MANAGEMENT

Detailed explanation-1: -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: -Having a personal financial plan will help maintain discipline towards maintaining within set targets and thus achieving the set goals. Through a financial plan, you are in a better position to understand your financials through the set measurable financial goals and the effects of decisions made.

Detailed explanation-3: -What Are the Five Areas of Personal Finance? Though there are several aspects to personal finance, they easily fit into one of five categories: income, spending, savings, investing and protection. These five areas are critical to shaping your personal financial planning.