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Personal finance is the application of the principles of financial economics to an individual's (or a family's) financial decisions.
A Question of Time
Personal finance is a detailed analysis of financial flows at various points in time. For example, we may receive employment income today, but have to pay college tuition fees next year. Mortgage payments, interest earned, insurance premiums, and numerous other financial flows are recurring events that repeat at monthly or yearly intervals. Because these involve several time periods, we have to ask "What role does time have in these financial calculations?".
We know that if we deposit money in a bank account we will receive interest. Because of this, we prefer to receive money today rather than in the future. Money we receive today is more valuable to us than money received in the future by the amount of interest we can earn with the money. This is referred to as the time value of money. To adjust for this time value, we use two simple formula. The present value formula is used to discount future money streams, that is, to convert future amounts to their equivalent present day amounts. The future value formula is used to convert today's money into the equivalent amount at some time in the future.
All personal financial planning done by professionals uses these time value formula, as well as several more complicated variants of the formulas. To ignore the role that time plays in financial planning is to ignore one of the most important principles of personal finance.
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Alliance and Leicester - Financial services group with a comprehensive range of personal finance products.
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Aviva - Information for customers, investors, media, potential employees and students about this international financial services group.
Britannic Assurance plc - Provides financial services and advice.
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Direct Invest - Discount investment broker. Company, product and contact details.
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Money Observer - Personal finance and investment information magazine offers news and features plus a fund-ranking tool, in-depth fund data, portfolio review and free email newsletter.
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Money Saving Expert - Guides, tips articles and a forum about mortgages, credit cards and loans from Martin Lewis.
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Moneybrain - Independent information on mortgages, insurance, investment, wills and other financial products.
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Mypersonalfinances.co.uk - Insurance and personal financial products. Includes, document library and free phone number.
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SFIA Group - School fees planning. Company and contact details.
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The IFA Guide - Consumer orientated independent financial advisors directory. Includes advice about products like mortgages and loans as well as investments like stocks and ISA's.
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Torquil Clark - UK fund supermarket offering discounts on ISAs, unit trusts and other investments.
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UK Internet Banking - An internet financial portal covering mortgages, banking, borrowing, saving and investing.
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