Personal Finance Research Paper

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Pages: 14
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[ HOUSEHOLD FINANCE/DEBT]
[ ENKHJIN NYAMDORJ ]
[ CALIFORNIA UNIVERSITY OF MANAGEMENT AND SCIENCES ]

What is Personal Financing? Personal finance as described by Google define is “The application of the principles of finance to the monetary decisions of an individual or family unit. 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.” Things such as savings accounts, investment schemes, insurance coverage and hospital benefits are all forms of personal finance to which people base monetary matters on. With quite a few necessities in life being out of most persons price range, it is only through personal finance and investment in which it makes it possible to afford some of life’s requirements. Personal finance options include a personal loan, a credit card and or a car loan. Investment options such as cash management, fixed interest and bonds, shares, property and; diversified and specialized funds. And additional saving options such as an everyday savings account, sub account and everyday online savings account. There are some principles of the personal finance. Personal Cash Budget – A personal cash budget is a tool that is used to assist in managing finances in a responsible manner. They forecast expected income, expenses and anticipated cash position over a period of time. Expenses – Are the costs incurred in the earning of revenue. Income – The financial gain accruing over a given period of time. Fee – A fee is the price one pays as remuneration for services. Interest – A fixed charge for borrowing money; usually a percentage of the amount borrowed. Interest Rate – Is the rate at which interest is applied. Inflation – Is an increase in the general level of prices and is measured by the percentage change in the consumer price index between the current and previous periods. Credit card - A credit card is a plastic card which allows the person to whom it is issued to charge bills at certain businesses. There are a secured or unsecured credit card. A secured credit card requires the applicant to deposit an amount of cash equivalent to the credit limit desired. An unsecured credit card is issued to those who have a good credit history and have the ability to repay the debt on time. A car loan may only be used for the purpose of purchasing a new car while a personal loan can be used numerous purposes. Most major banks do not offer a car loan which is secured to your car. Instead they will offer an unsecured loan which can cost 2% more than a secured car loan would have. Credit cards charge a 2-3% higher average interest rate than personal loans. Credit cards have an interest free period of about 60 days, but are usually paid every month. Personal loans are suited to a larger purchase like a car and acts as a source of credit over a fixed period of time. On the other hand,a credit card allows people to use money without carrying around a lot of cash. Each person with a credit card has a cardholder name and account number. Credit card companies encourage people to reach their credit limit so that they will have to pay it back with interest. There are three different types of cards. The first type of card is a secured card that is offered to people who have limited credit records or people who are new to credit or have credit problems. The second type of card is a regular card offered to people with higher credit limits than secured cards. The last type of card is a premium card-(gold, platinum, and titanium) offered to people with high credit limits and advance features. Debit card described by Google " A debit card is a plastic card that provides the cardholder electronic access to his or her bank account(s) at a financial institution. Some cards have a stored value with which a payment is made, while most relay a message to the cardholder's bank to withdraw funds from a
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