MANAGEMENT

Detailed explanation-1: -Personal Debt. Your “personal debt” is how much money you owe to other people, businesses, banks, credit card companies, and other creditors. Your total debt also includes any outstanding mortgages and student loans.

Detailed explanation-2: -The best way to save money for most people is to make saving automatic. This can be done through a tax-deferred employer retirement savings plan or via automatic investment plans for stocks or mutual funds.

Detailed explanation-3: -Why Is Personal Finance Important? Personal finance is a vital part of not only managing your day-to-day financial needs but also planning your financial future. The sooner you get a grip on personal finance, the better your long-term financial prospects will be for things like investing or planning for retirement.

Detailed explanation-4: -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.