Use this Debt Pay Off Financial Calculator to determine how long it will take You to Pay Off Debt?
Try this simple exercise.
- First, enter your Debt Balance, Interest Rate (what your currently being charged), and your current minimum payment in the Desired Monthly Payment field – hit calculate. Make a note of the number of months to pay off your debt. then…
- Using the same Debt Balance and Interest Rate increase the Desired Monthly Payment field by $100 more than the minimum payment you entered the first time. Note how much faster your debt is paid off by adding $100 more to your minimum payment.
If your struggling with debt be sure to read these related articles, How to Pay Off Debt using the Snowball Method, Why you should create a Budget. Or you can read my eBook Filling The Pig – In 4 Steps, which provides a comprehensive get out of debt strategy.
Investment Calculator. How Little can you Save to Make More Money?
Sometimes it’s hard to imagine the effect saving a small amount of money can make over a lifetime. For example, if you saved $100 a year on auto insurance and invested those savings for 30 years (most of us drive a lot longer), how much money could you make?
Lets run the numbers and find out!
- Enter 0 in the Initial Amount field – because you haven’t saved any money yet.
- Enter $100 in the Annual Contribution field – this is how much you are saving annually and then investing (lets say in a mutual fund) every year for 30 years.
- Rate of Return – this is how much you think you can make each year by investing in the mutual fund – lets say 8%.
- Number of Years, enter 30 because this is how long you are going to take that $100 savings and invest it for. 30 years is how long you plan on paying for auto insurance.
- Hit calculate.
Pretty amazing isn’t it? How saving a little can actually make you a lot. Use this simple calculator to “run” the numbers and find out How Little you can Save to Make More.
Want to learn more about managing debt, saving money and investing, check out my eBook series.