Personal finance is a term that covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, retirement planning, and tax and estate planning. Some of the principles of personal finance are: know your take home pay, pay yourself first, start saving at a young age, compare interest rates, don't borrow what you can't repay, budget your money, map your financial future, stay insured etc. Maintaining proper personal finances depends on your income, expenses, living requirements, and individual goals and desires—and coming up with a plan to fulfill those needs within your financial constraints. To make the most of your income and savings, it’s important to become financially literate, so you can distinguish between good and bad advice and make smart decisions.

Abhijith S

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