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Financial planning tips

November 04, 2016

8 online tools to help you manage your money

These calculators make it easy to see an overview of your finances – then they suggest steps you can take to strengthen your position.

Online tools and calculators promise to tell you all kinds of things: What your favourite colour says about your personality, how much Spanish you really know – even what your sports nickname should be. But once you sift through the fluff, you can find some useful help for managing your money.

These calculators from Sun Life Financial have all been recently redesigned and improved. They can help you make important decisions about spending, saving and protecting your family. But don't rely on these tools alone. Since everyone's situation is different, it's a good idea to use the results as a starting point for a discussion with your spouse or partner, and with your financial advisor.

  1. Retirement savings calculator

    Will you have enough savings set aside for your retirement? This calculator will help you find out how much you will need to save for retirement, and see how making some adjustments can help you meet your retirement savings goals.

  2. Life insurance calculator

    How much life insurance do you need? Use this calculator to get an idea of how much you might need to protect and provide for your family.

  3. Critical illness insurance calculator

    Find out how a serious illness could affect your finances. This calculator will help you consider things like lost income, healthcare expenses and other costs.

  4. RRSP calculator

    Are you currently contributing enough to your registered retirement savings? What would be the impact of making a withdrawal from your RRSP before you retire? This tool will help you see how changes to your RRSP contributions can affect your retirement savings.

  5. Net worth calculator

    See how your net worth compares to other Canadians like you. Understanding the difference between what you own (your assets) and what you owe (your liabilities) is a great way to help you plan for the future.

  6. RRSP vs. mortgage calculator

    Should you pay off your mortgage first, or contribute to your RRSP? Find out which strategy might be better for you.

  7. RRSP loan calculator

    Is it a good idea to take out a loan to contribute to your RRSP? This calculator can help you decide whether a loan is right for you.

  8. Financial check-up

    This tool will help you see how healthy your finances are and give you tips and recommendations to help plan for a brighter financial future.

Other helpful tools and calculators:

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