Gone are the days of complex spreadsheets and confusing financial jargon. Today, with the rise of user-friendly mobile apps, managing your investments has become easier than ever. Investment calculator apps help you to make informed financial decisions and chart a clear path towards your financial goals. Here is a breakdown of how these apps can transform your investment journey:
Features of investment calculator app
Investment calculator apps aren't one-size-fits-all. The best ones offer a comprehensive suite of features to cater to diverse investment needs. Here are some key functionalities to look for:
1. Goal setting
Define your financial aspirations, be it a dream vacation, a child's education, or a secure retirement. The app should allow you to set specific goals, inputting desired target amounts and timelines.
2. Investment options
Explore a range of investment avenues, including Fixed deposit (FD), mutual funds, Equity Linked Savings Schemes (ELSS), and more.
3. Detailed calculations
Enter your investment amount, preferred tenure, and interest rate (for fixed deposit) or estimated returns (for mutual funds). The app should calculate your potential returns, maturity amount, and potential interest earned over time.
4. Tax benefits estimation
Many apps estimate the potential tax implications associated with your chosen investments, helping you plan your finances more effectively.
5. Customisation options
Personalise your experience by setting reminders for upcoming investments, tracking your portfolio performance, and exporting data for further analysis.
How to download the Bajaj Finserv investment calculator app
- Visit the Google Play Store (for Android users) or the App Store (for iPhone users).
- Search for "Bajaj Finserv"
- Locate the app and click "Install."
- Once downloaded, open the app and start exploring its features to unlock your investment potential.
How to use an investment calculator app
- Open the investment calculator app
- Select the investment avenue you want to invest in, such as fixed deposits, mutual funds, or others offered by the app
- Enter your desired investment amount, preferred tenure and estimated return rate
- It will calculate your potential returns, maturity amount, and other relevant details based on your inputs.
- Use the information provided by the app to assess if the investment aligns with your financial goals and risk tolerance.
- Based on the calculations, you can adjust your investment amount, tenure, or chosen investment option to optimise your financial plan.
How to select the investment app
With a plethora of investment calculator apps available, choosing the right one can be overwhelming. Here are some tips to guide you:
- Identify your needs: Consider your investment goals, risk tolerance, and preferred investment avenues. Choose an app that aligns with your financial aspirations and offers relevant functionalities.
- Free vs paid versions: Many apps offer both free and premium versions. The free version might offer basic functionalities, while paid versions might unlock advanced features or additional investment options. Consider your needs and budget before choosing a version.
Conclusion
Investment calculator apps are powerful tools that can help individuals make smarter financial decisions and achieve their investment goals. By providing users with access to a wide range of features and functionalities, these apps helps investors to analyse their investments, plan for the future, and take control of their financial futures.
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