Once my sister told me that “the money that you spend is more valuable than the money you earn”. And she is right. The most important thing is to have an understanding of how to save. Instead of seeking to acquire bigger and more extravagant objects, we need to change the economical foundation of the way we live. While shallow consumerism may be able to cheer us up for a short time, being able to live without a new shiny object makes you more human.

Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events. Components of personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies, and income tax management.