Chapter Preview
Managing your money well is important for a secure future. This chapter will help you understand how to plan your finances, handle debt, budget your income, invest wisely, use banking services, and build a good credit score.
Learning Objectives
After reading this chapter, you should be able to do the following:
- Define financial planning with reference to the financial planning life cycle.
- Describe strategies to manage and minimize personal debt.
- Explain how to manage monthly income and expenses.
- Clarify the concepts of compound interest and the time value of money and their impact on long-term financial planning.
- Differentiate between major banks and credit unions in terms of structure, services, and profitability.
- Explore how you can build a credit history that will give you a high credit score.
