MANAGEMENT

Detailed explanation-1: -What is Personal Finance? Personal finance is the process of planning and managing personal financial activities such as income generation, spending, saving, investing, and protection. The process of managing one’s personal finances can be summarized in a budget or financial plan.

Detailed explanation-2: -According to Investopedia, “Personal finance defines all financial decisions and activities of an individual or household, including budgeting, insurance, mortgage planning, savings and retirement planning.” Understanding these terms can help you better control your funds and prepare for future financial success.

Detailed explanation-3: -At a very basic level, personal financial management simply means gaining an understanding of your financial situation in order to make the most of your assets in day-to-day life and in planning for your future.

Detailed explanation-4: -Personal finance comprises investment, budgeting, savings, risk allocation, mortgages, and personal banking.