Personal finance is a term that refers to managing your money as well as saving and investing. It includes budgeting, banking, insurance, loans, investments and retirement, tax planning. The term generally refers to the companies that provides financial services to individuals and households and advises them on financial and investment opportunities.
To get the most out of your income and savings, getting financial literacy is essential. It will help you in making smart financial decisions. Smart personal finance is all about building strategies for budgeting, creating an emergency fund, debt management (loans and credit cards), planning and saving for retirement, and many more such activities that involves your skill and will.
Personal finance is all about achieving your personal financial goals. These goals can be anything: meeting short-term financial needs, planning for retirement, or saving for your child's college education. It depends on your income, expenses, savings, investments and insurance.
Across the globe, the population of spend thrifts is growing day by day. Companies are coming up with new strategies to make the shopping more easier and convenient for all of us, which is resulting in borrowing more and more debt to finance the purchases. This makes managing the personal finances more important than ever, especially as rising inflation is eating up value of money (purchasing power).