Affordability Calculator
Inspired by Ankur Warikoo
Listed in categories:
MoneyPersonal FinanceFinance
Description
Purchase Analyzer is a simple tool designed to help users calculate the affordability of an item based on their current financial situation. It assists in making informed purchasing decisions by evaluating the impact of a purchase on one's finances, considering factors like income, additional costs, and long-term savings potential.
How to use Affordability Calculator?
To use the Purchase Analyzer, input the item price, your monthly income, and any additional costs. The tool will calculate the affordability, provide a cost breakdown, and offer insights on the financial impact of the purchase over time.
Core features of Affordability Calculator:
1️⃣
Affordability calculation based on income and expenses
2️⃣
Opportunity cost analysis for potential investments
3️⃣
Usage analysis to determine daily financial impact
4️⃣
Emotional and social value ratings for purchases
5️⃣
Cost breakdown and financial planning recommendations
Why could be used Affordability Calculator?
| # | Use case | Status | |
|---|---|---|---|
| # 1 | Determining if a luxury item is affordable based on current finances | ✅ | |
| # 2 | Evaluating the long-term financial impact of a significant purchase | ✅ | |
| # 3 | Comparing the benefits of immediate purchases versus investing for future growth | ✅ | |
Who developed Affordability Calculator?
The Purchase Analyzer was created by Harshit Singh, who was inspired by a video from Ankur Warikoo. Harshit aims to enhance financial literacy by sharing insights on budgeting, saving, investing, and managing credit, helping others navigate their financial journeys.