"Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events."
Financial management refers to the practice of effectively planning, organizing, and controlling financial resources to achieve the desired family and individual goals related to spending, saving, investing, and budgeting.
Budgeting: Creating a financial plan that balances income with expenses.
Saving: Setting money aside for future needs or emergencies.
Debt management: Understanding and managing debts such as loans, credit cards, and mortgages.
Retirement planning: Preparing for life after retirement by saving and investing in retirement accounts.
Insurance: Understanding different types of insurance and their importance in protecting family assets and health.
Tax planning: Maximizing tax savings and minimizing tax liabilities.
Investment planning: Creating a long-term investment strategy to achieve financial goals such as funding education or retirement.
Estate planning: Preparing for the transfer of assets and property after death, including creating a will and establishing trusts.
Financial goal setting: Identifying and prioritizing specific financial goals to work towards.
Financial education: Continually learning about financial management to improve and maintain financial health.
Budgeting: The process of creating a plan for how to allocate and utilize finances efficiently.
Savings: Setting aside a portion of income or finances for future use, such as emergency funds, retirement accounts, or college funds.
Debt management: Monitoring and managing debt and making a plan for paying it off.
Investment management: Making strategic financial decisions to grow income and increase financial stability over time.
Retirement planning: Planning for long-term financial security during retirement years.
Insurance planning: Evaluating and obtaining appropriate insurance coverage to protect against potential financial risk.
Tax planning: Maximizing tax savings, minimizing tax liabilities, and filing taxes accurately and timely.
Estate planning: Planning to distribute assets or property upon death, including the creation of a will or trust.
Financial education: Learning about personal finance best practices and seeking advice and guidance from financial professionals.
Financial monitoring: Keeping track of finances regularly, monitoring for potential financial issues or discrepancies.
"When planning personal finances, the individual would consider the suitability to their needs of a range of banking products (checking, savings accounts, credit cards and consumer loans) or investment in private equity, (companies' shares, bonds, mutual funds) and insurance (life insurance, health insurance, disability insurance) products or participation and monitoring of and- or employer-sponsored retirement plans, social security benefits, and income tax management."
"Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events."
"…a range of banking products (checking, savings accounts, credit cards and consumer loans)..."
"…investment in private equity (companies' shares, bonds, mutual funds)..."
"…and insurance (life insurance, health insurance, disability insurance) products…"
"…participation and monitoring of and- or employer-sponsored retirement plans…"
"…social security benefits…"
"…income tax management."
"The individual or a family unit performs [personal finance]."
"[Personal finance is] to budget, save, and spend monetary resources over time."
"[Personal finance is] to budget, save, and spend monetary resources over time."
"[Personal finance is] to budget, save, and spend monetary resources over time."
"[Personal finance is] taking into account various financial risks and future life events."
"When planning personal finances, the individual would consider the suitability to their needs…"
"[Personal finance involves] investment in private equity (companies' shares, bonds, mutual funds)..."
"[Personal finance involves] insurance (life insurance, health insurance, disability insurance) products…"
"[Personal finance involves] participation and monitoring of and- or employer-sponsored retirement plans…"
"[Personal finance involves] income tax management."
"Personal finance is the financial management which an individual or a family unit performs…"