Learning the Art of Personal Financing...

 Personal Finance is important so that one can set its financial goals whether Long Term or Short Term, achieve them and become financially free. 

Earning Income is not the task here , the point is how we manage those funds to get most of it without compromising our future needs and uncertainties.

Personal Financing mainly focuses on planning about 3 things :-

• Budgeting,
• Meeting Financial Goals, and
• Provide for Future Contingencies

Personal Financing is not a subject which can be taught in a class, instead it an Art of Living which comes through the life experiences and consistent efforts. But is does not mean that no one can learn it in short span.

Here are some Tips which helps not only to learn this Art but also to guide you to take the most of it. 

Further, the ultimate outcome will take place when you follow these tips in a consistent way in your daily life.

It's all for nothing if you don't know how much you bring home after taxes and withholding.

So before deciding anything, ensure you know exactly how much take-home pay you receive cause this will build the base for your next step towards Personal Financing.

The next step is Devising a Budget which includes all the essentials to living within your means and saving enough to meet your long-term goals.

The 50/30/20 budgeting method offers a great framework. It works like this:

• 50% of your take-home pay or net income (after taxes) goes toward living essentials, such as rent, utilities, groceries, and transport.
• 30% is allocated to discretionary expenses, such as dining out and shopping for clothes. Giving to charity can go here as well.
• 20% goes toward the future—paying down debt and saving for retirement and emergencies.

 Don't spend more than you earn to keep debt from getting out of hand cause it can it can cause in a negative impact on your Budget and Income in hand.

On the other hand, minimizing repayments (to interest only, for instance) can free up income to invest elsewhere.

To make sure that in future things will go as well and smooth as they were now, start planning for the future which includes any uncertainties and contingencies that can arise in future.

This includes taking Insurance Policies, Term Life Insurance, make Investments in Mutual Funds or some Retirement Benefit Plans which will insure your future safety and wellness.

Personal finance is managing your money to cover expenses and save for the future. It is a topic that covers a broad array of areas, including managing expenses and debt, how to save and invest, and how to plan for retirement.

Understanding how to manage your finances is an important life-planning tool that can help set you up for a life without debt; you gain control of financial stresses and have a way to manage the expensive surprises that life can throw at you.

Further, it not only makes your present better but also paves the way towards a better future.