Personal finance refers to the management of an individual’s financial activities, which includes budgeting, saving, investing, and planning for future financial goals. It encompasses the strategies and decisions made to achieve financial stability and security through effective handling of income, expenses, debts, and investments. Personal finance often involves creating a budget to track and control spending, setting savings goals for emergencies or large purchases, managing debt through loans or credit, and planning for retirement. Additionally, it may include aspects like insurance coverage and estate planning. The objective of personal finance is to ensure that individuals can meet their current financial obligations while also preparing for future needs and aspirations. It is a crucial aspect of everyday life, influencing an individual’s quality of life and financial well-being.
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…