Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. We have written several articles on personal finance and how to budget and consciously get out of debt It addresses the ways in which individuals or families obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events. Components of personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies, and income tax management. It may include bad debt loans, debt consolidation, and last but not least, family loans. Most importantly when dealing with Family and Friends loans is to document your loan, for many tax purposes and also for purposes that loans in writing are often repaid. If you are loaning someone money or looking to borrow money, you should be using a loan document. I suggest using the one at www.kasu.ca, or www.documentyourloan.com.
The articles that have been written on consciously getting out of debt are in essence personal financial planning, which is a process that requires regular monitoring and revaluation. According to many sources it involves:
- Setting goals
- Creating a plan
- Monitoring and reassessment
To go to our articles on personal finance, go to:
- Consciously Get Out Of Debt: Part 1
- Consciously Get Out Of Debt: Part 2 Find-Out where you are now!
- Consciously Get Out Of Debt Part 3: Knowing how to keep it, and how to stay out of debt once you get out of it is all part of consciously creating Your Success!
- Consciously Get Out Of Debt Part 4: Go on a debt free diet and make it personal!
- Consciously Get Out Of Debt Part 5: Knowing What To Budget and What To Cut
- Consciously Get Out Of Debt Part 6: Dealing with creditors, debt collectors, consolidating debts and paying them down!
- Raising Money From Friends and Family Part 1 of 2: Document Your Loan
- Raising Capital From Friends and Family Part 2: Exhibit Confidence and be Prepared!