Personal finance refers to the management of an individual’s financial activities, which include budgeting, saving, investing, and planning for future financial goals. It encompasses the decisions and strategies that people use to handle their money effectively, ensuring they can meet their current needs and prepare for future objectives, such as retirement, education, or major purchases. Key components of personal finance include income management, debt management, expense tracking, and the allocation of resources toward savings and investments. Individuals often create personal financial plans to help guide their financial decisions, assess their financial health, and establish pathways to achieve desired outcomes. The ultimate goal of personal finance is to enhance financial literacy and empower individuals to make informed financial choices that align with their values and life aspirations.
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