Online financial health checkers usually are based on “personal finance ratios”. read more about them here. There are more useful to the finance professional than to the layman to assess the financial state of an individual. So I made this financial health checker which does not reply in these ratios.
In fact you could even call this calculator a mini financial report.
The idea behind the check is quite simple.
1. how much you earn,
2. how much you spend incl. emis
3. the difference bet. 1 and 2 is how much you can save.
Depending on when you retire, how long you are likely to live,
inflation rate and present expenses the amount you need to save
per month for your retirement is calculated.
The same quantity is also calculated for your other goals. Children’s education, marriage etc.
So you now know
A. How you can save
B How much you need to save.
The health indicator changes colour depending on the ratio
RED if A?B < 0.75 (i.e 75%)
Orange is A?B is between 0.75 and 0.9
Green above 0.9
Broad suggestions to change your rating to green are also provided.
Connect with us on social media
- Twitter @freefincal
- Subscribe to our Youtube Videos
- Posts feed via: Feedburner
- We are also on Google Plus and Pinterest
Do check out my books
You Can Be Rich Too with Goal-Based InvestingMy first book is now available at a 35% discount for Rs. 258. It comes with nine online calculators. Get it now. The kindle edition is only Rs. 199.
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You WantGet it or gift it to a young earner
The ultimate guide to travel by Pranav SuryaGet the pdf for ₹199 (instant download)
Free Apps for your Android PhoneInstall Financial Freedom App! (Google Play Store)
Install Freefincal Retirement Planner App! (Google Play Store)
Find out if you have enough to say "FU" to your employer (Google Play Store)