11 Online Financial Planning Tools the Government Provides Completely Free

Feeling a bit anxious about your finances? Whether you’re planning for retirement or putting together your monthly budget, it’s not always easy to get your money in order. Luckily, you can take advantage of online tools provided by the U.S. government to better prepare yourself financially.

You’ll feel more in control of your future, and you’ll gain the information you need to make smart decisions that will positively impact your life. Here are 11 financial tools you should take advantage of — and they’re all completely free.

The Social Security Administration provides a free tool to estimate your Social Security benefits if you were to apply at different times. You must create an account to get a personalized estimate based on your lifetime earning history.

If you prefer a quick estimate, you can also enter your birthdate, current earnings, and the date you plan to retire into the Social Security Quick Calculator.

Knowing how much money to expect in retirement can help you adequately plan for your financial future. You may decide to retire later or invest more aggressively. Conversely, if you feel comfortable with your retirement nest egg, you may be able to retire earlier.

The Federal Trade Commission (FTC) offers a free PDF worksheet that you can fill in with your typical monthly expenses, such as your rent or mortgage, insurance, utilities, groceries, and more.

Adding these numbers up and subtracting them from your monthly income can give you an idea of how much you’re spending each month or if you need to make adjustments to next month’s budget.

By tracking your expenses, you’ll be able to make better decisions about how to spend your money each month.

With the free Required Minimum Distribution Calculator from the U.S. Securities and Exchange Commission, you can see how much money you’re required to take out of your traditional IRA or 401(k) account, depending on your age.

Just enter your previous year-end account balance and how old you’ll be by the end of the year, and the calculator will do the rest.

You’re required to start withdrawing at age 73. If you fail to withdraw the correct amount, you may be subject to an excise tax of up to 25% on the amount not withdrawn.

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Use the Life Expectancy Calculator from the Social Security Administration to estimate your lifespan.

Once you enter your gender and date of birth, you’ll be provided with your estimated total years based on data from its life expectancy tables. Do be aware this doesn’t take into account your personal health, lifestyle, and family health history.

Having a general idea of your life expectancy can help you plan your financial future. You can calculate if you’ll have enough money to last until the end of your life or if you should consider adjusting your plan.

Enter how much money you’re aiming to save along with your estimated interest rate, initial investment, and years you plan to save, and this free online Savings Goal Calculator from the U.S. Securities and Exchange Commission will tell you how much you’ll need to set aside each month.

Having this information can help you adjust your budget or even motivate you to change jobs or negotiate a raise at work.

The U.S. Department of Labor provides a free savings Goals and Priorities Worksheet to organize your plan of action.

The worksheet is divided into short-term goals of five years or less and long-term goals that stretch beyond five years. Thinking through your goals can help you prioritize what’s most important to you so you can plan your finances adequately. There’s also space to enter your plan for how you intend to accomplish each goal.

FINRA is a self-regulatory organization under the U.S. Securities and Exchange Commission. Their free Retirement Calculator can estimate the amount you need to save every year to have enough money for retirement.

The tool takes inflation into account, along with your tax rate and other financial factors, making it useful for projecting your future financial needs.

Use the Net Worth Balance Sheet to calculate your net worth. This tool from the U.S. Department of Labor allows you to list all your assets along with their values and subtract your liabilities.

As a result, you’ll have a clear view of your bank accounts, investments, and property, as well as debts such as credit card debt and auto loans. This sheet can guide you towards a positive net worth that grows each year.

The Cash Flow Spending Plan Worksheet from the U.S. Department of Labor is a free budgeting tool to determine how you expect to spend your money.

This cash flow plan is comprehensive and includes expenses that are easy to forget. Having a clear line of sight into your monthly expenses can lead you to make better decisions about where you want your money to go and give you a full account of possible costs.

Albert Einstein is said to have called compound interest the most powerful force in the universe.

To unlock the power of compound interest, the U.S. Securities and Exchange Commission provides a free Compound Interest Calculator. It demonstrates how compounding interest can be a major boost to your retirement nest egg by depicting how much your money can grow over time.

The Debt Reduction Worksheet from the U.S. Department of Labor makes it easier to envision paying down your debts and see your progress.

The worksheet provides various fields, such as interest rates and balances, to help you organize your current debt so you can attack each one with a plan of action.

The sheet reminds you to include any debt you may have related to your home, vehicles, education, credit cards, and more.

Knowledge is power, and knowing your expected future expenses empowers you to make smart financial choices.

With these free online planning tools, you’ll gain greater insight into your finances and have the data you need to make a sound financial plan to save, invest, and build wealth.