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Abstract:
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The purpose of personal financial management is achievement of personal financial
freedom. It is a stage where finance will not be a hindrance against the fulfilment ofthe
financial objectives of persons. After counting individual values and preferences we
arrive at a standard or normal financial behaviour. Even though individuals differ in
their tastes and preferences, there are a very large amount of commonality among
them. The financial manager should list out the various financial objectives ofthe family.
Then he should make the best choice from among the various alternatives on a priority
based system. In short personal finance is concerned with the way in which a person
manages his income and expenditure to achieve his personal financial objectives. Thus
a proper personal financial planning is essential in every family for attaining financial
discipline in the family. The fall ofthejoint family system, the growing financial responsibilities of modern families, limited chance ofincreasing income, growing population, financial insecurity of the government employees, lack of financial freedom, lack of proper personal financial practice and its awareness, the growing suicide rate on account offinancial crisis etc.,make the study a necessity |