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Personal finance is the application of
the principles of finance to the monetary
decisions of an individual or family unit. It
addresses the ways in which individuals or
families obtain, budget, save and spend monetary
resources over time, taking into account various
financial risks and future life events.
Components of personal finance might include
checking and savings accounts, credit cards and
consumer loans, investments in the stock market,
retirement plans, social security benefits,
insurance policies, and income tax management.
A key component of
personal finance is financial planning, a
dynamic process that requires regular monitoring
and reevaluation. In general, it has five steps:
1. Assessment: One's personal financial
situation can be assessed by compiling
simplified versions of financial balance sheets
and income statements. A personal balance sheet
lists the values of personal assets (e.g., car,
house, clothes, stocks, bank account), along
with personal liabilities (e.g., credit card
debt, bank loan, mortgage). A personal income
statement lists personal income and expenses.
2. Setting goals: Two examples are "retire at
age 65 with a personal net worth of $200,000"
and "buy a house in 3 years paying a monthly
mortgage servicing cost that is no more than 25%
of my gross income". It is not uncommon to have
several goals, some short term and some long
term. Setting financial goals helps direct
financial planning.
3. Creating a plan: The financial plan details
how to accomplish your goals. It could include,
for example, reducing unnecessary expenses,
increasing one's employment income, or investing
in the stock market.
4. Execution: Execution of one's personal
financial plan often requires discipline and
perseverance. Many people obtain assistance from
professionals such as accountants, financial
planners, investment advisers, and lawyers.
5. Monitoring and reassessment: As time passes,
one's personal financial plan must be monitored
for possible adjustments or reassessments.
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