Publisher's Description
From Sound Expressions:
Tmoney-Palm Detailed Description:Tmoney-Palm provides financial planning functions covering loans, savings, retirement, insurance planning as well as other standard functions used in finance. However, the goal of Tmoney-Palm is to make the planning understandable and presentable using only a Palm-OS powered device. Tmoney focuses on the planning aspect of finances. It gives opportunity for plenty of "what if" scenarios for personal planning or planning with a client. It can beam the plan summary to another device or automatically store it into the Palm memo pad application.Tmoney-Palm Version 1.1TMONEY (Time Values of Money)for PALM OS Tmoney Copyright 1986, 1987, 1991, 1992Tmoney-Palm Copyright 2002Sound Expressions8395 Danneffel RoadWatervliet, MI 49098The main functions provided are:Loan CalculatorSavings CalculatorWithdrawal CalculatorLoans:The loan amortization tool can be used to examine each aspect of a loan including how much a loan will cost in monthly payments and total interest and other aspects. A table of payments and interest is provided for tracking the loan throughout the repayment period. Users may select the value to solve for: Payment, Loan Amount, Term (Years/Months), Payment Frequency, or Interest Rate. Savings:The savings tool is one of the most flexible savings tools available. It can solve for the amount of every savings deposit, the future value, rate, or term. You may easily determine just how much money you need to save every payday to achieve a savings goal. It also has a unique optional inflation factor that lets you plan to increase your savings or investments as your income grows through the years. Includes a table to view each deposit and a graph to see the growth in the plan. Some of the capabilities include:Plan your Savings DepositsFuture Value of regular depositsFuture Value of a single depositPresent Value of a future amountInflation factored savings plansWithdrawals:This is one of the favorite tools in this financial planning set. One of the more powerful features is the ability to account for inflation in a retirement plan. It lets you decide how much money you need to start withdrawing from an interest-earning account, but then applies an inflation rate to help you determine the funding needed to increase your monthly withdrawals annually for the term of the plan.Documentation:A users guide is available in PDF format at tmoney-palm.com. The guide provides step-by-step examples on how to utilize each function. The palm version of Tmoney was enhanced with more power and features. Users of the original Tmoney will appreciate the extended features as well as the elegant simplicity of the original concepts retained in TMONEY-PALM along with the additional features.
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"Good financial planning tool without unnecessary complexity."
Version: Tmoney-Palm 1.1
Summary
Although this application is NOT a tracking application where you keep track of finances, it it an excellent tool for planning. It provided to details I need to solve retirement, savings and loan questions as well as other general financial formulas (present/future value etc). The concepts are implemented without the extra detail that can get some of us non-financial professionals bogged down in what seems to be unnecessary computations. (Tmoney-Palm doesn't consider complex tax issues etc.) The graph of a loan payoff is nice too. The financial planning concepts are strait-forward enough that I used this application to teach my 16-year old son the basics of finance and the importance of starting early to plan retirement accumulations. He became enamored with the savings planning function and how it showed a reasonable way he could plan to accumulate one million dollars and how much more difficult it would be if he waited another 10 years to start a regular savings plan. Overall I like this application and give it an excellent rating (although a little more use of color would be nice for those of us with color screens.)
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