What Is Personal Finance? - The Balance

Apr 25, 2022 · Personal finance is a term that describes how you save, spend, and invest your financial resources. ... The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about …

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What is personal finance?

How Can You Be Good at Personal Finance? The Balance is part of the Dotdash Meredith publishing family. Personal finance is a term that describes how you save, spend, and invest your financial resources. Learn why personal finance is important and how it works. ...

What is a personal financial plan?

A personal financial plan gives some structure to your finances, helping you use your income to achieve financial stability and meet your long-term goals. The definition of personal finance is not just about individual money management, it can also refer to the broader financial services industry. ...

What is personal finance & why is it important?

Managing your money—including saving, investing, and setting financial goals—are all part of personal finance. So are areas like budgeting, retirement planning, and saving for your children’s college educations. This free document-scanning and filing app from Google photographs documents like bills and receipts, and stores them as pdfs. ...

How can personal finance help you achieve financial independence?

As you begin this journey, realize that you are taking an important step towards financial independence. Personal finance is about understanding and managing your money, from budgeting and saving to investing and handling debt. It’s vital for achieving financial independence and aligning your spending with your goals. ...

What are examples of personal finance?

Examples of personal finance include budgeting and insurance, mortgage planning, savings, and retirement planning - in fact, it influences every aspect of your financial life. Managing personal finances means mapping out a clear path for your financial journey. This is typically set out in a budget or financial plan. ...

Why should you consider a personal financial plan?

Personal finance goes beyond tracking spending; the financial planning process can help to increase your financial independence by enabling you to make informed decisions. A carefully considered personal financial plan can give you the confidence to handle unexpected costs and life changes with ease. ...