Personal Finance
Personal Finance 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. BUDGETING Managing finance for beginners starts with budgeting. In simple terms, budgeting refers to the process of creating a plan of spending your money. A fine art, it allows you to allocate money for a range of needs. During budgeting, you need to identify your source of income and be clear about your needs and wants. Needs refer to things necessary to survive, such as food, clothing, shelter, etc. On the other hand, wants comprise desires such as buying items of décor, going on vacation, and eating out often. While budgeting, you also need to make room for emergencies and identify short and long-term goals, which form the basis of the next two components – savings and investment. Note that you must make a realistic budget, stick to it and review it perio