In 2016, there is a wealth of online resources to help you earn, save, and budget your money! MoneyMio has selected 6 specialized planning tools to assist you in creating the most financially productive year. All tools are user-friendly, low-no cost, secure and provides convenient mobile access. Remember, life is a daily practice, so have all the tools you need available to make the best decisions.
1.Increase Savings: Digit
Digit is a way to save money without thinking about it! First, they monitor your spending habits in your checking account and then automatically transfer a few dollars on the weeks you can afford it. You can easily withdraw money at any time. With all of us constantly on the go, it’s a relief to know you can check savings off the ‘To Do’ list.
2.Health Insurance Costs: U.C. Berkeley’s National Health Care Cost Calculator
If you’re confused about health insurance and need assistance choosing the best options for yourself and or family, the U.C. Berkeley National Health Care Cost Calculator can help. The calculator uses your household size, income and age to determine whether you’re eligible for Medicaid or how much you can expect to spend on insurance premiums in the Affordable Care Act (ACA) marketplace.
3.College Loans: NY Times Student Loan Calculator
This online tool allows you to determine how much you can afford to take out in student loans based on the expectations of your earnings after graduation. For college graduates the tool offers an ability to see how much money is saved in interest by making small additional monthly payments.
4.Retirement Planning: American Association of Retired Persons’ (AARP) Retirement Calculator
Offered in both English and Spanish, AARP generates a retirement account to help individuals establish the best retirement fund to suit their needs. It’s a simple process, where all one has to do is answer some personal questions regarding salary, financial accounts, and the status of their household. Based on these answers, it gives you the minimum amount you should aim for in retirement and calculates whether there will be any shortfalls based on your current earnings and saving habits.
5.The Beginning Investor: Robinhood
If you’re new to investing in stocks and don’t want to pay commission fees, try RobinHood. They allow you to buy and sell U.S. stocks and exchange-traded funds (ETFs) for FREE. Buying and selling trades typically costs up to $10 each. Robinhood charges NO fees.
6.Overall Financial Planning: Mint
Mint enables you to take control of your finances and budgeting. It’s free to sign up and it creates a platform, where you can see all your bills and savings in one place! You can link bank accounts, credit cards, student loans, mortgages plus see all your transactions and upcoming bills. Automatically, Mint will begin tracking how much you spend on utilities, entertainment, and allows you to set target goals for spending. Without a doubt, this is one of the best financial planning tools.
p>Whether you’re trying to master monthly budgeting, keep from going broke after college, saving for a home, or planning for retirement, we hope that these simple tools can help you get a handle on your money in 2016.
