Managing Personal Finance in India
Personal Finance is the management of money by taking into consideration all the financial decisions of an individual. Personal finance is helpful in making decisions like creation of budget of family, purchase of financial products (like home loan, insurance, credit cards etc.) and choosing investment schemes that provide optimum return. Components of Personal Finance: Net worth and Cash flow of individual’s household Protection of Life and Health Tax Planning Investment for individual’s goal Retirement planning of individuals Estate Planning Benefits of Personal finance: Building Wealth for yourself and your family: Personal Finance helps you keep a track of your income and expenses. Good personal finance ensures that you are managing your money responsibly. Improves Living Standards: Managing of personal finance in an intelligent manner makes you confident about your future. When you are aware of your need regarding your goals, it makes you worry less about your ...