Personal Finance

Personal finance is application of the basic principles of finance for initiating monetary decisions by an individual or a family. Personal finance may involve various financial risks and it is the way by which individuals budget,

spend and save. Few essential components of personal finance are savings account, checking account, credit cards, consumer loans, stock market investments, social security benefits, insurance policies and income tax management.

According to investordictionary.com, personal finance has been defined thus – “Personal finance is the application of the principles of financial economics to an individual’s (or a family’s) financial decisions. Personal finance is a detailed analysis of financial flows at various points in time. For example, we may receive employment income today, but have to pay college tuition fees next year.”

Few essential components associated to personal finance are as mentioned below:

  • Assessment: Compilation of financial balance sheets and income statements can provide a clear assessment of personal assets
  • Setting goals: Financial goal setting is essential for direct planning, by accomplishing financial goals it is possible to reduce unnecessary expenses
  • Execution: Execution of individual’s personal financial plan needs discipline and perseverance, and many people obtain help from financial experts such as accountants, financial planners, investment advisors etc
  • Monitoring: Investments and savings as per personal financial plans should be monitored periodically

 

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Last Updated on : 1st August 2013

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