Personal Finance

Personal Finance

Personal Finance Basic principles of effective personal money management concepts How to live within ones income Income is received from work and is limited Budget is a tool to plan the spending and saving of income Reasons and benefits of saving

Uses and costs of credit Income Your income provides you with money to spend on whatever you choose. What is saving?

Putting money away for later use Can be as simple as putting money in a piggy bank or a savings account in the bank that draws interest Benefits of Saving Provides money for future purchases

Can be used to earn income Increases a persons financial security Budget One way to help live within your income is to use a budget. A budget is a spending and

savings plan. You look at your income and then decide how you are going to spend your money. Financial Investment Investing money refers to putting money aside now in order to receive

a greater benefit in the future. Unlike saving which doesnt involve much risk there is a risk of losing money when investing. If a person makes a bad investment they may actually lose money. Financial Investment You may invest in

bank accounts stocks and bonds real estate collectibles businesses Credit Sometimes you may need to use credit to purchase items. You can borrow money to buy something now and pay for it later. When you pay

back the loan you have to pay the original amount you borrowed plus a fee to use someone else's money. This fee is called interest. Some Reasons for Borrowing Major purchases like a house or an automobile Emergencies School loans

Business loans Types of Credit Buying with a credit card Paying on installment (monthly or weekly payments) Payday loans

Credit Good credit vs. bad credit Things that give Things that make you good credit worthiness you a bad credit risk

A long time at one Being unemployed job Paying your bills on time A good education or moving from job to job frequently Not paying your

bills on time Not having a good education Debt Spending more than you have and going in debt is risky, but sometimes it can be necessary. Individuals, businesses, and even governments sometime need to borrow money in order to invest in the future.

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