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Personal Finance - Essay Example
Author : jermainbogan
Finance & Accounting
Pages 3 (753 words)
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…
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. ...