SmartAsset Review: An Abundant Source of Personal Finance Calculators [updated Jan 2023]
Updated: May 9
SmartAsset is a financial technology company that provides personalized financial advice and tools to help individuals make informed decisions about their money. Their services include a retirement calculator, a mortgage comparison tool, and investment advice. They also offer a free financial advisor matching service, connecting users with a financial advisor who can help them reach their financial goals. With SmartAsset, you can take control of your finances and make smart decisions about your money.
One other awesome benefit of SmartAsset is the calculators and financial tools. If you don't want or need an advisor then take advantage of their tools and general finance-related information.
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What is SmartAsset?
SmartAsset, a financial technology firm, offers a range of online tools and resources that empower individuals and families to make well-informed financial choices. Among their most popular tools is the retirement calculator, designed to help users determine retirement savings needs and identify optimal investment strategies to achieve their objectives.
Besides the retirement calculator, SmartAsset provides a diverse array of financial tools and resources, such as mortgage, savings, and tax calculators. Moreover, they offer extensive educational content on various financial subjects, including retirement planning, investment strategies, and tax planning.
A key benefit of using SmartAsset's tools and resources is their user-friendly design, making them accessible even to those without financial expertise. Additionally, the platform delivers accurate and current information, ensuring users can make well-informed decisions.
SmartAsset's dedication to transparency is another outstanding feature. They offer clear, comprehensive explanations of how their tools and resources function, enabling users to grasp the underlying calculations and assumptions driving their results. Consequently, users can trust the information they receive and make the best choices for their financial future.
SmartAsset's founder, Michael Carvin, conceived the idea after experiencing the home buying process firsthand. He created a financial model to assess the long-term impact of home buying, which ultimately led to the development of SmartAsset and its extensive range of tools. Notably, Carvin's innovative idea secured funding from prestigious seed funding firm Y-Combinator.
SmartAsset also functions as a publisher, showcasing tools, calculators, and expertly crafted content on their homepage. They've developed powerful calculators utilizing their patent-pending Automated Financial Modeling technology, empowering everyday consumers to make informed personal finance decisions across various categories.
Personally, I've used SmartAsset to gain insights into numerous personal finance topics and appreciate their wide array of calculators. Explore their offerings here.
Why use SmartAsset?
When facing critical financial decisions, such as retirement planning or home buying, having precise and trustworthy information is essential. SmartAsset offers an array of online tools and resources that facilitate well-informed financial decision-making for individuals and families.
The retirement calculator is a primary reason people turn to SmartAsset. This tool helps users determine retirement savings goals and optimal investment approaches, considering factors such as current savings, income, and life expectancy. It offers tailored recommendations for a secure financial future.
Another sought-after tool is the mortgage calculator, which assists users in estimating affordable home prices and monthly mortgage payments. The calculator takes into account factors like down payment, interest rate, and loan term, offering users a clear understanding of their financial obligations.
With a variety of other financial tools and resources, including savings and tax calculators and a wealth of educational content, SmartAsset serves as a one-stop-shop for financial planning needs. The platform's user-friendly interface, accurate and up-to-date information, and commitment to transparency make it an ideal choice for navigating your financial future.
Why have a financial advisor from SmartAsset
A financial advisor can help an individual or a family create a comprehensive financial plan and provide guidance on managing their money in order to reach their financial goals, such as saving for retirement, buying a house, or paying for a child's education. A financial advisor can also help clients navigate complex financial decisions, such as choosing investments, managing debt, and creating a budget. Additionally, they can help monitor and adjust the financial plan as needed and provide valuable perspective and advice in times of market volatility or unexpected events.
SmartAsset Tools
Home Buying
Buying a home is a huge deal and can have a significant financial impact over a large portion of your life. Homebuying calculators can be a valuable tool for anyone looking to purchase a home. These calculators can help you determine how much you can afford to spend on a home, what your monthly mortgage payments will be, and even how much you may need to save for a down payment. However, like any tool, there are pros and cons to using a homebuying calculator.
The Mortgage Calculator helps you estimate your monthly mortgage payment based on factors such as the loan amount, interest rate, and term.
Key Features
Calculates principal and interest payments, property taxes, and insurance
Allows you to customize inputs for down payment, PMI, and extra payments
Provides an amortization schedule to help you see how your payments will change over time
Pros
Easy to use and customize
Provides a detailed breakdown of expenses
Helps you compare different loan options
Cons
Doesn't account for other expenses such as closing costs and maintenance
Assumes a fixed interest rate over the life of the loan
Paycheck Calculator
Knowing how much money will be on your paycheck can be a very powerful thing. It can help you create a budget , create an emergency fund, build out your 50/30/20 plan, or just have peace of mind that your paycheck will cover your bills. Utilizing the SmartAsset paycheck calculator can help you accomplish any or all of the things above and more. I'll say it again, knowing that your paycheck will cover your bills can help create calm and peace of mind within a household and that is a beautiful thing!
Banking
This is a comparison tool that will help you find the best bank to store your money. Different banks offer all different types of interest, have a wide range of fees, and won't offer all of the tools you might need to be the most financially fit you can be.
To help you wade through all that information just use the SmartAsset banking tool. They can help you compare and even make recommendations on which banks might be right for your current and future financial needs.
The Savings Calculator helps you calculate how much you need to save regularly to reach a specific financial goal, such as a down payment on a house or a college fund.
Key Features
Allows you to set a savings goal and time horizon
Factors in interest rates and inflation
Provides a monthly or annual savings target based on your inputs
Pros
Helps you set realistic savings targets and track your progress
Allows you to experiment with different savings scenarios and goals
Provides a breakdown of how your savings will grow over time
Cons
Assumes a certain level of consistency in your savings and income
Doesn't account for unexpected expenses or changes in income
Taxes
Everyone can use a good tax man. Taxes are tricky and ever-changing so having a team on your side to help you navigate these waters is really useful. One of the worst parts about taxes is if you get something wrong you might have to pay the government money out of your own pocket. You might even have to pay more money than you should because your tax options weren't considered thoroughly enough.
The Tax Calculator helps you estimate your federal, state, and local tax liabilities based on your income, filing status, and deductions.
Key Features
Covers various tax scenarios, including W-2 income, self-employment income, and capital gains
Factors in deductions such as mortgage interest, charitable contributions, and student loan interest
Provides a breakdown of tax liabilities by income source and jurisdiction
Pros
Helps you plan for tax season and adjust your withholding
Allows you to compare tax liabilities across different locations
Provides tips on tax deductions and credits
Cons
Assumes a certain level of accuracy in inputting information
Doesn't account for changes in tax laws or regulations
Investing
