Personal finance, as a term, covers the concepts of managing your money, saving, and investing. It also includes banking, budgeting, mortgages, investments, insurance, retirement planning, and tax planning. One can consider that personal finance comprises the entire industry that provides financial services to individuals and advises them about financial and investment opportunities.

Personal finance, as a term, covers the concepts of managing your money, saving, and investing. It also includes banking, budgeting, mortgages, investments, insurance, retirement planning, and tax planning. One can consider that personal finance comprises the entire industry that provides financial services to individuals and advises them about financial and investment opportunities.

What is Personal Finance?

Personal finance is mostly about realising personal financial goals, whether it’s saving enough for short-term financial needs, planning for retirement, or saving for your child’s college education. Mostly, it depends on your income, expenses, living requirements, and individual goals, and the plan you make to fulfill those goals within your financial constraints.

Why is Personal Finance important?

It’s very important to become financially literate in order to make the most of your income and savings. Financial literacy helps you distinguish between good and bad financial advice and make savvy decisions.

Few schools offer courses on managing your money, so it is important to learn the basics through free online articles, courses, blogs, podcasts, or at the library.

The new concept, smart personal finance involves developing strategies that include budgeting, creating an emergency fund, paying off debt, using credit cards wisely, saving for retirement, and more.