Personal Finance
Personal finance involves using the basic principles of finance to manage an individual’s money.Components of personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies, and income tax management.According to government data for November and December 2008, consumption expenditures fell by 8% and 0%, respectively, while personal income contracted by 4% and 2%.Against the backdrop of the global financial crisis of 2008, focus has shifted from consumption to saving and investing.
Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit.It includes keeping a record of income, budgeting, saving, investing and managing financial risks.
It addresses the ways in which individuals or families obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.
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