Personal Finance

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What is Personal Finance?

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Personal Finance is the management of money and financial decisions for an individual or family, including budgeting, saving, investing, and spending.

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What is an Expenditure?

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An Expenditure is an amount of money spent on goods or services.

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What is Income?

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Income is the money received, especially on a regular basis, for work or through investments.

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What is a Budget?

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A Budget is a plan for how to use your income, including savings and expenses.

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Why is it important to save money?

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It is important to save money because it helps in future emergencies and achieving goals.

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What are Needs?

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Needs are essential items required for survival, such as food, shelter, and clothing.

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What are Wants?

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Wants are non-essential items that enhance our quality of life, such as toys, games, and luxury items.

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What is Opportunity Cost?

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Opportunity Cost is the value of the next best alternative that is given up when making a decision.

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What are Benefits?

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Benefits are positives that come from our decisions, such as studying hard to earn good grades.

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What is Savings?

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Savings is the portion of income that is not spent and is set aside for future use.