Personal finance refers to the management of an individual’s or household’s financial activities, including budgeting, saving, investing, and planning for future financial goals. It encompasses the practices and strategies involved in managing income, expenses, debts, and investments to ensure financial stability and security. Personal finance involves understanding concepts such as cash flow, net worth, credit management, retirement planning, and tax implications. Effective personal finance enables individuals to make informed decisions regarding their money, prioritize spending, build wealth, achieve financial goals, and prepare for emergencies or unforeseen life changes. It is essential for maintaining overall financial health and achieving long-term financial independence.
The government introduces significant increases in both contributory and non-contributory pensions, affecting retirees, people with disabilities, widows, orphans, and families. Eligibility adjustments may allow those previously excluded from minimum complimentary…