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: -Personal finance is a term that covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, and retirement, tax, and estate planning.

Detailed explanation-3: -Money management refers to the process of tracking and planning an individual or group’s use of capital. In personal finance, money management includes budgeting, spending, saving, and investing. In corporate finance, money management covers the raising and use of capital.

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.

Detailed explanation-5: -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.