Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

What is Personal Finance?

Are you ready to get a handle on your finances and prepare for your future? The first step is understanding personal finance.

According to Investopedia, “Personal finance defines all financial decisions and activities of an individual or household, including budgeting, insurance, mortgage planning, savings and retirement planning.” Understanding these terms can help you better control your funds and prepare for future financial success.

Important Personal Finance Terms

Budgeting — Establishing a budget is an important part of managing your personal finances. A budget helps you keep track of your spending patterns and plan how you are going to spend your income each month. Start by calculating your total monthly income, then use MyMoney to track all of your expenses each month. This will help you see where your money is going, where you can save and where you can spend a little extra each month.

Insurance  Purchasing insurance is another large part of managing your personal finances. According to Investopedia, by purchasing insurance — like health insurance, life insurance and car insurance and homeowner’s insurance — you are protecting yourself from risk and ensuring the security of your material standing.

Savings  — Whether you’re in your 20s and just starting to learn about personal finances, or are in your 30s and looking to better manage your funds, one thing is certain, you should be saving for the future. It is important to establish an emergency savings fund to cover any financial hardships and a retirement savings plan to help you in the future.

Articles on Personal Finance

For more information on personal finances, check out these articles from First Bank’s Financial Education Center:


Source:

Investopedia: http://www.investopedia.com/terms/p/personalfinance.asp#ixzz40uIYOSwU

Trending Topics

Compare First Time Mortgage Rates with First Bank

When you’re ready to buy a house, it’s easy to get caught up in all of the excitement of shopping and forget about the financial aspect. Once you’ve found the perfect house, the first thing you may be...

Starting Small Business Loans For Women – South Carolina

If you are a women looking to open a business in South Carolina, First Bank can help you with your financial needs. We provide small business loans for women entrepreneurs looking to contribute to South...

Apply for a Personal Loan in South Carolina | First Bank

If you’re looking for a personal loan in South Carolina, stop by your local First Bank. We offer highly competitive rates and flexible terms, allowing you to customize your loan based on your financial needs. Visit...

First Bank Southern Pines Review

A local bank can be the driving force behind the economy of a small community. With a population of under 14,000 residents and a strong economy—Southern Pines, North Carolina is backed by local banks like First Bank....

How to Open a Checking Account – South Carolina

If you are wondering how to open a checking account in South Carolina, your local First Bank can help. The first step is deciding what type of checking account is best for you. After choosing an account that fits your...

Current 30 Year Mortgage Rates – South Carolina

If you’re looking for current mortgage rates in SC, it’s a great time to buy! In a recent survey conducted by GoBankingRates, the state ranked 27th in the nation for the lowest average home mortgage. The study...

Checking Account Offers – High Point NC

High Point, North Carolina is home to over 100,000 people and is considered the “Home Furnishings Capital of the World.” In addition to High Point’s rich history of furniture manufacturing, they have...

High Interest Checking Accounts In Albemarle, NC

It was not far from Albemarle, NC where in 1799 the 17-pound hunk of gold was found that sparked America’s first gold rush. While you may not strike it rich mining for gold, a high-interest checking account from...

Savings Account Interest Rates in North Carolina

Whether you’re saving for retirement or starting a college fund, having the right savings account can help you reach your financial goals. With some of the most competitive savings account interest rates in North...

NC Bank

If you are looking for one of the best North Carolina banks, consider a visit to your local First Bank. First Bank is an NC bank that is small enough to know you by name, but large enough to meet all of your banking needs....