personal finance assignment help

personal finance assignment help

Personal Finance Management

1. Introduction to Personal Finance

Why is personal finance such a big problem? A big part of it is our lack of education on this vast subject. This is hardly ever explained to us in our schools. So after going through high school and college, by the time we step out into the real world, the only thing we have learned about money is that we need a job to earn money. In this day where we are surrounded by so much peer pressure from all corners, the urge to spend on unnecessary stuff has never been stronger. Despite earning enough, we struggle to save. When unexpected expenses come up, we scramble for ways to come up with that money, after which we spend a bout of sleepless nights, regretting the poor savings.

Personal finance is the financial management at the individual level. The way you would manage your own finances. Personal finance management usually focuses on three areas such as income, expenses, and savings. The emphasis would be to take care of the monthly expenses, deal with loans and mortgages, and also to make out a shopping list if things are tight. Several aspects of this relate to the individual and his family, but the individual has to ensure the appropriate corporate planning factors in his personal interest to effect its successful implementation.

2. Setting Financial Goals

When trawling lifelines opinion in mind that on regular basis your personal and societies financial condition can change. Financial objectives are real leaders in the area of high achievement. Your personal financial objectives should not be determined as for what others might think. It has to be exactly what you want it to be. Your family members should know your personal financial goals and try to work towards it. Members should also have financial goals to meet the economic future of the family. You know, in our day-to-day struggle for survival, we are continuously being assailed by problems of one kind or another, pressurizing mind’s bankruptcy, especially the morale of the head of the family. The result is that we are often thrown out of the automobile of life. We may still get up and walk to the side of the road to see if we could flag down a ride. What we really need though, is an automobile of our own.

It is very important that you set financial objectives for yourself and your family. Financial objectives are financial targets that individuals and families set for themselves to attain future income needs. They must be quantifiable, specific with regard to certain dates, and achievable. Most individuals seem to have a lackadaisical attitude when it comes to setting personal financial objectives. You must have long-term as well as short-term financial objectives.

3. Budgeting and Expense Tracking

By integrating your banking and credit card accounts, you can see the amount of money you are spending on different items, calculate your total spending on each item over a period of few days or months, and find out how much “room” you have left inside by spending on other things. If you are in control of your finances and consider budgeting, or if you already have difficulty tracking your events every month, finding out where your money is going with an expense tracking app can be beneficial. Plan a budget that is based on real-world data, not guesswork, with 3, 6, or 12-month averages. Take control of your money by tracking your events. If you feel that it is not working well, take steps to simplify or modify your spending patterns. Help with the approval or rejection of your budget line implementation. This credit card account is linked to an event, the amount is recorded in the app to help you keep track of your costs.

Budgeting and Expense Tracking. A budget is both a plan for spending money and a measure that helps you understand and control it. A budgeting or personal finance app can help you create virtual envelopes for each category of your budget, such as rent or dining. Track the expenses and progress of your budget line. You take your work on the go and help you make saving when you spend some money by tracking how close you are to usually spending in each budget. To track your expenses, syncing your banking and credit accounts with the app will reduce the stress of logging and give you visibility on your older patterns. Expense tracking can also help you solve the mystery of where your money goes.

4. Saving and Investing Strategies

Many people have to work almost all month just to pay the postdated checks, credit card and what is due – purchases at the beginning of the month. They become slaves of consumption when they should be making their money work to guarantee a small income at the end of the month. The most important thing we have is money. We don’t know when we will die, but we have the certainty that our money can disappear faster than we imagine. In partnerships such as companies, family business or simple investments, the seriousness of the people involved in the process is essential. Parallel to this there must be administrative capacity, that is, the common sense of managing the resources so that the available volume is not jeopardized. At this moment we will introduce some basic concepts about savings, which is one of the main priorities in personal finance. For example, it is possible to even save, but it is not enough to invest, hence the vital importance of savings.

Saving is a constituent part of financial resources. What happens if these resources diminish? Those who purchase goods and services without having enough resources fall into a situation of low income. Consumerism is good because it keeps the market alive and helps everyone. The problem is when there is neither the minimum balance nor planning. More important than methodical planning is to get things right, i.e. establishing how much to spend in maximum. Only after this is defined is that planning makes sense because given a fixed value certain advantages may arise.

5. Debt Management and Credit Scores

1) Obtain a free credit report from the official website. Options are provided for selecting single report or reports from all 3 bureaus through website. This can include mining bureaus of Equifax, Experian, and TransUnion. A free report can be obtained once in 12 months. Viewing the report allows identifying any errors and rectification of the same within 30 days. Error-free credit report can be helpful in loan approvals with favorable rates.

Credit scores are generated from information in the borrower’s credit report in using a formula developed by Fair Isaac Corporation (FICO). The credit score is often used by lenders that assess the credit worthiness of a borrower for determining interest rates and loan amounts. Here are some ways to maintain good credit scores:

Burning Desire for Wealth Creation: Planning can create the road map for wealth creation from day one of career or the day on which the first asset is acquired. Once the end is visualized and clarity is obtained in pursuit of the objective, these visions create a passion to attain the goal. Self-discipline is required to develop the ability to work for the goal eliminating distractions and temptations. The financial resources required to invest in creation of wealth are marshalled through thrift and generating surpluses. This requires an aggressive saving plan and efficient tax management plan with frequent reviewing and fine-tuning so that more resources are available for investment and repayments on loan account. Debt takes the form of home loan and funding of education, buying vehicles or through credit cards.

Debts can adversely impact the financial lives and creditworthiness of individuals. It is advisable to use debt prudently and minimize exposure. The following are strategies to manage debts prudently:

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