It’s never too early to learn how to manage money. Keeping track of where you spend your money and how much you earn teaches you to save up and set goals. Learning to budget is an important skill to have. When you spend more than you earn, then you have to borrow from other people. You have to pay them back before you can take care of your own needs and wants.
Budgeting is about separating your wants from your needs. You have to pay for your needs before you can save up for the things you want. There are short-term budgets and long-term budgets. Short-term budgets are useful for calculating whether your weekly allowance is enough to buy candy after school. Long-term budgets help you find out whether you’ll be able to afford an expensive present for a family member’s birthday.
As you get older, you’ll find out budgeting has more and more uses. It can put you in the right position to buy your own car. If you have good credit, you’ll be able to buy a new car and pay monthly car payments. “Credit” means that you have a reputation of paying your debts on time, and you earn more money than you owe.
Establishing good saving habits early prepares you for college. Most students need financial aid to offset the expenses of going to college. College costs more than tuition. There are living expenses, textbook costs, and meals to worry about. When you calculate your expected college expenses and match them to your financial aid package, you will know whether you’ll need to add to that income through a part-time job or a work study program.
Sometimes when adults need extra money to finance an unattainable item, they take out a loan. The most common type of loan is a mortgage. A mortgage is a loan from the bank to a person who wants to buy a house. The buyer pays a relatively small down payment. Then, the bank pays the rest of the money on the buyer’s behalf. The buyer has to pay the bank a monthly payment. If the buyer doesn’t pay, the bank can take the house. People who own their own businesses may take out a business loan to start operating. When they earn enough profits, they start paying the loan back.
People who have loans have to pay interest. Interest is a small percentage that’s added to the loan. It’s a way of compensating the lender for the risk that you don’t pay back the money. If you never pay back your loan, then you go into default. Default means that the lender is allowed to take your belongings to go towards the value of the loan.
One of the best ways to learn how to save money is to watch your parents. Believe it or not, your parents budget and save every day. They calculate how much allowance to pay you and they make monthly plans to figure out what kind of lifestyle you can afford to have. Sometimes, parents have to say no when you ask for an expensive toy because they know that they need to spend the money on something more important. You can use a spend management strategy for more help.
The reward for decades of hard work is a retirement fund. Retirement funds allow elderly people to live out their remaining years in comfort. There are many different ways to save up for retirement. One way is through a 401k plan. Employers offer 401k plans to their workers. Both the employer and the employee contribute small amounts to the plan. It’s a long-term savings plan to make sure that people don’t have to work hard for their entire lives. Business owners can choose a private retirement savings plan.
- What is a Personal Loan?: Learn more about what a personal loan is and how they can help you.
- Personal Loan Payment Calculator: This simple calculator will help you come up with your monthly payments.
- Personal Loan Information: Learn more about how loans work.
- Personal Finance: Take control of your money by learning more about personal finance.
- Easy Personal Loan Calculator: Calculators like this one are used to help estimate loan payment amounts.
- Household Budget Calculator: This calculator shows everything your family might probably has to spend money on each month.
- Monthly Finances Calculator: A calculator helps you determine how much money you need to pay the bills each month.
- Simple Budget Calculator: Your monthly budget is the amount of money you need to set aside for basic needs.
- Detailed Budget Calculator: This calculator is a little more complex than the others, but it can really help you understand all the different expenses included in a budget.
- Debt Consolidation Calculator: When you owe money, you must calculate regular debt payments. This calculator helps people come up with a plan.
- Debt Management Calculator: Sometimes it makes sense to combine a few debts into one bill. This calculator will show whether that’s a good plan.
- Consolidated Loan Calculator: This calculator is simple to use and helps users create debt repayment plans.
- Debt Amortization Calculator: Amortization is another word for consolidating debt. This is another calculator that can help budget repayments.
- Debt and Interest Calculator: Debt collects interest which changes repayment amounts. This calculator will take interest into account.
College Financial Aid
- FAFSA Student Aid Calculator: To pay for college, many people have to take out loans. The government offers some aid based on need. This calculator shows how much aid you could get.
- College Attendance Cost Calculator: Each college and student is different, and this calculator will help you determine possible costs for your chosen college path.
- Student Loan Calculator: Find out how much you need in student loans using this calculator.
- Financial Aid Comparison Calculator: This calculator will compare different financial aid packages.
- College Loan Repayment Calculator: People who already owe money toward college debt can use this calculator.
Auto Loan Calculator
- Auto Loan Calculator: Most people need to borrow money to buy a car. Use this calculator to find out how much.
- Monthly Car Payment Calculator: Most car loan repayments are made on a monthly basis.
- Car Finance Calculator: The more money you put into a down payment for a car, the less you’ll have to borrow.
- Auto Loan Payment Estimator: Enter your down payment and the price of a car to see how much you’ll have to pay per month.
- Car Loan Calculator: Paying back loans is easier when you can use a calculator to adjust monthly payments.
Retirement Savings Calculator
- Compound Savings Calculator: Many factors go into retirement savings. This calculator will show you what some of those savings sources are.
- Retirement Planning Calculator: People start saving for retirement young. This calculator might be a good place to start.
- Retirement Savings Calculator: How much do people need to save for retirement? Shed some light on the situation with this calculator.
- Monthly Retirement Payments Calculator: Calculate how much you have to put toward a retirement plan for month.
- Retirement Income Estimator: A retirement plan replaces income from working. Determine how much you’ll make.
Calculators for Kids
- Basic Budget Calculator: This is the perfect calculator for kids who are learning about budgeting.
- Kids Savings Calculator: Try creating a small budget with whatever money you have to work with.
- Children’s Investment Calculator: Kids can invest too! Learn more with this calculator.
- Calculator Game: This game makes calculators fun!
- Educational Online Calculator: If you aren’t sure how to use a calculator this will help you learn how they work.
- Interactive Allowance Calculator: If you earn an allowance, this calculator can help you start saving.
- Age-Appropriate Allowance Calculator: Show this to your parents! They can use it to figure out how much money you should earn in your allowance.
- Allowance Comparison Calculator: Find out how much money you’ll make if you save up your allowance for a year.
- Basic Kids Savings Calculator: This will help you reach your savings goals.
- Engaging Calculator Game: This calculator game is a lot of fun, and great for people who are just learning how to use these machines.