Personal Finance Management

Our responsibility increases with our age and it becomes essential to get hold of proper measures to secure our future. With the increasing economic instability to maintain better lifestyle it is essential to have proper financial security. When we are young we save money to buy car, a new house or start a new business. With the growing age it becomes important to diversify our income in other elements to earn more profit to secure our future. It also becomes essential to spend money in insurance and retirement plans which will become useful at the later part of our life. All these can be successfully carried out with the help of personal finance management.

For proper finance management it is essential to have a proper financial goal along with the right strategy at different stages to achieve that goal. The main aspect of personal finance is to maintain a balance between the income and expenditure. Financial planning is not only for people with high income it is meant for every earning individual for their betterment. The main area of concern for proper personal finance management is as follows:

Things to consider during personal Finance Management

  • Income
  • Investment and return from investment
  • Debt Management
  • Budgeting
  • Tax Planning
  • Savings
  • Insurance Planning
  • Retirement planning
  • Cash-flow. Management

Importance of Personal Finance Management

Personal Finance planning is more than just saving. It is also concerned about the future safety and security. Real estate seems to be the most popular area of investment but it is important to spend time in taking the right decision with the help of thorough research and collection of relevant financial resources. It is important to predict how the invested money can be fruitful for the future. Personal finance management will help to keep track on investment and can also help on future re-investment.

Proper budgeting helps to decide how much to spend and save so that expenditure doesn’t exceed the income amount.It also helps to pay the taxable amount on time through proper money management. It also identifies the debt amount before going for any future investment. At times it becomes difficult for us to identify the correct techniques for effective personal finance management. For this purpose an authentic financial planner or adviser should be consulted to formulate the right strategy for a successful future.

Finance Management at Its Best

In the Institute of Finance & International Management (IFIM) Business School, Bangalore, health was given the same priority as the study of finance. Many new entrants discovered this truth when early morning students were seen heading the gymnasium. For the institute, a sound health regimen translated into high scores.

One of the faculty members of this prestigious institute said that in today’s busy corporate life, finance and business professionals neglect their personal health and well-being. Health is an important part of anyone’s life but professionals have not taken the task of it. They are not required to answer this in their business performance reviews. So many ignore personal well being, which is not the case with this reputed MBA institute of Bangalore. This business school believes that health is an important factor of our daily well being. Giving it importance, the institute have added health and fitness regimen as a prt of their personality development programs.

The Institute of Finance & International Management (IFIM) Business School, Bangalore was founded in 1995. The founder, VB Padode, was the chief editor of the Dalal Street Investment Journal. The business school is located in the IT capital of India. The location is the busy electronics city of Bangalore, an IT hub. The business school shifted to this location in the year 2000. Despite surrounded by IT giants, the business institute major focus is hard-core finance domains including banking, financial research and wealth management. the school have also focused on better infrastructure and unique finance programs. the facilities attracted students from many parts of the country.

The director of IFIM, one of the top MBA colleges of Bangalore opined that IT and technology are useful tools that help in business education. There are many students in the institute, which come from engineering background and have basic knowledge of IT. The institute does not provide any course or specialization in the subject.

This finance management college of Bangalore also feature had a social responsibility program in ts course content way back in 1995. At that time, this CSR was not considered a great USP for any business school. But with changing education trends, now every MBA colleges of India is including CSR in its business courses. This is unique thing about this MBA institute of Bangalore.

Another good thing about Institute of Finance & International Management (IFIM) Business School in Bangalore is that students here are given six-month internship. Various other management institute of the country usually have two-three months internship program but here at this finance management school, students have to complete 6 months internship at the end of their study. This long period of internship paves students’ career in real world. By the time he completes the job, he is ready with to face the corporate world.

Quick Facts about Institute of Finance & International Management

  • Established in: 1995
  • Main Program: PGDM, PGDM (International Business), PGDM (Finance), PGDM-II shift
  • Other Programs: DGR programme-facilities management
  • Facilities offered: WiFi enabled campus, World class gym, Learning management system and virtual classrooms