Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. We have written several articles on personal finance and how to budget and consciously get out of debt 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. It may include bad debt loans, debt consolidation, and last but not least, family loans. Most importantly when dealing with Family and Friends loans is to document your loan, for many tax purposes and also for purposes that loans in writing are often repaid. If you are loaning someone money or looking to borrow money, you should be using a loan document. I suggest using the one at, or

The articles that have been written on consciously getting out of debt are in essence personal financial planning, which is a process that requires regular monitoring and revaluation. According to many sources it involves:

  1. Assessment
  2. Setting goals
  3. Creating a plan
  4. Execution
  5. Monitoring and reassessment

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