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Six more tools to get your finances in shape

The Money Advice Service website is full of calculators and tools to help you manage your money. We’ve written before about the top eight tools for everyday money, and the three calculators to help you buy a home. Here we’ve shared the ones which can help you prepare for big life changes and your future.

Tools for big changes to your family and life

Baby costs calculator

Planning for a newborn is hugely exciting, but it can be daunting for your finances.  Your tiny bundle of joy comes with a not-so-tiny list of requirements. From cots to clothes to car seats, the costs can add up quickly.

Use our calculator to find out how much you’ll need to cover your baby’s essentials. It only takes about five minutes and will help baby-proof your bank account.

Divorce and separation calculator

Find out how to manage your money and think about finances when going through divorce. The calculator also includes details on where to seek professional help should you need it.

Redundancy pay calculator

Use this redundancy pay calculator and planner to take control of your situation – whether you have recently been made redundant or if you think there’s a chance your redundancy may be on the horizon.

 

Tools when preparing for your future

Pension calculator

In a few easy steps, our pension calculator can give you an estimate of the income you'll get when you retire. This will include income from defined benefit and defined contribution schemes, plus your basic State Pension.

You'll also find out if your likely retirement income is less than what you'd need to fund your desired lifestyle in retirement.

Workplace pension contribution calculator

Since 2012 there’s been a gradual rollout of employers automatically enrolling staff in a workplace pension. This calculator helps you work out what you’ll be paying in and the minimum your boss will contribute.

Compare annuities

A lifetime annuity provides you with a regular retirement income for life – with the guarantee that the money won’t run out before you die. This tool helps you compare different annuities to get an idea of the best value for you and your plans.

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