If you're thinking about investments or considering a new loan, an online financial calculator is a great tool to help you with financial decisions. They can help you figure out your possible payments or even which financial choice will save you the most money.

There are several reasons to utilize a financial calculator. A personal finance calculator can help you to:

1. Find out how much you are paying in credit card interest with a credit card calculator.

2. Find the best mortgage and what you can afford with a mortgage calculator.

3. See how much you can save for retirement with an investment calculator.

Action Steps
The best contacts and resources to help you get it done

Use a credit calculator to help you make important financial decisions

Figuring out how much you are actually paying in credit card interest can be a tricky business and it may be wise to employ the use of a calculator. Credit card payoff can be figured out as well as the savings that can be made when you transfer a balance.

I recommend: Find out how fast you can pay off your card with a credit card calculator at Bankrate. Use the balance transfer savings calculator at Young Money to find out if you will make money by transferring your balance to another card.

Use consumer finance calculators when deciding on a loan or mortgage

There are several free online loan calculators that can help answer your questions when you are considering taking out a loan or a mortgage. These calculators can help you figure out how much you can afford, how much you will be paying in interest or even how much you will save if you can pay off your loan early.

I recommend: Use the consumer loan calculator at CNN Money to find out how much mortgage you can afford. Use a loan amortization calculator at AmortizationCalc.com to show you how much you will pay in interest and principle on the loan each month. Find out how fast you can pay off your mortgage with extra payments at MortgageLoan.com.

Use a financial calculator when you are having trouble with money

If you are in a financial crisis, an online financial calculator can help you make some difficult decisions. If you are considering bankruptcy or have gotten behind on your bills, there are consumer finance calculators that can help point you in the right direction.

I recommend: Find out how long it will take you to repay your debts by using the calculator at TotalBankruptcy.com. Find out if you quality for Chapter 7 bankruptcy by using the bankruptcy calculator at LegalConsumer.com.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Don't rely solely on consumer finance calculators to help you make financial decisions. There may be other factors that you aren't considering and the help of a professional may be worthwhile.
• •  The first step to financial success is by establishing a budget. Once that is started, a personal finance calculator should be the next step.