Personal Finance
Financial planning involves analyzing the current financial position of individuals to formulate strategies for future needs within financial constraints. Personal finance is specific to every individual's situation and activity; therefore, financial strategies depend largely on the person's earnings, living requirements, goals, and desires.
For example, individuals must save for retirement which requires saving or investing enough money during their working lives to fund their long-term plans. This type of financial management decision falls under personal finance.
Personal finance includes the purchasing of financial products such as credit cards, insurance, mortgages, and various types of investments. Banking is also considered a component of personal finance including checking and savings accounts and online or mobile payment services like PayPal and Venmo. Learn More about SR&ED Financing.