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Financial Planning for Personal Use: A Guide to Maximizing Your Money

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Personal Finance Defined: A How-to Guide to Maximizing Your Financial Wealth
Financial planning for personal finance involves the practice of making money, preserving money, building wealth and protecting assets.
Written by Hal M. Bundrick, CFP(r) Senior Writer | Personal Finance, financial planning, investments Hal M. Bundrick is a personal finance writer and an expert on NerdWallet in financial matters. He is certified as a financial planner, and a an ex-financial consultant and senior specialist in investment for Wall Street firms. Hal advised businesses, families trusts, non-profits and nonprofits as well as the management of group retirement plans for employees across the South and Midwest. Hal currently focuses on making financial concepts understandable and clear.





Jul 12 2022


Editor: Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, debt and money management Kathy Hinson leads the core personal finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team editor and designer. Previous experience included copy editing and news for several Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in journalism and mass communications in Iowa's University of Iowa.







Many or all of the products featured here are from our partners, who pay us. This impacts the types of products we review as well as the place and way the product appears on a page. However, this does not affect our opinions. Our views are our own. Here is a list of and .



What is personal finance?
Personal finance is a term encompassing all of the matters associated with managing your money. It can refer to matters that are as simple as keeping track of your spending and reducing your expenses -- or as complicated as estate planning and taxation. (Note the fact that it's just one of a few different .)
Why is personal finance so important?
Financial decisions can be overwhelming. In reality, 4 out of five Americans (80 percent) say they put off financial decisions, while 35% of those delaying these decisions claim that they are overwhelmed by the thought of the financial implications. This is according to an survey conducted in June of 2022 by NerdWallet survey that was conducted online conducted by The Harris Poll.
Take each facet at a time. Master that, then proceed to the next. Personal finance is essential because it deals with four crucial aspects of ensuring your security and well-being 1.) Earning money. 2) The saving of money. 3.) Wealth creation. 4.) Protection of assets.
They can cross paths throughout your life. It's likely you've already accomplished some of the basic tasks. This will give you confidence when you embark on a new project that will maximize the value of your money.
Personal finance examples in every day life
Personal finance is more than just a theory in a textbook. It is the foundation of how you live your life to your own preferences.
For example, manage your cash flow so that you are able to save money. Plan ahead for the future so that you are able to consider career choices and not be stuck in a job because you have a mountain of unpaid bills.
Knowing how personal finance works can be empowering.
Although 39% of Americans say they feel anxious when making financial decisions, according to the survey 30% are confident and 17% excited which suggests it's possible to be confident and happy when navigating your financial affairs. Understanding how it all functions is the first step in building that confidence.
13 essentials of personal finance
Many of the financial basics are achievable on your own, by arranging your finances and a determination to make the most of what you earn. Planning for your estate and tax planning, as well as investing, usually require expert assistance.
1. Earning money
There's a good chance that there are millionaires in your community that you never think of as rich. They could earn a lot less than you think necessary to accumulate such a fortune.
Some people are mentally predisposed to spending money. Most of us have to work hard to set aside some money. This is where the saying, "it's not what you create, but the things you keep" is relevant.
Here are some of the most important personal finance concepts the following:
Net income
Your take-home pay, or after deductions, is the amount you have to spend. It's the basis in your process of budgeting. It's essential to determine how much you'll be receiving after all tax, insurance and other benefits are taken to spend only what you really have to put in your bank.
Side income
You're looking to make some money, but aren't certain where to begin? NerdWallet has compiled nearly two dozen legitimate ways to make money -- whether it's or out and about and listed each option based on how fast you can get started and be paid.
While most people prefer fast cash, don't forget about the "slow" gigs, as they may pay more in the long run.
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2. Managing money
Banking
Nearly 2 in five (38%) Americans are likely to put off opening a brand new bank account or selecting a new bank, according to the study. But deciding which are best will help you cut costs and help you save more money.
Checking your accounts
Learn more about this one of the most basic kinds of accounts that are available to consumers.
Savings accounts
Find advice and help to find accounts that have low fees and the best interest rates.
Certificates of Deposit
The opening of a CD is a great way to get certain returns for your money with little risk. CDs usually have the highest interest rates in bank accounts, and they are federally insured, in contrast to investments stored in bonds and stocks.
The difference between renting and buying a house
Should you buy or rent a home? Utilize our tool to discover which option is best for you.
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3. Budgeting and planning
systems have been designed in order to assist you understand and assess your relationship with money. While all share a common purpose, they all employ distinct tactics to get you there.
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4. Saving money
Interest
is the money you receive when you loan funds out, as well as the cash you pay when you borrow money. In simple terms, it's the amount charged for the privilege of borrowing someone's money.
Emergency fund
An is money set aside to pay for large unanticipated expenses, such as:
Unforeseen medical bills.
Home-appliance repair or replacement.
Major car repair.
Unemployment.

Health savings accounts
A , is an excellent way to save to pay for medical expenses, and also reduce your taxable income. But not everyone can -- or should -- sign up for the kind of health insurance plan that you need to sign up for an HSA.
Saving to buy a house
Determine the amount of down payment you'll need, use money-saving hacks and keep your savings in the correct type of account. Here are five tips on .
Saving for college
A 529 plan is the ideal option to save for college if you know the rules and ways to make the most of your investment. It is type of savings or investment account where money grows tax-free as long as the withdrawals are used for qualifying education expenses. The name is derived from one of the sections of the IRS code.
There are two types of 529 plans. .
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5. Maximizing the credit card balance
Finding the best is part art, part science.
No single credit card is better than all others in every category -- or for all types of people. If you are aware of what options are available to you and asking the appropriate questions, you will choose the credit card that is the most appropriate to your lifestyle and financial needs.
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6. Money borrowed
Vehicle loans
Find assistance in locating the best vehicle loan and also find options if you're having trouble. It includes calculators and helpful tips about affordability, down payment and charges.
Student loans
Do you need to refinance your mortgage ? If so, how can you find the right lender or the right payment plan? NerdWallet has collected the resources that will help you answer those questions and more.
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Personal loans
Personal loans come with fixed annual percentage rates, generally between 6% and 36%. The loan with the lowest rate is the cheapestgenerally the best choice. Other features, including no charges or soft credit checks, and how lenders pay directly creditors in the event of consolidating debt. set some loans apart.
We spent a lot of time reviewing loans from more than 30 personal loan firms to determine the best online rates along with loan features.
Mortgages
Easily compare and find the best mortgage for you. Whatever your goals for buying a home are you'll find the right tools including calculators, calculators, and know-how to help you tackle them.
Compare mortgage rates.
Get preapproved.
Calculate your mortgage's payment.
Find refinance refinance options.
Estimate your home's value.
Find the top mortgage lenders.

Home equity
It is often stated that home ownership can create wealth. So, what is home equity, and how can it increase your net worth? Home equity is the market value of your house less what you are obligated to. You're trying to find an increase in value. Any gains are due to 1)) The process of paying down the principal balance of your loan. 2) A rise in market value over time.
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7. Your credit score
Factors affecting credit scores
A credit score is a number that lenders use to help decide if it's risky to provide you with money or grant you a credit card. Your score and other variables like your debt and income aid lenders in deciding whether to approve your credit application and determine your interest rates.
Two factors are the most important for your credit rating: whether or not you pay bills on time and the amount of credit card limits you use (less is more beneficial).
How do you build credit?
If you don't have a credit history, it can be hard to get a loan, a credit card or even an apartment.
How do you expect to establish a record of responsible payment if no one is willing to give you credit in the first place?
Many tools can be used to help you create a . Here's how:
It is important to keep an eye over your credit report since it will impact the amount you have to pay for your car and home insurance. It can also affect your capacity to lease a house or apartment, and even your chances of getting certain jobs.
can be a little like checking your blood pressure to check how your current fitness program and diet are impacting it. You're unlikely to see steady, unbroken progress, but it can indicate that you're on the correct path. Any significant, unsubstantiated shift on your score, credit or your reports must be taken note of It could indicate an identity theft issue or a mistake in your credit reports.
How to rebuild credit
Restoring damaged credit can be harder than starting over. You're trying to convince creditors and credit card issuers that despite slip-ups from your side or a disaster you had nothing to be responsible for, you're likely to make future payments as agreed. Consider these .
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8. Taxes
Find out the tax brackets for federal income or the top tax software and estimate your tax billor tax refund -- at the . You can also track your state and federal tax refunds and learn the most recent deductions and tax breaks.
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9. Paying off debt
Strategies to pay off debt
Over 1 in 5 (22%) Americans are likely to put off creating an action plan to pay off their debts in the wake of the study. But getting out of financial debt that you can probably do on your own with proper tools, and the motivation.
Learn from those who've been there. The NerdWallet's series tackled thousands of dollars of debt with smart strategies and everyday tricks.
can help you wrangle . It shows your debt-free date with your current payments, then how much faster you'll get there by making more payments each month. It also lets you compare the payoff and repayment strategies.
Do you want to pay on your home mortgage?
If you're thinking about getting rid of your mortgage, you're in an enviable situation. It's as if you've maxed out your retirement savings, set aside an emergency fund and are able to find yourself with a a sizable chunk of cash to pay off that house loan debt.
You might be thinking about a plan attempt to get that mortgage paid off more quickly.
There are many reasons why you might want to pay off your mortgage, but do you?
How many times do you think it is too much?
Wondering if you have too much debt? Add your monthly debt payments (like car loans, credit card payments as well as child care) and divide it by your the amount of income you earn each month to determine . A higher DTIs are often difficult to pay off and make obtaining new credit lines difficult.
For example for example, a DTI higher than 43% may be excessive and indicate you require debt relief.
Bankruptcy relief/debt relief
Do you feel like you're not getting any progress on your debts no matter how hard you try? If yes, you could be struggling with debt that is overwhelming.
In order to free yourself from this financial burden, you should look at the options. These tools may alter the conditions of or amount so you can get back on your feet more quickly.
But debt-relief programs are not the right solution for everyone. Be aware .
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10. Insurance
It is the exchange of riskfor a fee. You pay a company to assume a certain amount of risk in case of death, injury or disability or damage to property. It's one of the pillars of personal finance. The needs for insurance can change throughout life and can depend on family needs and your personal wealth.
Life insurance
protects anyone who depends on you financially. If you pass away unexpectedly, life insurance could provide a replacement for your income, pay off a mortgage, or even pay for your kids' college tuition or whatever other expense you wish to pay for.
Insurance for homeowners
Your home is more than just an overhang for your head. It could be the most valuable asset you ownand one that you can't afford to replace out-of-pocket should disaster strike. That's why protecting your investment with the right is so important.
Auto insurance
The average cost for car insurance is $1,592 per year, according to NerdWallet's 2021 rate study. Shopping around for insurance quotes frequently, in addition to other factors, can help lower the cost of insurance.
Annuities
Annuities are financial products that can provide an income stream that is steady in retirement. However, an annuity is an intricate thing. Learn more about how annuities work with the pros and cons and how annuities are compared to IRAs.
Long-term care
It's hard to imagine right now however, chances are that you'll require assistance to take care of yourself later on in life. The main problem is: how do you pay for it?
The purchase of long-term care insurance is one option to plan. Long-term care refers to various options that's uninsured by traditional health insurance. A helps cover the costs of that care when you are suffering from a chronic medical condition such as a disability, disability or disorder such as Alzheimer's disease.
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11. Making an investment
To buy stocks, you'll require an account with a brokerage company that you can set up in about 15 minutes. Then, once you've added money to the account, you'll have to follow .
Retirement accounts for retirement
An individual retirement account or IRA, is an investment account that has tax advantages which people use to save for retirement. Contributions to certain IRAs may be tax-deductible, or withdrawals could be tax-free.
There are several types of IRAs like traditional, Roth, SEP or SIMPLE. The IRAs can be purchased through banks, robo-advisors, or brokers.
Investing in a brokerage account
A typical, or tax-deductible account has no tax advantages for investing through the account. In the majority of instances the profits you earn from investments are taxed.
Plus, this means that there are few guidelines for these accounts. You are able to pull your money out at any time, with reasons of any kind, and then invest in as much as you'd like.
Exchange-traded and mutual funds
Mutual fund investors own shares in a company that purchases shares in other companies (or in bonds or any other security). The investors of mutual funds don't actually hold the shares of the companies that the fund purchases however they take part in the gains or losses of the fund's entire holdings, which is why they are "mutual" in mutual funds.
can be traded like individual stocks, but they offer the diversification advantages of mutual funds. In most cases, ETFs will have a lower investment requirement as compared to index funds.
Fixed-income investments
These types of bonds, like government and corporate bonds, are able to provide a steady, predictable source of income, often with lower risk than other investments.
Along with stocks and stock mutual funds Fixed-income investments form the core of a diverse investment portfolio.
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12. Running or starting an enterprise
From loans to lender reviews, we'll help you connect to the right resources so you can manage your business:
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13. Travel
Do you have a dream of a vacation? NerdWallet offers the right tools and suggestions to assist you in comparing and finding the most effective way ways to make your next vacation cost-effective as you can.
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Find out more about personal finance
Want to learn more about every facet of personal finance mentioned above? You can listen to interesting and informative discussions about financial matters at any time through NerdWallet's audio podcast.
Podcast of the NerdWallet Smart Money Podcast
Your money questions, addressed. This is the NerdWallet article. Have a money question? Talk to any of our Nerds. Text us or call us at 901-730-6373 or via email, and then join for the podcast and then listen.
METHODOLOGY

This survey was conducted online in the United States by The Harris Poll on behalf of NerdWallet from June 14-16, 2022, among 239 U.S. adults ages 18 or older. The sampling precision of Harris polls online is determined by using a Bayesian credible interval. In this case, the data from the sample is precise to within the range of 2.8 percentage points with the 95% confidence level. To learn more about the methodology of this survey including weighting variables as well as subgroup size Please contact Sarah Borland at
Disclaimer: NerdWallet disclaims specifically and implicitly, any warranties, of any kind that are implied, including those regarding the merchantability of its products and their fitness for a particular purpose , or whether the article's information is accurate, reliable or free of errors. Use or reliance on the information provided is at your own risk, and its accuracy and completeness are not warranted. The information of this article should not be relied upon or associated with the performance in the future of NerdWallet nor any of its affiliates or subsidiaries. Statements that are not actual facts are forward-looking statements that involve risks and uncertainties as expressed in terms such as "believes," "expects," "estimates," "may," "will," "should" or "anticipates" or similar expressions. These forward-looking statements may significantly differ from the presentation made by NerdWallet of data to analysts as well as its actual financial and operational results.










About the author: Hal Bundrick is a personal finance writer and an expert on NerdWallet in financial issues. He is a certified financial planner as well as a former financial advisor.







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