Personal finance is the term for individual money management. It encompasses managing your household budget, tracking income vs. expenses, and planning for your financial future through investing, retirement planning, or saving for your child’s education. Personal finance skills help you make your money work for you so that you can maintain — and improve — your quality of living. Personal finance is a term that's broadly used to describe the industry that offers various money-related services to individuals. For example, personal financial advisors assess your current income and spending, help you determine your current and future financial needs, and develop a plan to help you achieve your financial goals. Udemy courses can teach you the skills you need to make the most of your personal finances.

Personal finance encompasses five main areas of financial planning – income, spending, savings, investment, and protection. Income refers to money that you receive from all sources, including your salary and other income. Spending refers to all of the money you spend on bills, food, entertainment, and other expenses. Savings refers to income you don't spend, but rather set aside for future use. Investment refers to money spent that tends to increase in value, such as through stocks, bonds, mutual funds, property, art, and other investments. Protection involves putting your money into products that reduce risk and provide financial security, such as life insurance and annuities.

There are many benefits to exercising personal finance skills. They're important because the sooner you can take charge of your financial situation, the better off you'll be — now and in the future. Effectively managing your day-to-day spending helps you maintain your current lifestyle. Finding supplemental income opportunities gives you the potential to improve your quality of living. Putting money away for emergencies and investing so that it can grow provides short-term financial security. Life insurance policies and other financial protection products provide a higher level of security for the future. Udemy offers many courses that cover a wide range of personal finance topics and skills to help you on your way to personal financial stability.