{"id":5292,"date":"2017-02-06T00:00:00","date_gmt":"2017-02-06T05:00:00","guid":{"rendered":"https:\/\/dev-ginsberg-gingras.flywheelsites.com\/five-free-online-tools-to-improve-your-personal-finances\/"},"modified":"2021-04-13T18:16:16","modified_gmt":"2021-04-13T22:16:16","slug":"five-free-online-tools-to-improve-your-personal-finances","status":"publish","type":"post","link":"https:\/\/ginsberg-gingras.com\/en\/five-free-online-tools-to-improve-your-personal-finances\/","title":{"rendered":"5 free online tools to improve your personal finances"},"content":{"rendered":"

Maintaining or improving your financial health can be an enormous challenge. Fortunately, several online tools are available to help you expand your knowledge on your personal finances and repay your debts, among other things. Simple and easily accessible, these tools can be a first step towards a healthier financial situation. That being said, remember that the advice of an insolvency professional is your best option if your debts are very high and your financial situation is precarious.<\/p>\n

What are the five free tools to improve one\u2019s personal finances?<\/h2>\n

1. Online budgeting tool<\/h3>\n

A budget is an essential component of financial health. In fact, monitoring one\u2019s revenues and expenses is a practice that should be established and reviewed a few times a year.<\/p>\n

It can also be useful to draw up a budget to plan for major expenses or projects, such as renovations. Whether you\u2019re in a precarious financial situation or you have good financial health, a budget is a key tool.<\/p>\n

For instance, with a precise and complete budget grid, you can detail your finances, save money, repay your debts, and more. In that regard, Ginsberg Gingras has published a free and easy-to-use online budgeting tool<\/a>.<\/p>\n

2. Debt ratio calculator<\/h3>\n

The debt ratio is unbiased\u00a0data that allow [pc1]\u00a0you to compare your revenues with your total debt. The debt ratio is an indicator of the state of your personal finances and of your use of credit. The lower your ratio is, the greater is your ability to manage your level of debt and face unplanned situations, such as a broken household appliance or job\u00a0loss. However, when that ratio is high, it is a sign that your financial situation could be fragile. In such a case, an unexpected expense or event (e.g. job loss) could bring debt overload.<\/p>\n

Furthermore, this kind of data is often consulted by financial institutions, which use the information to approve or deny a loan, such as a mortgage loan. Therefore, the lower your debt ratio, the better your chances are of obtaining a loan.<\/p>\n

If you are in debt or would like to know your debt ratio for informational purposes, you can use our debt ratio calculator<\/a>. This free online tool will provide you with impartial\u00a0and highly relevant information about your personal finances.<\/p>\n

If your ratio is above or near 40%, we recommend consulting a professional at Ginsberg\u00a0Gingras. You will be directed towards personalized solutions to reduce your debt ratio and repay your debts according to your financial capacities.<\/p>\n

3. Interest calculator: understanding the real cost of credit cards<\/h3>\n

It can be difficult to understand the real cost of having one or more credit cards, for instance with regards to interest rates, amortization periods, balances due and minimum required payments.<\/p>\n

As a consumer and credit user, you would be wise to understand the real cost of the purchases you make with a credit card. By doing so, you will have a better understanding of the amounts paid in interest fees and their consequences on your personal finances.<\/p>\n

Here is an example:<\/p>\n