Need Help?
Frequently Asked Questions
“Personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.” – Wikipedia
“Financial independence is the status of having enough income to pay one’s living expenses for the rest of one’s life without having to be employed or dependent on others. Income earned without having to work a job is commonly referred to as passive income.” – Wikipedia
A budget is a plan on how you will spend your money. This is why it is also referred to as a spending plan.
The budgeting process is simply balancing your expenses with your income.
Your net worth is calculated as follows:
Net worth = Assets – Liabilities
It represents how much you are worth in monetary terms. In short your financial health or net economic position.
It is also a great indicator of how well you manage your Personal Finances.
