Personal finance is the science of earning, spending, saving and investing of money based on objectives and maximizing the wealth of the family with a view to generate adequate returns, achieving financial freedom and ensuring the happiness of the family. Personal finance deals with the lifelong financial aspect of the family. It involves the way in which a person gets his income and the way in which he spends it or saves it for future use. It also includes the amount and pattern of savings and investments, management of assets, liabilities, ancestral properties and consumer durables. Thus, on the one side, personal finance demands a thorough evaluation of the available resources of the family by all the means, and on the other side the most beneficial utilization and protection of the same to maximize the earning capacity and welfare of the family
