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Finance: work out your worth
December 5, 2013 | By:

These five online calculators help you set goals, see how interest rates changes affect your mortgage, plan your inheritance tax, and more. By Sheila Prophet

Online wealth calculators-620 Corbis EV111-014

Be calculating: let these sites do the maths and show you where your finances are at. Photo from Corbis

Do you need to spring clean your finances? These handy online calculators make it simple to work out how much your money is worth now, and how to boost your future financial prospects.

Make a savings goal

For a simple guide to growing your savings, take five minutes to complete the free interactive calculator at Money Advice Service. Input details of your finance goals and it will tell you how much to put away and for how long, and explain your savings options.

Plan paying off the mortgage

If you still have a mortgage, are you thinking of switching lenders or trying to clear the debt faster? The handy range of mortgage calculators at Know Your Money can show the effects of overpayments, fluctuating interest rates and choosing to move if you are saddled with early repayment charges.

See what your pension is worth

Discover just how much – or how little – you could be living on when you reach retirement by answering the questions at Aviva’s pension calculator. It uses something called stochastic calculation to offer a personal report on your potential income, and show how small changes made now could affect that potential.

Plan your inheritance tax

Inheritance tax planning is a must for anyone with an estate worth more than  £325,000, and good place to start is the inheritance tax planning calculator at Scottish Widows. Take a few minutes to input your assets and liabilities and it will provide a basic guide to the value of your estate, the potential IHT bill and the amount left over for beneficiaries.

Everything else

Keep on calculating by visiting Invidion, where you will find over 30 financial calculators, covering everything from endowment shortfall to life insurance cover. In case your financial future is looking bleak, the site includes a National Lottery random number generator!