Personal finance refers to the management of an individual’s or household’s financial activities, including budgeting, saving, investing, and planning for future financial needs and goals. It encompasses a range of topics such as income management, expenditure tracking, debt management, retirement planning, and tax strategies. The primary aim of personal finance is to help individuals achieve financial stability and growth by making informed decisions regarding their money. This often involves setting financial goals, creating and adhering to budgets, investing in financial instruments, and preparing for unforeseen expenses. Personal finance also emphasizes building an emergency fund and planning for significant future expenses like education or major purchases. Effective personal finance practices can lead to better financial health and the ability to pursue life aspirations without undue stress related to money.
Anticipated financial changes for retirees include pension hikes and increased aid for storm-affected individuals, pending validation by the Congress of Deputies. Contributive and state passive pensions will increase by 2.8%,…