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Personal Finance - Essay Example

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Personal Finance

This savings will prove to be a great security and sort of assurance in case of any kind of unanticipated turn down related to decline in the income or an unforeseen expense. The aspect of personal financial management is regarded as an integral division of households especially with low or modest income. These households with such incomes need to exert grave attention towards effectually managing their finances as they even do not qualify for accessing the customary credit sources. These kinds of houses are believed to exist without any sort of financial safety margin and thus should often swap the duty related to imperative payment against another. It has been stated in this regard that living without any type of financial safety margin proves to be worrying which is gauged to entail the chances of taking a harsh toll3. The knowledge of personal financial management is believed to assist the low income households to enhance their respective past record of credit along with ensuring building savings. The households with lesser income are found to lack in savings as they underrate the achievements from obtaining savings or even misjudge the related costs linked with trimming down of present spending. Practices related to personal financial management make it necessary for the individuals to make a record of the household expenses for the duration of a month in several groups. This is believed to offer the individuals a brief picture regarding the way through which the incomes of the households

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are distributed. This application or practice is considered to be essential as the absence of such methodical application leaves majority of the individuals with the least thought regarding the portion of their respective incomes...
The researcher states that managing the finance of a household appropriately is considered to be quite crucial as it saves the family from unstable and unsecured financial situations. Adequate and proper personal financial management would thus ensure savings for the household. This savings will prove to be a great security and sort of assurance in case of any kind of unanticipated turn down related to decline in the income or an unforeseen expense. The concept of management of family finances has derived quite significant degree of interests by the home economists, household families and end-consumers. The study related to this particular aspect of finance has been learnt to be based on the notion that the application of some definite “normative” actions with regard to the families would direct towards constructive advantages. These particular kind of mentioned actions have been referred to as the suggested applications that pertain to the underlying thought of personal financial management . Based on this notion, the discussion in this paper will aim at specifying the impacts related to the households in relation to personal financial management.It can be comprehended from the above made discussion that the concept of personal financial management holds serious implications for the households. It aids in encouraging savings for the households in order to be competent to cope up with any sort of unforeseen emergencies, it also aids in improving the past credit record of the households.

Summary

This essay describes the concept of management of family finances, that has recently derived quite significant degree of interests by the home economists, household families and end-consumers, who want to increase the ability to manage their family finances…
Author : jermainbogan
Personal Finance essay example
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