Top Financial Planning Tools of the Month (October)

Last month, we discussed a few tools that anyone attempting to take control of their financial future. In addition to the tools we shared in a previous post (federal student aid calculator, lifetime income calculator, and 401k savings calculator), here are a few more tools you can benefit from:

Credit Card Repayment Calculator
Credit card debt affects many of us. As soon as you hit a certain age, your mailbox is full of offers from credit card companies. The offers seem like a great idea at first but the sad truth is, if you don’t manage your credit cards properly, you can find yourself in a lot of debt.

The Federal Reserve offers a credit card repayment calculator that shows users how long it will take to pay off that debt.

Cost of Raising a Child Calculator
If you or someone you know is planning to start or even extend their family in the near future, taking a look at the Cost of Raising a Child Calculator by the U.S Department of Agriculture Center for Nutrition Policy is a good idea! This calculator helps users estimate the costs of their current or potential child care responsibilities.

Retirement Calculator
AARP  offers a retirement has begun to revolutionize the way we view retirement by offering a retirement calculator.

Users simply enter information pertaining to their marital status, age, income, expected retirement age, and current savings and the calculator will determine whether or not you have enough savings to retire.