Personal Finance

Five Digital Tools To Help You Manage Your Money

Couple At Home In Lounge Using Laptop Computer

The internet is full of useful tools and calculators that will help you understand and manage your money more effectively.

From help working out your monthly take-home pay, to information about what your finances might look like after you’ve retired, we’ve pulled together five essential online tools that should put you in control of your financial situation.

Calculate your after-tax income with the salary calculator

Whether you’re planning for a new job or hoping for a pay rise, the online salary calculator can help you figure out how much you’ll really be taking home each month after accounting for payments such as tax, pensions and student loans. It’s particularly helpful if you want to compare the difference between two job offers, and can also be handy if you’re considering changing career and want to understand the impact that it will have on your monthly paycheque.

The website is kept up to date with the most recent tax information, and also has dedicated calculators for different scenarios such as working two jobs or maternity/paternity leave.

Look ahead at your future finances with the Aviva retirement planner

The retirement planner is essential for anybody who has anxieties about the future. With just a few details, such as the balance of your current pension and your planned retirement age, you can get a clear sense of how much you need to save to reach your desired retirement lifestyle. It will help you think realistically about your future income, and understand what your pension pot is really worth. Anyone can use it – no need to be an Aviva customer – and it allows you to save your progress to refer back to.

Estimate your self-income tax with the Government’s ready reckoner

Working out how much tax you’ll owe at the end of the year is one of the most stressful aspects of self-employment. If you’ve just been stung by an unexpectedly large tax bill, consider using the government’s ready reckoner to work out how much you’re likely to owe next year. The calculation will only be an estimate, but it can still give you a good indication of what you’ll need to pay. Remember to set aside money for tax every month.

Work out how much you could borrow using a mortgage calculator

We haven’t called out one specific calculator here, as different banks will offer different deals and you’ll probably want to compare your options. Many different high street banks will tell you how much they’d lend you for a mortgage if you share a few details such as income and deposit amount. For example, NatWest, Barclays and HSBC all have their own version of the mortgage calculator tool. 

Find out how much interest you could earn with the This is Money savings calculator

Saving money feels good, and the only thing better is finally reaching that savings goal. Whether you’re saving for a home, a holiday or a great retirement, using the savings calculator will show you how much your savings can build up over time. It will also show you how much interest you’ll be earning as your savings grow.

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