All You Need to Know About Personal Financial Management

What Is Personal Financial Management (PFM)?

What Are the Key Aspects of Personal Finance Management?

Why Is Personal Financial Management Necessary?

FAQs About Personal Financial Management

What are the advantages of financial planning? up-arrow

Mentioned below are the noteworthy advantages of financial planning:

  • Increase your savings
  • Be ready for emergency situations
  • Enjoy better living standards
  • Get peace of mind

What are the basic principles of personal finance? up-arrow

Following are three basic principles of personal finance:

  • Spend less than the amount you earn
  • Make money that work for you
  • Be prepared for unforeseen situations

What are the primary components of personal finance? up-arrow

The five major components of personal finance comprise:

  • Income
  • Expenses
  • Savings
  • Protection
  • Investment

What are the four pillars of personal finance? up-arrow

The four important pillars of personal finance comprise:

  • Assets
  • Debts
  • Income
  • Expenditures