Few Americans have a kind word to say about their government these days. It would appear as though our tax dollars are going to the funding of an inefficient overseer, who, despite having access to huge sums of wealth, is unable to accomplish even the smallest of tasks. While the full breadth of government waste and weakness cannot be defended, it’s worth mentioning that while it seems as though every tax dollar goes to unnecessary or useless expenditures, the various agencies and departments of the federal government we fund are ultimately there to help Americans. In particular, these agencies provide Americans with an array of useful information and tools available online.
One such tool is the online financial calculator, which has made breaking down and comprehending large-scale money moves an easier process for countless Americans interested in taking out loans, making investments, and committing to bulk purchases. Thanks to the existence of several agencies of the U.S. government, such calculators are as accessible online as car insurance quotes. Just take a look at the following examples:
Paying off credit card debt: The Federal Reserve website features a credit card repayment calculator that individuals can use to project how long it will take them to pay off their debts. Simply insert either your desired monthly payment or your desired point of payoff, and the opposing sum will be figured.
Taking out a mortgage: Which is the better choice considering the size of your down payment, a 15-year fixed-rate mortgage, or a 30-year mortgage with increasing interest? You can find the answer by visiting the Ginnie Mae website and plugging in the various variables regarding several mortgage options.
Making investments: The SEC has a web page devoted to an array of tools and calculators for investors. Options vary from mutual fund cost calculators to a risk meter for investment fraud. It’s a useful source of information for first-time investors, and would otherwise be hours of Google research if it weren’t for the existence of this government agency. Also, the Treasury Department has everything you need when it comes to computing the investment value of bonds and securities.
Going green: For business owners, homeowners, and everyone in between, the U.S. Small Business Administration as well as the Department of Energy have websites devoted to calculators that quantify the savings incurred from buying energy-efficient appliances and electronics. For anyone still skeptical of the economical benefits of going green, these federally-provided calculators give you all the proof you need.
Borrowing to pay for school: One major problem that millions of Americans are facing is the weighing stress of student loan debt. Figuring the final bill for four years or more of higher education is difficult when you are taking out several types of loans. By using the Department of Education‘s federal loan repayment calculator, however, you can get a firm grasp on the long-term outcomes of borrowing PLUS and Stafford loans at varying interest rates.
It’s not easy finding something worth praising the federal government for these days. But for the majority of us who deal with personal finance and investment concerns daily, it’s nice to know that our tax dollars are at least going to online tools that can make our decisions a little more educated in their design.
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