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"text": "<p>Personal finance is the knowledge, instruments, and techniques used to manage your finances. 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xlink:href="#icon-drawer-arrow" href="#icon-drawer-arrow"></use> </svg></div> <ul id="mntl-toc__list_1-0" class="comp mntl-toc__list mntl-toc__list-heading expert-content"><li id="mntl-toc__list-item_1-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_1-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-what-is-personal-finance" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_1-0" data-tracking-container="true" ><span class="link__wrapper">What Is Personal Finance?</span></a></div></li> <li id="mntl-toc__list-item_2-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_2-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-the-importance-of-personal-finance" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_2-0" data-tracking-container="true" ><span class="link__wrapper">Importance of Personal Finance</span></a></div></li> <li id="mntl-toc__list-item_3-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_3-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-areas-of-personal-finance" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_3-0" data-tracking-container="true" ><span class="link__wrapper">Areas of Personal Finance</span></a></div></li> <li id="mntl-toc__list-item_4-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_4-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-personal-finance-services" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_4-0" data-tracking-container="true" ><span class="link__wrapper">Personal Finance Services</span></a></div></li> <li id="mntl-toc__list-item_5-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_5-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-personal-finance-strategies" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_5-0" data-tracking-container="true" ><span class="link__wrapper">Personal Finance Strategies</span></a></div></li> <li id="mntl-toc__list-item_6-0" class="comp mntl-toc__list-item mntl-block"><div id="mntl-toc__list-item-heading_6-0" class="comp mntl-toc__list-item-heading mntl-block"><a href="#toc-personal-finance-skills" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_6-0" data-tracking-container="true" ><span class="link__wrapper">Personal Finance Skills</span></a></div></li> <li id="mntl-toc__list-item_7-0" class="comp 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href="#toc-the-bottom-line" rel="nocaes" class="mntl-toc__list-item-link mntl-text-link mntl-toc__list-item-link js-mntl-toc-link" id="mntl-toc__list-item-link_11-0" data-tracking-container="true" ><span class="link__wrapper">The Bottom Line</span></a></div></li></ul></div></div></div></div> </div><div class="loc article-pre-content"><ul id="breadcrumbs_1-0" class="comp breadcrumbs mntl-breadcrumbs mntl-block" data-tracking-container="true"><li id="mntl-breadcrumbs__item_1-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/personal-finance-4427760" rel="nocaes" class="mntl-text-link mntl-breadcrumbs__link" id="mntl-text-link_1-0" data-tracking-container="true" ><span class="link__wrapper">Personal Finance</span></a></li></ul> <header id="article-header_1-0" class="comp article-header mntl-block right-rail__offset js-toc-appear"><h1 id="article-heading_1-0" class="comp article-heading mntl-text-block">What Is Personal Finance, and Why Is It Important?</h1> <div id="sponsorship-wrapper_1-0" class="comp sponsorship-wrapper mntl-block"></div> <div id="article-meta_1-0" class="comp article-meta mntl-block" data-tracking-container="true"><div id="finance-bylines_1-0" class="comp finance-bylines mntl-bylines"><div id="mntl-bylines__group_1-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--author"><div id="mntl-bylines__item_1-0" class="comp mntl-bylines__item mntl-attribution__item mntl-attribution__item--has-date"> <span class="mntl-attribution__item-descriptor">By</span> <div data-tooltip="Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School for Social Research and Doctor of Philosophy in English literature from NYU." tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/contributors/53661/" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Will Kenton</a> <div id="mntl-author-tooltip_1-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:150.0%;"> <img data-src="https://www.investopedia.com/thmb/1--VSF1cFb3rrNpnZO9ki0pmD8I=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg" width="200" height="200" data-srcset="https://www.investopedia.com/thmb/pwQM2-yS-5FFwWZ3WpGlxZaQavo=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg 40w, https://www.investopedia.com/thmb/K70xGBPfh5V7BPAhDoblTINNXP8=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg 58w, https://www.investopedia.com/thmb/bsp6Ot6hhABWZCXdaVYpBkdXJx0=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg 76w, https://www.investopedia.com/thmb/qAdVDSbgOPMwFvwc4zJGkCWcQCE=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg 94w, https://www.investopedia.com/thmb/iTXlPeNY0_ZPDWH9CglszjE-uC0=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg 112w" data-sizes="80px" class="lazyload mntl-author-tooltip__image mntl-image universal-image__image" /> <noscript> <img src="https://www.investopedia.com/thmb/1--VSF1cFb3rrNpnZO9ki0pmD8I=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg" width="200" height="200" class="img--noscript mntl-author-tooltip__image mntl-image universal-image__image" srcset="https://www.investopedia.com/thmb/pwQM2-yS-5FFwWZ3WpGlxZaQavo=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg 40w, https://www.investopedia.com/thmb/K70xGBPfh5V7BPAhDoblTINNXP8=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg 58w, https://www.investopedia.com/thmb/bsp6Ot6hhABWZCXdaVYpBkdXJx0=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg 76w, https://www.investopedia.com/thmb/qAdVDSbgOPMwFvwc4zJGkCWcQCE=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg 94w, https://www.investopedia.com/thmb/iTXlPeNY0_ZPDWH9CglszjE-uC0=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/wk_headshot_aug_2018_02__william_kenton-5bfc261446e0fb005118afc9.jpg 112w" sizes="80px" /> </noscript> </div> </div> <a href="https://www.investopedia.com/contributors/53661/" rel="nocaes" class="finance-author-tooltip__link mntl-text-link " id="finance-author-tooltip__link_1-0" data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div id="finance-author-tooltip__social_1-0" class="comp finance-author-tooltip__social finance-social-nav mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/in/will-kenton-7a099b5/" target="_blank" rel="noopener nocaes" data-text="Follow" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Will Kenton's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School for Social Research and Doctor of Philosophy in English literature from NYU. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div> <div class="mntl-attribution__item-date">Updated January 22, 2025</div></div> <div id="mntl-bylines__group_2-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--finance_reviewer"><div id="mntl-bylines__item_2-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <div data-tooltip="Michael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics." tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/michael-j-boyle-4799785" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Michael J Boyle</a> <div id="mntl-author-tooltip_2-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:126.5%;"> <img data-src="https://www.investopedia.com/thmb/Ds39WPMbYISxbsTYRr8lNF5xP80=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg" width="200" height="200" data-srcset="https://www.investopedia.com/thmb/XbfdZjT1g1aNYVNjs5Xx2NpGr_w=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg 40w, https://www.investopedia.com/thmb/47rLk0tmuyMN9-TB1R6NSeeazGc=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg 58w, https://www.investopedia.com/thmb/E7HbjvitixwsAvFQrq8aeECCfVE=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg 76w, https://www.investopedia.com/thmb/MS7vxCMVMj952nkYhZCGjSinSIw=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg 94w, https://www.investopedia.com/thmb/jsyvk4UbiEkala6bYx705tLKhSA=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg 112w" data-sizes="80px" alt="Michael Boyle" class="lazyload mntl-author-tooltip__image mntl-image universal-image__image" /> <noscript> <img src="https://www.investopedia.com/thmb/Ds39WPMbYISxbsTYRr8lNF5xP80=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg" width="200" height="200" class="img--noscript mntl-author-tooltip__image mntl-image universal-image__image" srcset="https://www.investopedia.com/thmb/XbfdZjT1g1aNYVNjs5Xx2NpGr_w=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg 40w, https://www.investopedia.com/thmb/47rLk0tmuyMN9-TB1R6NSeeazGc=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg 58w, https://www.investopedia.com/thmb/E7HbjvitixwsAvFQrq8aeECCfVE=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg 76w, https://www.investopedia.com/thmb/MS7vxCMVMj952nkYhZCGjSinSIw=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg 94w, https://www.investopedia.com/thmb/jsyvk4UbiEkala6bYx705tLKhSA=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/image0-MichaelBoyle-d90f2cc61d274246a2be03cdd144f699.jpeg 112w" sizes="80px" alt="Michael Boyle" /> </noscript> </div> </div> <div id="mntl-author-tooltip__name_1-0" class="comp mntl-author-tooltip__name mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Reviewed by</span> <span id="mntl-author-tooltip__name_1-0" class="comp mntl-author-tooltip__name mntl-attribution__item mntl-attribution__item-name">Michael J Boyle</span> </div> <a href="https://www.investopedia.com/michael-j-boyle-4799785" rel="nocaes" class="finance-author-tooltip__link mntl-text-link " id="finance-author-tooltip__link_2-0" data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div class="mntl-author-tooltip__bio"> Michael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/investopedia-financial-review-board-5076269" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >Financial Review Board</a> </div> </div></div> </div></div> <div id="mntl-bylines__group_3-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--fact_checker"><div id="mntl-bylines__item_3-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Fact checked by</span> <div data-tooltip="Vikki Velasquez is a researcher and writer who has managed, coordinated, and directed various community and nonprofit organizations. She has conducted in-depth research on social and economic issues and has also revised and edited educational materials for the Greater Richmond area." tabindex="0" data-inline-tooltip="true"> <a href="https://www.investopedia.com/vikki-velasquez-5198872" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="-1" >Vikki Velasquez</a> <div id="mntl-author-tooltip_3-0" class="comp mntl-author-tooltip mntl-tooltip mntl-group"> <div class="mntl-author-tooltip__top "> <div class="mntl-author-tooltip__image-wrapper"> <div class="img-placeholder" style="padding-bottom:124.9%;"> <img data-src="https://www.investopedia.com/thmb/qsiqwN4603qvBBcEmwBBFAZ7h-8=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg" width="200" height="200" data-srcset="https://www.investopedia.com/thmb/2MAPKlzGO0g-lGgA8r62RFY7SUs=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg 40w, https://www.investopedia.com/thmb/c1V_ZkYoRIsfJVaqLtkxAvx0d1k=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg 58w, https://www.investopedia.com/thmb/KzXZkUaBAJXhxwCqCFHJiDyYCic=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg 76w, https://www.investopedia.com/thmb/aEKEdJTS3ejdVuQronY2vNA0c9o=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg 94w, https://www.investopedia.com/thmb/FR5ru2FtvpNM8bJOThkEoWWEhhc=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg 112w" data-sizes="80px" alt="Vikkie Velasquez" class="lazyload mntl-author-tooltip__image mntl-image universal-image__image" /> <noscript> <img src="https://www.investopedia.com/thmb/qsiqwN4603qvBBcEmwBBFAZ7h-8=/200x200/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg" width="200" height="200" class="img--noscript mntl-author-tooltip__image mntl-image universal-image__image" srcset="https://www.investopedia.com/thmb/2MAPKlzGO0g-lGgA8r62RFY7SUs=/40x0/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg 40w, https://www.investopedia.com/thmb/c1V_ZkYoRIsfJVaqLtkxAvx0d1k=/58x0/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg 58w, https://www.investopedia.com/thmb/KzXZkUaBAJXhxwCqCFHJiDyYCic=/76x0/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg 76w, https://www.investopedia.com/thmb/aEKEdJTS3ejdVuQronY2vNA0c9o=/94x0/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg 94w, https://www.investopedia.com/thmb/FR5ru2FtvpNM8bJOThkEoWWEhhc=/112x0/filters:no_upscale():max_bytes(150000):strip_icc()/vikki-velasquez-investopedia-portrait-1-18b989d75f1f4d6d9b5b3a47cb3ffc5f.jpg 112w" sizes="80px" alt="Vikkie Velasquez" /> </noscript> </div> </div> <div id="mntl-author-tooltip__name_2-0" class="comp mntl-author-tooltip__name mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Fact checked by</span> <span id="mntl-author-tooltip__name_2-0" class="comp mntl-author-tooltip__name mntl-attribution__item mntl-attribution__item-name">Vikki Velasquez</span> </div> <a href="https://www.investopedia.com/vikki-velasquez-5198872" rel="nocaes" class="finance-author-tooltip__link mntl-text-link " id="finance-author-tooltip__link_3-0" data-tracking-container="true" ><span class="link__wrapper">Full Bio</span></a> <div id="finance-author-tooltip__social_3-0" class="comp finance-author-tooltip__social finance-social-nav mntl-social-nav" data-tracking-container="true"> <ul class="social-nav__list"> <li class="social-nav__item social-nav__item--linkedin"> <a href="https://www.linkedin.com/in/vikkivelasquez/" target="_blank" rel="noopener nocaes" data-text="Follow" class="social-nav__link social-nav__link--linkedin" aria-label="Visit Will Kenton's LinkedIn" > <svg class="icon icon-linkedin social-nav__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-linkedin" href="#icon-linkedin"></use> </svg> </a> </li> </ul> </div> <div class="mntl-author-tooltip__bio"> Vikki Velasquez is a researcher and writer who has managed, coordinated, and directed various community and nonprofit organizations. She has conducted in-depth research on social and economic issues and has also revised and edited educational materials for the Greater Richmond area. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div></div> </div></div></header> <figure id="article-primary-image_1-0" class="comp article-primary-image mntl-universal-primary-image primary-image"> <div class="primary-image__media"> <div class="img-placeholder" style="padding-bottom:66.6%;"> <img src="https://www.investopedia.com/thmb/TH8-Yt7GdB9TnJgo0RfsynjxbOQ=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/personalfinance_definition_final_0915-Final-977bed881e134785b4e75338d86dd463.jpg" width="1500" height="1000" srcset="https://www.investopedia.com/thmb/4kL-R79Oln77SeH0P54HtdiUyvY=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/personalfinance_definition_final_0915-Final-977bed881e134785b4e75338d86dd463.jpg 750w" sizes="750px" alt="Personal Finance" class=" primary-image__image mntl-primary-image--blurry" onload="(function(e){e.classList.add('loaded')})(this)" style="--blurry: url('data:image/gif;charset=utf-8;base64,R0lGODlhCgAHAPQAAAIDABAPDRAQDhoTDR0pPyQtMjFAXUxzrnuYxHqbznqe2IOq7Ya2/4e3/4q5/4y5/d3f+AIDAAIDAAIDAAIDAAIDAAIDAAIDAAIDAAIDAAIDAAIDAAIDAAIDAAIDAAIDACwAAAAACgAHAEQIKAAdCBxI0AGBAwUcAGCwoIHABwIgFJxIsaKDAAgGCEygYCCCAwYmBgQAOw==')" /> <noscript> <img src="https://www.investopedia.com/thmb/TH8-Yt7GdB9TnJgo0RfsynjxbOQ=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/personalfinance_definition_final_0915-Final-977bed881e134785b4e75338d86dd463.jpg" width="1500" height="1000" class="loaded primary-img--noscript primary-image__image mntl-primary-image--blurry" srcset="https://www.investopedia.com/thmb/4kL-R79Oln77SeH0P54HtdiUyvY=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/personalfinance_definition_final_0915-Final-977bed881e134785b4e75338d86dd463.jpg 750w" sizes="750px" alt="Personal Finance" /> </noscript> </div> </div> <figcaption id="primary-image__figcap_1-0" class="comp primary-image__figcap mntl-figure-caption figure-article-caption"> <span class="figure-article-caption-owner"><p>Investopedia / Sydney Saporito</p></span> </figcaption></figure> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"></div> <div id="article__broad-video--jw_1-0" class="comp article__broad-video--jw mntl-jwplayer-broad mntl-block is-hidden" data-pixel-depth="100"><div id="mntl-jwplayer-broad__video_1-0" class="comp mntl-jwplayer-broad__video mntl-jwplayer mm-video lazyload" data-bgset data-sizes="auto"></div> <div id="mntl-jwplayer-broad__title_1-0" class="comp mntl-jwplayer-broad__title mntl-block"><div id="mntl-jwplayer-broad__title--text_1-0" class="comp mntl-jwplayer-broad__title--text mntl-text-block text-utility-100"></div> <button id="mntl-jwplayer-broad__title-icon--close_1-0" class="comp mntl-jwplayer-broad__title-icon--close mntl-block text-label-100" data-click-tracked="false"><span id="mntl-text-block_1-0" class="comp mntl-text-block">Close</span> <svg class="icon close-icon " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#close-icon" href="#close-icon"></use> </svg></button></div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><span class="heading-toc" id="toc-what-is-personal-finance"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is Personal Finance? </span> </h2> <p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Personal finance is a term that covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, retirement, tax, and estate planning. The term often refers to the entire industry that provides financial services to individuals and households and advises them about financial and investment opportunities. </p> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Individual goals and desires—and a plan to fulfill those needs within your financial constraints—also impact how you approach the above items. To make the most of your income and savings, it’s essential to become financially savvy—it will help you distinguish between good and bad advice and make intelligent financial decisions. </p> <div id="mntl-sc-block_5-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_7-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways</h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>Few schools have courses on managing your money, so it is important to learn how through free online articles, courses, blogs, podcasts, or books.</li><li>The core areas of managing personal finance include income, spending, savings, investments, and protection.</li><li>Smart personal finance involves developing strategies that include budgeting, creating an emergency fund, paying off debt, using credit cards wisely, saving for retirement, and much more.</li><li>Being disciplined is important, but it’s also good to know when you shouldn't adhere to the guidelines.<br/></li></ul></div></div></div> <div id="mntl-sc-block_8-0" class="comp mntl-sc-block mntl-sc-block-digiohembed"> <div id="lightbox-inline-form-b3fb3442-1e18-4a2b-88e0-7012841d0e97" class="mntl-sc-block-digiohembed__container" data-guid="lightbox-inline-form-b3fb3442-1e18-4a2b-88e0-7012841d0e97" data-title="Financial Literacy Quiz" > </div> </div> <div id="mntl-sc-block_9-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-the-importance-of-personal-finance"></span><h2 id="mntl-sc-block_10-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> The Importance of Personal Finance </span> </h2> <p id="mntl-sc-block_11-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <a href="https://www.investopedia.com/personal-finance-4427760" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Personal finance</a> is about meeting your personal financial goals. These goals could be anything—having enough for short-term financial needs, planning for retirement, or saving for your child’s college education. It depends on your income, spending, saving, investing, and personal protection (insurance and estate planning). </p> <div id="mntl-sc-block_12-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_13-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Not understanding how to manage finances or be financially disciplined has led Americans to accumulate enormous debt. In Q3 2024, the Federal Reserve Bank reported household debt had increased by $3.8 trillion since December 2019, prior to the recession. In addition, the following balances increased from the second quarter of 2024 to the third:<span class="ql-inline-citation" data-cite="45"></span> </p> <div id="mntl-sc-block_14-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_15-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li><strong>Credit card debt</strong>: Up by $24 billion</li><li><strong>Auto debt</strong>: Up by $18 billion</li><li><strong>Student debt</strong>: Up by $21 billion</li><li><strong>Mortgage debt</strong>: Up by $75 billion</li><li><strong>Home equity line of credit</strong>: Up by $7 billion</li> </ul> <div id="mntl-sc-block_16-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_17-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Americans are taking on an ever-increasing amount of debt to finance purchases, making managing personal finances more critical than ever, especially when inflation is eating away at purchasing power and prices are rising.<br/> </p> <div id="mntl-sc-block_18-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-areas-of-personal-finance"></span><h2 id="mntl-sc-block_19-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Areas of Personal Finance </span> </h2> <p id="mntl-sc-block_20-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The five areas of personal finance are income, saving, spending, investing, and protection. </p> <div id="mntl-sc-block_21-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_22-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Income </span> </h3> <p id="mntl-sc-block_23-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Income is the starting point of personal finance. It is the entire amount of cash inflow that you receive and can allocate to expenses, savings, investments, and protection. Income is all the money you bring in. This includes salaries, wages, dividends, and other sources of cash inflow. </p> <div id="mntl-sc-block_24-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_25-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Spending </span> </h3> <p id="mntl-sc-block_26-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Spending is an outflow of cash and typically where the bulk of income goes. Spending is whatever an individual uses their income to buy. This includes rent, mortgage, groceries, hobbies, eating out, home furnishings, home repairs, travel, and entertainment. </p> <div id="mntl-sc-block_27-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_28-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <a href="https://www.investopedia.com/terms/p/personal-spending-plan.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Being able to manage spending</a> is a critical aspect of personal finance. Individuals must ensure their spending is less than their income; otherwise, they won't have enough money to cover their expenses or will fall into debt. Debt can be devastating financially, particularly with the high interest rates credit cards charge. </p> <div id="mntl-sc-block_29-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_30-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Saving </span> </h3> <p id="mntl-sc-block_31-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Savings are the income left over after spending. Everyone should aim to have savings to cover large expenses or emergencies. However, this means not using all your income, which can be difficult. Regardless of the difficulty, everyone should strive to have at least a portion of savings to meet any fluctuations in income and spending—somewhere between three and 12 months of expenses. </p> <div id="mntl-sc-block_32-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_33-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Beyond that, cash idling in a savings account becomes wasteful because it loses purchasing power to inflation over time. Instead, cash not tied up in an emergency or spending account should be placed in something that will help it maintain its value or grow, such as investments. </p> <div id="mntl-sc-block_34-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_35-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Investing </span> </h3> <p id="mntl-sc-block_36-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Investing involves purchasing assets, usually stocks and bonds, to earn a return on the money invested. Investing aims to increase an individual's wealth beyond the amount they invested. Investing does come with risks, as not all assets appreciate and can incur a loss. </p> <div id="mntl-sc-block_37-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_38-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Investing can be difficult for those unfamiliar with it—it helps to dedicate some time to gain an understanding through reading and studying. If you don't have time, you might benefit from hiring a professional to help you invest your money. </p> <div id="mntl-sc-block_39-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_40-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Protection </span> </h3> <p id="mntl-sc-block_41-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Protection refers to the methods people take to protect themselves from unexpected events, such as illnesses or accidents, and as a means to preserve wealth. Protection includes life and health insurance and estate and retirement planning. </p> <div id="mntl-sc-block_42-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-personal-finance-services"></span><h2 id="mntl-sc-block_43-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Personal Finance Services </span> </h2> <p id="mntl-sc-block_44-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Several financial planning services fall under one or more of the five areas. You're likely to find many businesses that provide these services to clients to help them plan and manage their finances. These services include: </p> <div id="mntl-sc-block_45-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_46-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Wealth management</li><li>Loans and debt</li><li>Budgeting</li><li>Retirement</li><li>Taxes</li><li>Risk management</li><li>Estate planning</li><li>Investments</li><li>Insurance</li><li>Credit cards</li><li>Home and mortgage</li> </ul> <div id="mntl-sc-block_47-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-personal-finance-strategies"></span><h2 id="mntl-sc-block_48-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Personal Finance Strategies </span> </h2> <p id="mntl-sc-block_49-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The sooner you start <a href="https://www.investopedia.com/terms/f/financial_plan.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">financial planning</a>, the better, but it’s never too late to create financial goals to give yourself and your family financial security and freedom. Here are the best practices and tips for personal finance. </p> <div id="mntl-sc-block_50-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_51-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_52-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_2-0" class="comp mntl-sc-block-callout-heading mntl-text-block with-title">Note</h3> <div id="mntl-sc-block-callout-body_2-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>The <a href="https://www.investopedia.com/financial-literacy-survey-5223919" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">2022 Investopedia Financial Literacy Survey</a> surveyed 4,000 adults and found that most Americans are concerned about personal finance basics, retirement funding, and investing in crypto.</p></div></div></div> <h3 id="mntl-sc-block_53-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> 1. Know Your Income </span> </h3> <p id="mntl-sc-block_54-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> 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. </p> <div id="mntl-sc-block_55-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_56-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> 2. Devise a Budget </span> </h3> <p id="mntl-sc-block_57-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <a href="https://www.investopedia.com/personal-finance/common-budgeting-challenges-overcome/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">A budget is essential</a> 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 breaks down like this: </p> <div id="mntl-sc-block_58-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_59-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Fifty percent of your <a href="https://www.investopedia.com/terms/t/take-home-pay.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">take-home pay</a> or net income (after taxes) goes toward living essentials, such as rent, utilities<a href="https://www.investopedia.com/terms/u/utilities_sector.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">,</a> groceries, and transport.</li> <li>Thirty percent is allocated to discretionary expenses, such as dining out and shopping for clothes. Giving to charity can go here as well.</li> <li>Twenty percent goes toward the future—paying down debt and saving for retirement and emergencies.</li> </ul> <div id="mntl-sc-block_60-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_61-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> It’s never been easier to manage money, thanks to a growing number of smartphone personal budgeting apps that put day-to-day finances in the palm of your hand. Here are just two examples: </p> <div id="mntl-sc-block_62-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_63-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li><a href="https://www.investopedia.com/ynab-vs-mint-5179966" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">YNAB (You Need a Budget)</a> helps you track and adjust your spending to control every dollar you spend.</li> <li>PocketGuard is available in both free and paid versions. It uses an algorithm to help you avoid overspending by analyzing your income, bills, goals, and budget.</li> </ul> <div id="mntl-sc-block_64-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_65-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> 3. Pay Yourself First </span> </h3> <p id="mntl-sc-block_66-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> It’s important to “pay yourself first” to ensure money is set aside for unexpected expenses, such as medical bills, a significant car repair, day-to-day expenses if you get laid off, and more. The ideal safety net is three to 12 months of living expenses. </p> <div id="mntl-sc-block_67-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_68-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Financial experts generally recommend putting away 20% of each paycheck every month. Once you’ve <a href="https://www.investopedia.com/personal-finance/how-to-build-emergency-fund/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">filled up your emergency fund</a>, don’t stop. Continue funneling the monthly 20% toward other financial goals, such as a <a href="https://www.investopedia.com/save-for-a-home-or-retirement-8599275" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">retirement fund or a down payment on a home</a>. </p> <div id="mntl-sc-block_69-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_70-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> 4. Limit and Reduce Debt </span> </h3> <p id="mntl-sc-block_71-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> It sounds simple enough: Don't spend more than you earn to keep debt from getting out of hand. But, of course, most people have to borrow from time to time, and sometimes going into debt can be advantageous—for example, if it leads to acquiring an asset. </p> <div id="mntl-sc-block_72-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_73-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Taking out a mortgage to buy a house might be one such case. Still, leasing sometimes can be more economical than buying outright, whether renting a property, leasing a car, or even getting a subscription to computer software. </p> <div id="mntl-sc-block_74-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_75-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> On the other hand, minimizing repayments (to interest only, for instance) can free up income to invest elsewhere or put into retirement savings while you’re young when your nest egg gets the maximum benefit from <a href="https://www.investopedia.com/terms/c/compoundinterest.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">compounding interest</a>. Some private and federal student loans are even eligible for a rate reduction if the borrower enrolls in auto pay.<span class="ql-inline-citation" data-cite="12"></span> </p> <div id="mntl-sc-block_76-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_77-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Student loans account for $1.61 trillion of consumer debt—if you have an outstanding student loan, you should prioritize it. There are myriad loan repayment plans and payment reduction strategies available. If you’re stuck with a high interest rate, paying off the principal faster can make sense.<span class="ql-inline-citation" data-cite="45"></span> </p> <div id="mntl-sc-block_78-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_79-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <a href="https://www.investopedia.com/student-loan-repayment-options-what-s-the-best-way-to-pay-4772402" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Flexible federal repayment programs</a> worth checking out include:<span class="ql-inline-citation" data-cite="37"></span> </p> <div id="mntl-sc-block_80-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_81-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Graduated repayment—progressively increases the monthly payment over 10 years</li><li>Extended repayment—stretches out the loan over a period that can be as long as 25 years</li><li>Income-driven repayment—limits payments to 10% to 20% of your income (based on your income and family size)</li> </ul> <div id="mntl-sc-block_82-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_83-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> 5. Only Borrow What You Can Repay </span> </h3> <p id="mntl-sc-block_84-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Credit cards can be major debt traps, but it’s unrealistic not to own any in the contemporary world. Furthermore, they have applications beyond buying things. They are crucial to establishing your <a href="https://www.investopedia.com/terms/c/creditrating.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">credit rating</a> and a great way to track spending, which can be a considerable budgeting aid. </p> <div id="mntl-sc-block_85-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_86-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Credit needs to be <a href="https://www.investopedia.com/stuck-in-credit-card-debt-get-out-with-these-proven-expert-strategies-8716101" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">managed correctly</a>, meaning you should pay off your entire balance every month or keep your <a href="https://www.investopedia.com/terms/c/credit-utilization-rate.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">credit utilization ratio</a> at a minimum (that is, keep your account balances below 30% of your total available credit).<span class="ql-inline-citation" data-cite="38"></span> </p> <div id="mntl-sc-block_87-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_88-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Given the extraordinary rewards and incentives offered these days (such as cashback), it makes sense to charge as many purchases as possible—if you can pay your bills in full. </p> <div id="mntl-sc-block_89-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_90-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Using a debit card, which takes money directly from your bank account, is another way to ensure that you will not be paying for accumulated small purchases over an extended period with interest. </p> <div id="mntl-sc-block_91-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_92-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_93-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-important" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_3-0" class="comp mntl-sc-block-callout-heading mntl-text-block"></h3> <div id="mntl-sc-block-callout-body_3-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Avoid maxing out credit cards at all costs, and always pay bills on time. One of the fastest ways to ruin your <a href="https://www.investopedia.com/terms/c/credit_score.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">credit score</a> is to constantly pay bills late—or even worse, miss payments.</p></div></div></div> <h3 id="mntl-sc-block_94-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> 6. Monitor Your Credit Score </span> </h3> <p id="mntl-sc-block_95-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Credit cards are the primary vehicle through which your credit score is built and maintained, so watching credit spending goes hand in hand with monitoring your credit score. If you ever want to obtain a lease, mortgage, or any other type of financing, then you’ll need a solid <a href="https://www.investopedia.com/terms/c/creditreport.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">credit report</a>. There are a variety of credit scores available, but the most popular one is the <a href="https://www.investopedia.com/terms/f/ficoscore.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">FICO score</a>.<span class="ql-inline-citation" data-cite="11"></span> </p> <div id="mntl-sc-block_96-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_97-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Factors that determine your FICO score include:<span class="ql-inline-citation" data-cite="39"></span> </p> <div id="mntl-sc-block_98-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_99-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Payment history (35%)</li><li>Amounts owed (30%)</li><li>Length of credit history (15%)</li><li>Credit mix (10%)</li><li>New credit (10%)</li> </ul> <div id="mntl-sc-block_100-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_101-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> FICO scores are calculated from 300 to 850. Here’s how your credit is rated:<span class="ql-inline-citation" data-cite="46"></span><span class="ql-inline-citation" data-cite="3"></span> </p> <div id="mntl-sc-block_102-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_103-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>Exceptional: 800 to 850</li><li>Very good: 740 to 799</li><li>Good: 670 to 739</li><li>Fair: 580 to 669</li><li>Poor: 579 and below</li> </ul> <div id="mntl-sc-block_104-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_105-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> To pay bills, set up direct debiting where possible (so you never miss a payment) and subscribe to reporting agencies that provide regular credit score updates. In addition, you can detect and address mistakes or fraudulent activity by monitoring your credit report. Federal law allows you to obtain free credit reports once a year from the “Big Three” major <a href="https://www.investopedia.com/terms/c/creditbureau.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">credit bureaus</a>: Equifax, Experian, and TransUnion.<span class="ql-inline-citation" data-cite="6"></span> </p> <div id="mntl-sc-block_106-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_107-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Reports can be obtained directly from each agency, or you can sign up at AnnualCreditReport.com, a federally authorized site sponsored by the Big Three. </p> <div id="mntl-sc-block_108-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_109-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Some credit card providers, such as Capital One, will provide customers with complimentary, regular credit score updates, but it may not be your FICO score. Instead, Capital One's CreditWise program offers your <a href="https://www.investopedia.com/terms/v/vantagescore.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">VantageScore</a>.<span class="ql-inline-citation" data-cite="7"></span> </p> <div id="mntl-sc-block_110-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_111-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_112-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-important" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_4-0" class="comp mntl-sc-block-callout-heading mntl-text-block"></h3> <div id="mntl-sc-block-callout-body_4-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>During the COVID-19 pandemic, the three major credit bureaus provided free credit reports weekly. The program was extended twice in 2022 and is now permanent.<span class="ql-inline-citation" data-cite="4"></span></p></div></div></div> <h3 id="mntl-sc-block_113-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> 7. Plan for Your Future </span> </h3> <p id="mntl-sc-block_114-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> To protect the assets in your estate and ensure that your wishes are followed when you die, be sure you make a will and—depending on your needs—possibly set up one or more trusts. You also should look into insurance and find ways to reduce your premiums, if possible: auto, home, life, disability, and <a href="https://www.investopedia.com/terms/l/ltcinsurance.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">long-term care (LTC)</a>. Periodically review your policy to ensure it meets your family’s needs through life’s major milestones. </p> <div id="mntl-sc-block_115-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_116-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Other critical documents include a living will and a <a href="https://www.investopedia.com/terms/h/hcpa.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">healthcare power of attorney</a>. While not all of these documents directly affect you, all of them can save your next of kin considerable time and expense when you fall ill or become otherwise incapacitated. </p> <div id="mntl-sc-block_117-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_118-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Retirement may seem like a lifetime away, but it arrives much sooner than expected. Experts suggest that most people will need about 80% of their current salary in retirement. The younger you start, the more you benefit from what advisors call the magic of compounding interest—how small amounts grow over time. </p> <div id="mntl-sc-block_119-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_120-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Setting aside money now for your retirement not only allows it to grow over the long term but also can reduce your current income taxes if funds are placed in a <a href="https://www.investopedia.com/terms/t/tax-advantaged.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">tax-advantaged</a> plan, such as an <a href="https://www.investopedia.com/terms/i/ira.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">individual retirement account (IRA)</a>, a <a href="https://www.investopedia.com/terms/1/401kplan.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3">401(k)</a>, or a <a href="https://www.investopedia.com/terms/1/403bplan.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="4">403(b)</a>. </p> <div id="mntl-sc-block_121-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_122-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_123-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_5-0" class="comp mntl-sc-block-callout-heading mntl-text-block with-title">Note</h3> <div id="mntl-sc-block-callout-body_5-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>While your children are young, take the time to teach them about the value of money and how to save, invest, and spend wisely.</p></div></div></div> <p id="mntl-sc-block_124-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> If your <a href="https://www.investopedia.com/ask/answers/100314/what-difference-between-401k-plan-and-403b-plan.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">employer offers a 401(k) or 403(b) plan</a>, start paying into it immediately, especially if your employer matches your contribution. By not doing so, you’re giving up free money. Take time to learn the difference between a <a href="https://www.investopedia.com/articles/retirement/06/moreonroth401k.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">Roth 401(k)</a> and a traditional 401(k) if your company offers both. </p> <div id="mntl-sc-block_125-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_126-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Investing is only one part of planning for retirement. Other strategies include waiting as long as possible before opting to receive Social Security benefits (which is smart for most people) and converting a <a href="https://www.investopedia.com/terms/t/termlife.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">term life insurance</a> policy to a <a href="https://www.investopedia.com/terms/p/permanentlife.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">permanent life</a> policy. </p> <div id="mntl-sc-block_127-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_128-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> 8. Buy Insurance </span> </h3> <p id="mntl-sc-block_129-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> As you age, it's natural for you to accumulate many of the same things your parents did—a family, home or apartment, belongings, and health issues. Insurance can be expensive if you wait too long to get it. </p> <div id="mntl-sc-block_130-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_131-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Healthcare, long-term care insurance, and life insurance all increase in cost the older you get. Additionally, you never know what life will send your way. If you're the sole breadwinner for the family, or you and your partner both work to make ends meet, a lot depends on your ability to work. </p> <div id="mntl-sc-block_132-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_133-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Insurance can cover most of the hospital bills as you age, leaving your hard-earned savings in your family's hands; medical expenses are one of the leading reasons for debt. If something happens to you, life insurance can give those you leave behind a buffer zone to deal with the loss and get back on their feet financially.<span class="ql-inline-citation" data-cite="34"></span> </p> <div id="mntl-sc-block_134-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_135-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> 9. Maximize Tax Breaks </span> </h3> <p id="mntl-sc-block_136-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Due to an overly complex tax code, many people leave hundreds or even thousands of dollars sitting on the table every year. By maximizing your tax savings, you’ll free up money that can be invested in your reduction of past debts, enjoyment of the present, and plans for the future. </p> <div id="mntl-sc-block_137-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_138-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> You should start saving receipts and tracking expenditures for all possible <a href="https://www.investopedia.com/terms/t/tax-deduction.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">tax deductions</a> and <a href="https://www.investopedia.com/terms/t/taxcredit.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">tax credits</a>. Many office supply stores sell helpful “tax organizers” that have the main categories already labeled. </p> <div id="mntl-sc-block_139-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_140-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> After you’re organized, you’ll want to focus on taking advantage of every tax deduction and credit available, as well as deciding between the two when necessary. In short, a tax deduction reduces the amount of income on which you are taxed, whereas a tax credit reduces the amount of tax that you owe. This means that a $1,000 tax credit will save you much more than a $1,000 deduction.<span class="ql-inline-citation" data-cite="41"></span> </p> <div id="mntl-sc-block_141-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_142-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> 10. Give Yourself a Break </span> </h3> <p id="mntl-sc-block_143-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Budgeting and planning can seem full of deprivations. Make sure you reward yourself now and then. Whether it’s a vacation, a purchase, or an occasional night on the town, you need to enjoy the fruits of your labor. Doing so gives you a taste of the financial independence you’re working so hard for. </p> <div id="mntl-sc-block_144-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_145-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Last but not least, don’t forget to delegate when needed. Even though you might be competent enough to do your own taxes or manage a portfolio of individual stocks, it doesn’t mean you should. Setting up an account at a brokerage and spending a few hundred dollars on a certified public accountant (CPA) or a financial planner—at least once—might be a good way to jump-start your planning. </p> <div id="mntl-sc-block_146-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-personal-finance-skills"></span><h2 id="mntl-sc-block_147-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Personal Finance Skills </span> </h2> <p id="mntl-sc-block_148-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The key to getting your finances on the right track is using skills you likely already have. It’s also about understanding that the principles that contribute to success in business and your career work just as well in personal money management. Three key skills are finance prioritization, assessing the costs and benefits, and restraining your spending. </p> <div id="mntl-sc-block_149-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_150-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li><strong>Finance prioritization</strong>:<strong> </strong>This means that you can look at your finances, discern what keeps the money flowing in, and make sure that you stay focused on those efforts.</li><li><strong>Assessing the costs and benefits</strong>: This key skill keeps professionals from spreading themselves too thin. Ambitious individuals always have a list of ideas about other ways that they can hit it big, whether it is a side business or an investment idea. While there is a place and time for taking a flier, running your finances like a business means stepping back and honestly assessing the potential costs and benefits of any new venture.</li><li><strong>Restraining your spending</strong>:<strong> </strong>This is the final big-picture skill of successful business management that must be applied to personal finances. Time and again, financial planners sit down with successful people who still manage to spend more than they make. Earning $250,000 a year won’t do you much good if you spend $275,000 annually. Learning to restrain spending on non-wealth-building assets until after you’ve met your monthly savings or debt reduction goals is crucial in building net worth.</li> </ul> <div id="mntl-sc-block_151-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-personal-finance-education"></span><h2 id="mntl-sc-block_152-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Personal Finance Education </span> </h2> <p id="mntl-sc-block_153-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Personal money management isn't one of the most popular topics in educational systems. Many college degrees require some financial education, but it isn't geared toward individuals, which means that most of us will need to get our <a href="https://www.investopedia.com/guide-to-financial-literacy-4800530" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">personal finance education</a> from our parents (if we’re lucky) or learn it ourselves. </p> <div id="mntl-sc-block_154-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_155-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Fortunately, you don’t have to spend much money to find out how to manage it better. You can learn everything you need to know for free online and in library books. Almost all media publications regularly dole out personal finance advice, too. </p> <div id="mntl-sc-block_156-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_157-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Online Blogs </span> </h3> <p id="mntl-sc-block_158-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Reading personal finance blogs is a great way to start learning about personal finance. Instead of the general advice, you’ll get in personal finance articles, you’ll learn exactly which <a href="https://www.investopedia.com/fear-of-money-8611193" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">challenges real people face</a> and how they address them. </p> <div id="mntl-sc-block_159-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_160-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Mr. Money Mustache has hundreds of posts full of insights on escaping the rat race and retiring early by making unconventional lifestyle choices. CentSai helps you navigate a myriad of financial decisions via first-person accounts. </p> <div id="mntl-sc-block_161-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_162-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Million Mile Secrets and The Points Guy each teach you how to travel for a fraction of the retail price using credit card rewards. These sites often link to other blogs, so you’ll discover more sites as you read. </p> <div id="mntl-sc-block_163-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_164-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Of course, we can’t help tooting our own horn in this category. Investopedia offers a wealth of free personal finance education. You might start with our special sections on <a href="https://www.investopedia.com/budgeting-4689726" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">budgeting</a>, <a href="https://www.investopedia.com/homebuying-guide-4776300" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">buying a home</a>, and <a href="https://www.investopedia.com/articles/retirement/11/5-steps-to-retirement-plan.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3">planning for retirement</a>—or the thousands of other articles in our personal finance section. </p> <div id="mntl-sc-block_165-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_166-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> At the Library </span> </h3> <p id="mntl-sc-block_167-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> You may need to visit your library in person to get a library card if you don’t already have one, but after that, you can check out personal finance audiobooks and e-books online without leaving home. </p> <div id="mntl-sc-block_168-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_169-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Some of the following best sellers may be available from your local library: "I Will Teach You to Be Rich," "The Millionaire Next Door," "Your Money or Your Life," and "Rich Dad Poor Dad." Personal finance classics such as "Personal Finance for Dummies," "The Total Money Makeover," "The Little Book of Common Sense Investing," and "Think and Grow Rich" are also available as audiobooks. </p> <div id="mntl-sc-block_170-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_171-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Free Online Classes </span> </h3> <p id="mntl-sc-block_172-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> If you enjoy the structure of lessons and quizzes, try one of these free digital personal finance courses: </p> <div id="mntl-sc-block_173-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_174-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li><strong>Morningstar Investing Classroom</strong> offers a place for beginning and experienced investors alike to learn about stocks, funds, bonds, and portfolios. Some of the courses you’ll find include “Stocks Versus Other Investments,” “Methods for Investing in Mutual Funds,” “Determining Your Asset Mix,” and “Introduction to Government Bonds.” Each course takes about 10 minutes and is followed by a quiz to help you make sure that you understood the lesson.<span class="ql-inline-citation" data-cite="21"></span></li> <li><strong>EdX</strong> is an online learning platform created by Harvard University and the Massachusetts Institute of Technology. It offers at least three courses that cover personal finance: 'Personal Finance, Part 1: Investing in Yourself" from Wellesley College, “Personal Finance” from Purdue University, and “Finance for Everyone: Smart Tools for Decision-Making” from the University of Michigan. These courses will teach you how credit works, which types of insurance you might want to carry, how to maximize your retirement savings, how to read your credit report, and what the <a href="https://www.investopedia.com/terms/t/timevalueofmoney.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">time value of money</a> is.<span class="ql-inline-citation" data-cite="42"></span><span class="ql-inline-citation" data-cite="35"></span></li><span class="mntl-sc-block-adslot mntl-sc-block-adslot-inline"></span> <li><strong>“Planning for a Secure Retirement”</strong> is an online course from Purdue University. It’s broken up into 10 main modules, and each has four to six sub-modules on topics such as Social Security, 401(k) and 403(b) plans, and IRAs. You’ll learn about your <a href="https://www.investopedia.com/terms/r/risktolerance.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">risk tolerance</a>, think about what kind of retirement lifestyle you want, and estimate your retirement expenses.<span class="ql-inline-citation" data-cite="26"></span></li> </ul> <div id="mntl-sc-block_175-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_176-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Podcasts </span> </h3> <p id="mntl-sc-block_177-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Personal finance podcasts are a great way to learn how to manage your money if you’re short on free time. While you’re getting ready in the morning, exercising, driving to work, running errands, or preparing for bed, you can listen to expert advice on becoming more financially secure. In addition to “The Investopedia Express with Caleb Silver,” you may find these valuable: </p> <div id="mntl-sc-block_178-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_179-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li><strong>"Freakonomics Radio"</strong> and <strong>NPR’s "Planet Money" </strong>both make economics enjoyable by using it to explain real-world phenomena such as “how we got from mealy, nasty apples to apples that actually taste delicious,” the Wells Fargo fake accounts scandal, and whether we should still be using cash.</li><li><strong>American Public Media’s "Marketplace"</strong> helps make sense of what’s happening in the business world and the economy.</li><li><strong>"So Money" with Farnoosh Torabi </strong>combines interviews with successful business people, expert advice, and listeners’ personal finance questions.</li> </ul> <div id="mntl-sc-block_180-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_181-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The most important thing is to find resources that work for your learning style and that you find interesting and engaging. If one blog, book, course, or podcast is dull or difficult to understand, keep trying until you find something that clicks. </p> <div id="mntl-sc-block_182-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_183-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Education shouldn’t stop once you learn the basics. The economy changes, and new financial tools like the budgeting apps mentioned earlier are always being developed. Find resources you enjoy and trust, and keep refining your money skills through retirement and beyond. </p> <div id="mntl-sc-block_184-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-what-personal-finance-classes-cant-teach-you"></span><h2 id="mntl-sc-block_185-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Personal Finance Classes Can’t Teach You </span> </h2> <p id="mntl-sc-block_186-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Personal finance education is a great idea for consumers, especially people starting out who want to learn investing basics or credit management; however, understanding the basic concepts is not a guaranteed path to financial sense. </p> <div id="mntl-sc-block_187-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_188-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Human nature can often derail the best intentions to achieve a perfect credit score or build a substantial retirement nest egg. These three key character traits can help you stay on track: </p> <div id="mntl-sc-block_189-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_190-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Discipline </span> </h3> <p id="mntl-sc-block_191-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> One of the most important tenets of personal finance is systematic saving. For example, say your net earnings are $60,000 per year, and your monthly living expenses—housing, food, transportation, and the like—amount to $3,200 per month. </p> <div id="mntl-sc-block_192-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_193-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> There are choices to make surrounding your remaining $1,800 in monthly salary. Ideally, the first step is to establish an emergency fund or perhaps a tax-advantaged <a href="https://www.investopedia.com/terms/h/hsa.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">health savings account (HSA)</a>. </p> <div id="mntl-sc-block_194-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_195-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_196-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_6-0" class="comp mntl-sc-block-callout-heading mntl-text-block with-title">Note</h3> <div id="mntl-sc-block-callout-body_6-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>To be eligible for a health savings account, your health insurance must be a <a href="https://www.investopedia.com/terms/h/hdhp.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">high-deductible health plan (HDHP)</a>.<span class="ql-inline-citation" data-cite="47"></span></p></div></div></div> <p id="mntl-sc-block_197-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Establishing an emergency fund takes financial discipline—without it, giving in to the temptation to spend rather than save can have dire consequences. In the event of an emergency, you may not have the money to pay the expenses—leading you to finance them through debt. </p> <div id="mntl-sc-block_198-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_199-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Once you have your emergency stash, you'll need to develop investing discipline—it’s not just for institutional money managers who make their living buying and selling stocks. Average retail investors tend to do better by setting an investment target and abiding by it rather than buying and selling stocks trying to time the market. </p> <div id="mntl-sc-block_200-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_201-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> A Sense of Timing </span> </h3> <p id="mntl-sc-block_202-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Timing can be crucial. For instance, imagine you're three years out of college, have established your emergency fund, and want to reward yourself. A Jet Ski costs $3,000, but you want to start investing also. "Investing in <a href="https://www.investopedia.com/terms/g/growthstock.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">growth stocks</a> can wait another year," you say. "I have plenty of time to launch an investment portfolio." </p> <div id="mntl-sc-block_203-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_204-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> However, putting off investing for one year can have significant consequences. The opportunity cost of buying a personal watercraft can be illustrated through the time value of money. </p> <div id="mntl-sc-block_205-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_206-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The $3,000 used to buy the Jet Ski would have amounted to nearly $49,000 in 40 years at 7% interest, a reasonable average annual return for a <a href="https://www.investopedia.com/ask/answers/which-option-better-mutual-fund-growth-option-dividend-reinvestment-option/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">growth mutual fund</a> over the long haul. Thus, delaying the decision to invest wisely may likewise delay the ability to reach your goal of retiring at age 65. </p> <div id="mntl-sc-block_207-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_208-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Doing tomorrow what you could do today also extends to debt payment. If you were to put the Jet Ski on your credit card, the $3,000 credit card balance would take 222 months (18.5 years) to pay off if you only made minimum payments of $75 each month. And don’t forget the interest you’re paying: at an 18% <a href="https://www.investopedia.com/terms/a/apr.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">annual percentage rate (APR)</a>, it comes to $3,923 over those months. </p> <div id="mntl-sc-block_209-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_210-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> So, if you were to plunk down the $3,000 to pay the balance rather than let it compound, you'd see substantial savings—nearly $1,000. </p> <div id="mntl-sc-block_211-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_212-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Emotional Detachment </span> </h3> <p id="mntl-sc-block_213-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Personal finance matters are business, and business should not be personal. A difficult but necessary facet of sound financial decision-making involves removing emotions from a transaction. </p> <div id="mntl-sc-block_214-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_215-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Making impulsive purchases feels good but can significantly impact long-term investment goals. So can making unwise loans to family members. Your cousin Fred, who has already burned your brother and sister, will likely not pay you back, either. The smart thing to do is decline his requests for help—you're trying to make ends meet also. </p> <div id="mntl-sc-block_216-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_217-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The key to prudent <a href="https://www.investopedia.com/personal-financial-management-pfm-5181311" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">personal financial management</a> is to separate feelings from reason. However, when loved ones are experiencing real trouble, it pays to help if you can—just try not to take it out of your investments and retirement. </p> <div id="mntl-sc-block_218-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_219-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_220-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_7-0" class="comp mntl-sc-block-callout-heading mntl-text-block with-title">Note</h3> <div id="mntl-sc-block-callout-body_7-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Many people have loved ones who always seem to need financial help—it is difficult to refuse to help them. If you include planning to assist them in real emergencies using your emergency fund, it can make the burden easier.</p></div></div></div> <span class="heading-toc" id="toc-breaking-personal-finance-rules"></span><h2 id="mntl-sc-block_221-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Breaking Personal Finance Rules </span> </h2> <p id="mntl-sc-block_222-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The personal finance realm may have more guidelines and tips to follow than any other. Although these rules are good to know, everyone has their own circumstances. Here are some rules prudent people, especially young adults, are never supposed to break—but can break if necessary. </p> <div id="mntl-sc-block_223-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_224-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Saving or Investing a Set Portion of Your Income </span> </h3> <p id="mntl-sc-block_225-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> An ideal budget includes saving a portion of your paycheck every month for retirement—usually around 10% to 20%. However, while being fiscally responsible is important and thinking about your future is crucial, the general rule of saving a given amount for retirement may not always be the best choice, especially for young people just getting started. </p> <div id="mntl-sc-block_226-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_227-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> For one thing, many young adults and students need to consider paying for their biggest expenses, such as a new car, home, or postsecondary education. Taking away 10% to 20% of available funds would be a definite setback in making those purchases. </p> <div id="mntl-sc-block_228-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_229-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Additionally, saving for retirement doesn’t make much sense if you have credit cards or interest-bearing loans to pay off. The 19% interest rate on your Visa card probably would negate the returns you get from your balanced mutual fund retirement portfolio five times over. </p> <div id="mntl-sc-block_230-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_231-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Finally, saving money to travel and experience new places and cultures can be especially rewarding for a young person who’s still unsure about their life path. </p> <div id="mntl-sc-block_232-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <h3 id="mntl-sc-block_233-0" class="comp mntl-sc-block finance-sc-block-subheading mntl-sc-block-subheading"> <span class="mntl-sc-block-subheading__text"> Long-term Investing/Investing in Riskier Assets </span> </h3> <p id="mntl-sc-block_234-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The rule of thumb for young investors is that they should have a long-term outlook and stick to a buy-and-hold philosophy. This rule is one of the easier ones to justify breaking. Adapting to changing markets can be the difference between making money or limiting your losses and sitting idly by and watching your hard-earned savings shrink. Short-term investing has its advantages at any age. </p> <div id="mntl-sc-block_235-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_236-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Common investing logic suggests that because young investors have such a long investment time horizon, they should be investing in higher-risk ventures; after all, they have the rest of their lives to recover from any losses that they may suffer; however, you don’t have to take on undue <a href="https://www.investopedia.com/terms/r/risk.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">risk</a> in your short- to medium-term investments if you don’t want to. </p> <div id="mntl-sc-block_237-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_238-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The idea of diversification is an important part of creating a strong investment portfolio; this includes both the riskiness of individual stocks and their intended <a href="https://www.investopedia.com/terms/i/investment_horizon.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">investment horizon</a>. </p> <div id="mntl-sc-block_239-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_240-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> At the other end of the age spectrum, investors near and at retirement are encouraged to cut back to the safest investments—even though these may yield less than inflation—to preserve capital. Taking fewer risks is important as the number of years you have to earn money and recover from bad financial times dwindles, but at age 60 or 65, you could have 20, 30, or even more years to go. Some growth investments <a href="https://www.investopedia.com/articles/investing/090915/are-your-investments-right-your-age.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">could still make sense for you</a>. </p> <div id="mntl-sc-block_241-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_242-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-what-is-personal-finance"></span> <h2 class="mntl-sc-block-questionandanswer__question">What Is Personal Finance?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>Personal finance is the knowledge, instruments, and techniques used to manage your finances. When you understand the principles and concepts behind personal finance, you can manage debt, savings, living expenses, and retirement savings.</p></div> </div> <div id="mntl-sc-block_243-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_244-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-what-are-the-5-main-components-of-personal-finance"></span> <h2 class="mntl-sc-block-questionandanswer__question">What Are the 5 Main Components of Personal Finance?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>The five main components are income, spending, savings, investing, and protection.</p></div> </div> <div id="mntl-sc-block_245-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_246-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-what-is-an-example-of-personal-finance"></span> <h2 class="mntl-sc-block-questionandanswer__question">What Is an Example of Personal Finance?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>One of the key ideas behind personal finance is not to spend more than you make. For instance, if you make $50,000 a year but spend $65,000, you'll end up with debt that continues to compound because you'll be spending more than you make to pay for past expenses.</p></div> </div> <div id="mntl-sc-block_247-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_248-0" class="comp mntl-sc-block finance-sc-block-questionandanswer mntl-sc-block-questionandanswer"><span class="heading-toc" id="toc-why-is-personal-finance-so-important"></span> <h2 class="mntl-sc-block-questionandanswer__question">Why Is Personal Finance So Important?</h2> <div class="mntl-sc-block-questionandanswer__answer"><p>The concepts behind managing your personal finances can guide you in making intelligent financial decisions. In addition, the decisions you make throughout your life on what to buy, sell, hold, or own can affect how you live when you can no longer work.</p></div> </div> <div id="mntl-sc-block_249-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-the-bottom-line"></span><h2 id="mntl-sc-block_250-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> The Bottom Line </span> </h2> <p id="mntl-sc-block_251-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> 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. </p> <div id="mntl-sc-block_252-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_253-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> In addition, it can include ways to protect yourself with insurance, <a href="https://www.investopedia.com/guide-to-financial-literacy-4800530" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">build wealth</a>, and ensure wealth is passed on to the people you want it to pass to. </p> <div id="mntl-sc-block_254-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_255-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> 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. </p></div> <div id="textnote-placeholder_1-0" class="comp textnote-placeholder mntl-block"></div> <div id="textnote_1-0" class="comp textnote mm-ads-gpt-adunit gpt textnote "> <div id="textnote" class="wrapper" data-timed-refresh="30000" ></div> </div></div> </div><div class="loc article-post-content"><div id="article-sources_1-0" class="comp article-sources mntl-article-sources mntl-expandable-block" data-scroll-offset="100"><div class="loc toggle-content"><div id="mntl-article-sources__wrapper_1-0" class="comp mntl-article-sources__wrapper mntl-block article-sources__wrapper" data-click-tracked="true"><div id="mntl-article-sources__heading_1-0" class="comp mntl-article-sources__heading mntl-text-block article-sources__heading">Article Sources</div> <div id="mntl-article-sources__icon-wrapper_1-0" class="comp mntl-article-sources__icon-wrapper mntl-block article-sources__icon-wrapper"><div id="article-sources__show-icon_1-0" class="comp article-sources__show-icon mntl-block"></div> <div id="article-sources__hide-icon_1-0" class="comp article-sources__hide-icon mntl-block"></div></div></div> </div><div class="loc expandable-content"> <div id="article-sources__disclaimer_1-0" class="comp article-sources__disclaimer mntl-block">Investopedia requires writers to use primary sources to support their work. 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"<a href="https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/HHDC_2024Q3" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Quarterly Report on Household Debt and Credit, 2024:Q3</a>," Page, Summary.</p></li> <li class="mntl-sources__source" id="citation-12"><p>U.S. Department of Education, Federal Student Aid. "<a href="https://studentaid.gov/manage-loans/repayment/repaying-101" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Repaying Student Loans 101</a>."</p></li> <li class="mntl-sources__source" id="citation-37"><p>U.S. Department of Education, Federal Student Aid. "<a href="https://studentaid.gov/manage-loans/repayment/plans" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Federal Student Loan Repayment Plans</a>."</p></li> <li class="mntl-sources__source" id="citation-38"><p>myFICO. "<a href="https://www.myfico.com/credit-education/blog/credit-utilization-be" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow">What Should My Credit Utilization Ratio Be?</a>"</p></li> <li class="mntl-sources__source" id="citation-11"><p>myFICO. “<a href="https://www.myfico.com/credit-education/fico-scores-vs-credit-scores#" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow">What’s the Difference Between FICO Scores and Non-FICO Credit Scores?</a>”</p></li> <li class="mntl-sources__source" id="citation-39"><p>myFICO. "<a href="https://www.myfico.com/credit-education/whats-in-your-credit-score" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow">What's In My FICO Scores?</a>"</p></li> <li class="mntl-sources__source" id="citation-46"><p>Experian. "<a href="https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-is-a-good-credit-score/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow">What Is a Good Credit Score?</a>"</p></li> <li class="mntl-sources__source" id="citation-3"><p>myFICO. "<a href="https://www.myfico.com/credit-education/what-is-a-fico-score" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow">What is a FICO Score?</a>"</p></li> <li class="mntl-sources__source" id="citation-6"><p>Federal Trade Commission. “<a href="https://www.consumer.ftc.gov/articles/understanding-your-credit-0" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Understanding Your Credit</a>.”</p></li> <li class="mntl-sources__source" id="citation-7"><p>Capital One. "<a href="https://www.capitalone.com/creditwise/free-credit-report/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow">CreditWise: Get Your Free Credit Report</a>."</p></li> <li class="mntl-sources__source" id="citation-4"><p>Federal Trade Commission. "<a href="https://consumer.ftc.gov/consumer-alerts/2023/10/you-now-have-permanent-access-free-weekly-credit-reports" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">You Now Have Permanent Access to Free Weekly Credit Reports</a>."</p></li> <li class="mntl-sources__source" id="citation-34"><p>Consumer Financial Protection Bureau. "<a href="https://files.consumerfinance.gov/f/documents/cfpb_medical-debt-burden-in-the-united-states_report_2022-03.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Medical Debt Burden in the United States</a>."</p></li> <li class="mntl-sources__source" id="citation-41"><p>Internal Revenue Service. "<a href="https://www.irs.gov/credits-and-deductions-for-individuals" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Credits and Deductions for Individuals</a>."</p></li> <li class="mntl-sources__source" id="citation-21"><p>Morningstar. “<a href="https://www.morningstar.com/start-investing/classroom" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow">Morningstar Investing Classroom</a>.”</p></li> <li class="mntl-sources__source" id="citation-42"><p>EdX. "<a href="https://www.edx.org/about-us" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow">About EdX</a>."</p></li> <li class="mntl-sources__source" id="citation-35"><p>EdX. "<a href="https://www.edx.org/search?q=personal+finance&tab=course" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow">Catalog</a>."</p></li> <li class="mntl-sources__source" id="citation-26"><p>Purdue University, College of Agriculture. “<a href="https://www.purdue.edu/hhs/extension/planning-for-a-secure-retirement/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Planning for a Secure Retirement</a>.”</p></li> <li class="mntl-sources__source" id="citation-47"><p>Internal Revenue Service. "<a href="https://www.irs.gov/publications/p969" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Publication 969 (2023), Health Savings Accounts and Other Tax-Favored Health Plans</a>."</p></li> </ol> </div> </div></div> <div id="performance-marketing_1-0" class="comp performance-marketing mntl-block "><div id="gam-ad-table_1-0" class="comp gam-ad-table ad-table mntl-block"><div id="brokertable--v2_1-0" class="comp brokertable--v2 brokertable finance-ad-table mm-ads-ad-table mntl-block ad-table--v2" data-ad-table="brokertable2-"><div id="mm-ads-ad-table__heading_1-0" class="comp mm-ads-ad-table__heading mntl-text-block">Compare Accounts</div> <div id="mm-ads-ad-table__disclosure_1-0" class="comp mm-ads-ad-table__disclosure mntl-block" data-tracking-container="true"><button id="mm-ads-ad-table__disclosure-label_1-0" class="comp mm-ads-ad-table__disclosure-label mntl-button"> Advertiser Disclosure </button> <div id="mm-ads-ad-table__disclosure-description_1-0" class="comp mm-ads-ad-table__disclosure-description mntl-block"><div id="mm-ads-ad-table__disclosure-close_1-0" class="comp mm-ads-ad-table__disclosure-close mntl-text-block">×</div> <div id="mm-ads-ad-table__disclosure-content_1-0" class="comp mm-ads-ad-table__disclosure-content mntl-text-block">The offers that appear in this table are from partnerships from which Investopedia receives compensation. 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'/lightbox_speed.js' : '/lightbox_inline.js'; // eslint-disable-next-line prefer-template const script = 'https://www.lightboxcdn.com/vendor/' + brandId + lightboxJs; this.brandId = brandId; this.script = script; this.initialized = true; }, load(callback) { this.init(); if (callback) { Mntl.utilities.loadExternalJS({ src: this.script }, callback); } else { Mntl.utilities.loadExternalJS({ src: this.script }); } } }; })(window.Mntl || {}); Mntl.digiohTimerDelay = parseFloat('0') * 1000; }); </script> <div id="mm-ads-taxAggregator-iframe_1-0" class="comp mm-ads-taxAggregator-iframe"> <div id="taxAggregatorWrapper" style="display: none !important;"> <script> if (document.getElementById("taxAggregatorIframe") === null) { const iframe = document.createElement("iframe"); iframe.id = "taxAggregatorIframe"; document.getElementById("taxAggregatorWrapper").appendChild(iframe); const dotDashOrigin = "https://www.dotdashmeredith.com"; const sendTaxDataToIframe = () => { const { primaryTaxonomyIds } = {"primaryTaxonomyIds":"4173514|4427760"}; const tax2 = primaryTaxonomyIds?.split("|")?.[2]; if (tax2 !== undefined) { iframe.contentWindow.postMessage( { tax2 }, dotDashOrigin, ); } } // when iframe loads, send it the taxonomy data iframe.addEventListener("load", sendTaxDataToIframe); // The "load" event fires regardless of whether the network request succeeded/failed, // but we can test for a successful load by sending a message from the iframe itself. // Message is sent here - https://bitbucket.prod.aws.about.com/projects/REVDEV/repos/private-aggregation-api-frontend/browse/index.html let iframeLoaded = false; window.addEventListener("message", event => { if (event.origin === dotDashOrigin && event.data === "success") { iframeLoaded = true; } }); window.addEventListener("readyForThirdPartyTracking", () => { iframe.setAttribute("src", dotDashOrigin + "/privateAggregationAPI/index.html"); }); setTimeout(() => { if (iframeLoaded === false) { console.error("Private Aggregation API document failed to load from dotdashmeredith.com (mm-ads module)"); } }, 6000); } </script> </div> </div></body> </html>