What lies at the cusp of managing personal finances for dummies and Online Trading?

  • November 04, 2020 09:09 PM AEDT
  • Team Kalkine
    Team Kalkine
    Team Kalkine
    16932 Posts

    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

Personal finance management includes all the financial decisions of a household or an individual that assist in better management of funds, preparing them for future financial success. It encompasses the following key components:

*Financial Planning:

Financial planning involves five steps, including:

Assessment of a financial situation

Goal setting

Creation of the financial plan

Execution of the financial plan

Monitoring of the financial plan for reassessments.

* Budgeting One can make smarter choices with the money by developing a comprehensively written budget. A budget assists in keeping a count of expenditure patterns and organizing monthly expenses.

* Savings

Savings management is a critical part of personal finance. One may choose to deposit a portion of the income frequently as it protects the funds and provides an added benefit of gaining interest. The money set aside can also be used to meet unforeseen expenses.

* Tax Planning

Individuals should map tax planning to their overall financial objectives and goals. Also, they should seek ways of saving taxes via tax reduction programs.

* Insurance

Insurance protects an individual from risks emerging from unforeseen and adverse events. If individuals are not adequately insured, disasters and accidents can leave them in financial ruin.

Investing

Investing is about buying assets that carry a rate of return in an expectation of receiving more money over time than originally invested. People can look at different investment options across varied asset classes as per their return expectations and risk profile.

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK