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.
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.