ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.

Detailed explanation-2: -• Make your budget work. Budgeting basics. A budget is a plan for spending and saving money. The main reason for making a budget and sticking to it is to save for future goals while meeting present needs.

Detailed explanation-3: -A personal financial plan involves decisions about financial goals and describes the spending, financing, and investing plans necessary to achieve those goals. An understanding of personal finance enables you to make more informed decisions about your financial situation.

Detailed explanation-4: -Personal financial planning is arranging to spend, save, and invest money to live comfortably, have financial security, and achieve goals. Everyone has different financial goals. Goals are the things you want to accomplish. For example, getting a college education, buying a car, and starting a business are goals.