Personal finances simply mean your money and assets and how to manage it wisely. It includes managing your money, saving and investment plans in order to secure your financial future. Your money and assets are obviously important to you and wise decision making are important. The decisions you make today are going to impact your economic conditions in the future. Your personal finance is highly depended upon your income, spending, saving and investment. To manage your finances, it is important for you to be financially literate.
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TIPS:
SAVING: The worth of your finances is determined during a time of urgent financial need. Saving is the best solution for it. Make a saving account and add a part of your income to it.
MAKE A BUDGET: devise a budget and divide your spending between taxes, payments, lifestyle expenses and future goals.
CREATE AN EMERGENCY FUND: You may come across emergencies related to your health, education and other expenses. It is important for you to develop a safety net for yourself.
LIMIT DEBT: Try not to burden your future with debt payment. Keep your expenses under the umbrella of your income and don’t spend more than what you earn.
WISE USE OF CREDIT CARDS: use your credit in your bank account wisely. Credit cards can be proved as the biggest debt traps. Be aware of that.
