Thursday, 24 November 2011

The various aspects of Personal Finance for Individuals and Families

Personal Finance is the Usage and a set of principles of Corporate Finance in an individual’s or family’s monetary affairs . It is aimed at Financial Security and Financial Independence so that an individual or a family can be ready to face any kind of monetary emergency and can also spend on their fixed expenses . Important terms related to Personal Finance are like Emergency Loan and Vacational Loan to name a few .
The popularity of Personal Finance in today’s time is increasing ever than before , especially in Developing Countries like India because a consumer has started spending money ever than before . This utility is very much prevalent among the Middle Income Families in countries like India , where in many cases there is only a Single Bread Earner to earn money for himself or herself and for the rest of the family . Another possible reason is rising inflation , where Taxes and Prices of various items are increasing in a manifold manner as compared to peoples’ incomes . Keeping such factors in mind , Finance Utilities like Personal Finance and Home Loans are gaining prominence in today’s time .
            As Personal Finance has gained popularity over the years , various companies in Europe and US have opened up in this sector . In Developing Countries like India also , various companies have opened up in the sector of Personal Finance . Such companies provide facilities like Vacational Loan and Medical Loan . With the help of a Medical Loan , an individual or a family can cover medical expenses on things like Medicines , Medical Treatment and General Physicians’ Fees . On the other hand , a Vacational Loan can help in covering Travel Expenses , Accommodation Expenses and other Miscellaneous Expenses .
            Nowadays , with the progressing of the Information Technology or IT Sector all over the world , Personal Finance is being worked upon over here also . Many IT Companies are now developing Softwares on Personal Finance for various financial organizations like banks and insurance companies . “Microsoft Money Essentials” and “Quicken Starter Edition” are examples of such Personal Finance Softwares .
            In the world of Internet also , Personal Finance is fast catching up among people . Now individuals as well as Groups of people are posting their blogs and reviews on various social networking sites . They are also posting their blogs on various blogging sites and blog sections of various finance based websites . It’s due to this reason that now lots of material on Personal Finance is available in various Search Engine Websites and most of the online reviews are free to view and download . Very few reviews follow the Paid Subscription Model .
            Nowadays , various softwares for Personal Finance are being developed and introduced for “Mac OS X” , which is the Operating System designed for Mac , precisely Macintosh Computers , made and sold by Apple Inc . The latest version of “Mac OS X” is 10.7 and softwares like “iBank” and “SEE Finance” are based on Personal Finance , which are meant for download from the Internet .
            Even in markets , many books on Personal Finance have been launched by various renowned authors who are economists . These books cover topics like Debt Avoidance & Reduction and Money & Profit Generation to name a few .

1 comment:

  1. Personal Finance has surely become very important in today's inflation age. Now Individuals, Families & even giant financial organizations like Indian Railways alias IR have started managing their finances.