Personal finance is a crucial aspect of our everyday lives that too often gets overlooked in the hustle and bustle of our daily routines. It’s essential to take a step back and focus on personal finance to secure a good future for ourselves.
When we talk about personal finance, we are referring to managing our financial resources: income, assets, and expenses, including debt. Setting clear goals and a budget, while tracking your progress over time, are the keys to financial success.
68% of Americans are worried they won’t be able to cover just one month’s living expenses with their savings.Bankrate’s 2023 Annual Emergency Savings Report
The reality of our financial situations is that nobody is going to create security and prosperity for us; we must do it ourselves. There are different events that happen in our lives, like graduation from college or a loved one passing, that may have a positive or negative financial impact. It’s by having a plan and preparing for financial turbulence that we can truly start to take control of our finances and live life the way we want to. As part of that plan, you will want to start and fund an emergency fund if you don’t already have one. That will give you some necessary funds to handle uncertain times.
Focus on building a solid financial plan for yourself that will serve you through good and bad times. Review your plan regularly and don’t get discouraged when things don’t go exactly as you envisioned. Rocky times are a natural part of the human experience. That’s why staying focused on personal finance is essential. When you have a handle on your personal finances, you are freed to look at your situation holistically and consider how you can live your best life today, while creating opportunities for your future.