the verge of becoming a behemoth..
    I vouch for moneycenter..Go test it to taste the features folks..

  4. September 29, 2008 at 2:02 am #

    Amen! “you must be able to understand them first. In other words, if you can’t understand them properly, you really can’t manage it well.”

    I tell my kids those same words all the time.

    Money is one of those tough things that we can easily lose track of if we can’t consciously understand how to manage it. Planning is key but also keeping track of every aspect of spending and having goals of where your finances are going is also important.

  5. March 24, 2009 at 3:35 am #

    A good collection of links here and your comments around the inhability to understand your problems is very much noted. We tend to think we know alot about everything and little about something these days and to truly explore our choices we must first be educated which is what some of these useful tools do. I hope that your systems in India are progressing nicely, it is a very much up and coming area of ecommerce and the net continues to grow rapidly there.

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