Calculators

I love money calculators. Here is a collection of all the money calculators I’ve built.

 

 

Early Retirement Calculator

 

While it’s by no means easy to retire early, it’s never been easier in history to make it happen. The first step in figuring out when you can retire early is to figure out how much money you’ll and if you’ve already started saving, how much money you are going to need. When can you retire? Do you have enough money saved? This is one of the first calculators I built for Millennial Money.

 

 

Save $1 Million Calculator

 

Do you want to be a millionaire? How long will it take you to save $1 million? By using your income, projected investment growth rate, and you savings rate, this calculator will help you determine how long it will take you to save $1 million.

 

 

1% Savings Calculator

 

You don’t need to save a ton of money to have a huge impact on your net-worth. All you need to do is work to increase your savings by 1% every 30-90 days. You won’t notice the 1% increases every month and within one year you’ll be saving 12%+ more of your income. See how the savings really add up based on your own scenarios with the 1% savings calculator.

 

 

Financial Freedom Calculators

 

 

These calculators we’re designed for Financial Freedom book, but they can be used without the book.

 

 

Expense Calculator | How much money do you spend?

 

This calculator can be used to calculate your current expenses, project your future expenses, and also show the impact of how much money you’re spending has on how long it will take you to reach financial independence or retire early. In addition to using this calculator I also recommend tracking your expenses on an ongoing basis. Here’s the free expense tracker I use to manage my expenses in 10 minutes a month: Personal Capital

 

 

FIRE Calculator | How much money do you need?

 

This calculator helps you determine your financial independence number (also known as your FI or FIRE number), which is the amount of money you need for the rest of your life.

 

While you can’t control all of the variables (like inflation and investing returns), you can control most of the variables, like how much money you spend and how much money you make. You might need less money than you think.

 

You can use this calculator to estimate your own FIRE number. But it’s important to not stress out about it and understand that your number will and should change as you change. The key is to calculate an estimate and to get comfortable with adjusting your own numbers as you grow and your life changes.

 

 

Net Worth Calculator | What are you worth?

 

Your net worth is the most important number in personal finance. It’s your scorecard. You calculate your net worth by subtracting your liabilities (money you owe – like student loan and credit card debt) from your assets (things that you could sell for money).

 

It doesn’t matter how much money you make if you spend it all. What’s important is working to increase your net worth over time.

 

 

Savings Rate Calculator | How much are you saving?

 

The easiest way to measure how much money you’re saving (and then saving as much as you can!) is to track your savings rate. Your savings rate is the total percentage of your income you’re saving in all of your accounts (retirement, savings, etc.).

 

During my own financial independence journey my saving rate started at 40% and went as high as 82% some months. That might sound crazy, but it’s easier than you think.

 

I like to track my savings rate in both dollars and percentages. This is really easy to do using this savings rate calculator.

 

 

Years to FI Calculator | What’s the impact of your savings rate on FI?

 

There is a direct correlation between your savings rate and the time it takes you to reach financial independence.

It’s pretty simple: the more money you save the faster you’ll reach financial independence. Enter your numbers, test different scenarios, and see for yourself!

 

 

Savings Calculator | How much should you save daily, weekly, annually?

 

Studies show that people have a hard time comprehending large numbers, and for me personally, the thought of saving $1 million was overwhelming. I found it a lot easier to take it one day at a time and break out my target into into daily, weekly, and annual savings goals. While it was initially difficult for me to reach my daily savings goal, it got easier over time.

 

This calculator makes it easy to see the how saving even $5 per day adds up and your money will grow incredibly quickly.

 

 

Life Energy Calculator (Real Hourly Wage) | How much money are you making per hour?

 

Are you getting paid every hour that your using for your job? Are you accounting for all of the getting ready, commuting, traveling, and de-stressing time that your job requires?

 

This life energy calculator is designed to help you calculate your real hourly wage – which is how much money you’re actually making per hour. It’s probably less than you think.

 

You are probably making less money than you think per hour. Calculating your real hourly wage is useful in helping you determine whether a job is worth the money you’re trading for your time. Remember that money in infinite, but time is finite. You can always go out and make some extra money, but you’ll never get back you time. How much money are you willing to trade your life for?

 

 

Future Value Calculator | How much will this be worth in the future?

 

Every time you spend money you are making a tradeoff; spending the money today instead of giving it the opportunity to grow into the future. So what are you trading?

 

Use this calculator to see how much what you plan to spend today will be worth in the future. Then decide whether it’s worth the trade off! It’s up to you.

 

 

Freedom Calculator | How much freedom (time) am I trading for this?

 

When I was working towards financial independence I calculated that every $100 I was saving I was buying at least 3 days of freedom in the future. This made saving easy.

 

Most things weren’t worth 3 days of freedom!! I’ve designed this calculator so anytime you want to buy something you can determine whether it’s worth trading your time and freedom!

 

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