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Debt Snowball & Avalanche, 50/30/20 budgeting, emergency funds, and net worth.
Calculate your total financial net worth by tracking all assets (liquid, real estate, gold) and debts.
Split your monthly income into 50% Needs, 30% Wants, and 20% Wealth & Savings.
Calculate recommended liquid emergency savings to cover 3 to 12 months of living expenses.
Compare the Debt Avalanche and Debt Snowball payoff strategies to see how fast you can eliminate credit card and loan debt.
Calculate years to pay off your HECS-HELP debt based on ATO compulsory repayment thresholds and CPI indexation.
The 50/30/20 rule allocates 50% of your take-home pay to essential needs (rent, groceries, EMIs), 30% to discretionary wants (dining, leisure), and 20% to savings and investment goals.
Financial planners recommend keeping 3 to 6 months of mandatory living expenses (rent, utilities, loan EMIs, food) in highly liquid assets like sweep-in bank accounts or liquid mutual funds.
Net worth is calculated by taking the total market value of all assets (savings, mutual funds, real estate, gold, provident funds) and subtracting all outstanding liabilities (home loans, vehicle loans, credit cards).
A healthy Debt-to-Income ratio is below 35%. If more than 40% of your monthly take-home pay is dedicated to servicing loans, lenders consider you high-risk.