Monday, November 16, 2009

Finanical Tools and Calculators

Did you know that McDaniel & Company's website has helpful tools for you to use for free? Here are just a few of our financial tools that can help in your business and personal life.

Mortgage Refinancing -

This calculator will help you decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Mortgage Payoff Goal -

This calculator will show you the additional monthly payment you will need to make on your current mortgage in order to pay it off within a specified number of years. It will also show you how much interest you will save if you make the calculated additional payment each month, from now until your mortgage is paid off.

Net Worth -

This calculator was designed to help you to “take a picture" of your current financial condition whereas an income and expense statement shows you your financial picture for a period of time (month, year, etc.); this Net Worth Calculator will show you your financial picture at a single point in time (a specific date). This way, if you compute your Net Worth now, and then again 3 months from now, you will be able to tell whether your financial picture is improving or worsening.

Cash Flow -

Since cash inflows and outflows vary in amounts and intervals, it can often become quite confusing to try to determine how much we can afford to spend or save during any given month. Just because you have left-over cash this month does not mean the cash is actually available for spending.

This calculator was designed to convert all inflows and outflows into their monthly equivalents making it easier to see how much you can really afford to spend during any given month. And because your household is just as much a business as any traditional business, the various sections have been set up in the same way most businesses would set up their cash flow worksheet.

Expense Percentage -

This calculator will help you to determine what percentage of your income you are currently spending on each of your various expense categories (food, clothing, etc.). This calculator is determines expense percentages on either a monthly or an annual basis.

Wage Conversion -

This calculator will help you to quickly convert a wage stated in one periodic term (hourly, weekly, etc.) into its equivalent stated in all other common periodic terms. This can be helpful when comparing your present wage to a wage being offered by a prospective employer where each wage is stated in a different periodic term (e.g., one is listed as an hourly wage and the other is listed as annually).

Credit Card Minimum Payment Interest -

This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card bill -- that is, assuming you stop charging any more to it. As you will see from the calculated results, it is not just the interest charges you are losing, you are also losing the interest you could be earning on those charges if you were investing them rather than paying them to the credit card company.

This calculator will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).

Average Interest Rate -

This calculator will help you compute the average combined interest rate you are paying on up to fifteen of your outstanding debts. This can be very helpful when deciding whether or not to move the balances of several credit cards to another card or to another form of debt (loans, etc.).

Transportation Savings -

This calculator will help you to determine any savings that might occur if you were to choose an alternative form of transportation (walking, biking, bus ride, etc.) as opposed to driving your car. You can either compute your savings for a one-time trip or for multiple reoccurring trips over any number of years. Plus, you can choose whether to compute the savings using the Gasoline Method (cost of gasoline only) or using the Mileage Method (average cost per mile to own, operate, maintain and insure your car).