Personal finance refers to the management of an individual’s financial activities, including budgeting, saving, investing, and planning for future financial goals. It encompasses the strategies and decisions individuals make regarding their money, assets, liabilities, and financial obligations. Key components of personal finance include income management, expense tracking, investment opportunities, retirement planning, and risk management through insurance. Effective personal finance involves understanding one’s financial situation, setting personal financial goals, and making informed decisions to enhance financial well-being. The ultimate aim of personal finance is to achieve financial stability, build wealth, and ensure security for the future.
Latest inflation statistics reveal a slight increase in the annual headline inflation rate, now at 2.3% for November, up from 2.1% in October. This rise was largely anticipated as households…