Paper Contents
Abstract
Monetary information refers to the process of monitoring and planning the use of capital by an individual or group. In personal and business finance, money management typically involves budgeting, spending, saving, and investing. financial management is a comprehensive concept. Refers to the strategies and techniques for determining the use of capital by a person, company, or institution. The 50-20-30 budgeting rules imply that a person spends 50% of their after-tax income on essential expenses. Major ones include mortgage or rent, transportation, groceries, utilities, etc. 30% of their income should be used for the things the person wants. It can include spending on parties with friends, movie tickets, and vacations. The remaining 20% should be set aside or invested for future financial purposes. Money Management with intuitive planning and budgeting helps reduce unnecessary expenses. These expenses do not contribute to a person's standard of living. They can be kept or invested for better use in the future. Money management also reduces the risk of running out of money. It helps a person achieve a long-term financial goal.
Copyright
Copyright © 2023 Shruti Bhavsar. This is an open access article distributed under the Creative Commons Attribution License.
