Personal Financial Management

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Personal financial management

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The process of controlling income, expenses, savings, and investments to meet life goals.

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Gross income

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Total earnings before deductions like taxes.

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Net income

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Take-home pay after deductions such as taxes and insurance.

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Fixed expenses

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Regular payments that don’t vary, such as rent, car payment, insurance.

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Flexible expenses

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Expenses that vary in amount, such as food, entertainment, gas.

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Money wasters

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Small, frequent expenses that add up, like coffee, snacks, or subscriptions.

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Importance of a budget

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It helps control spending, manage debt, and plan for savings and future goals.

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Cash management

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Effectively handling cash flow to ensure income covers expenses and savings.

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Debt

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Money owed to lenders or creditors.

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Interest

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The cost of borrowing money, usually a percentage of the loan amount.