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Financial Analytics: Science and Experience
 

A systems approach to personal finance management

Vol. 8, Iss. 12, MARCH 2015

PDF  Article PDF Version

Available online: 31 March 2015

Subject Heading: ASSESSMENT AND APPRAISAL ACTIVITIES

JEL Classification: 

Pages: 58-68

Bondareva S.A. Russian Presidential Academy of National Economy and Public Administration, Volgograd Branch, Volgograd, Russian Federation
s.a.bondareva@mail.ru

Importance Nowadays, financial markets are developing aggressively, and financial innovation technologies are expanding, therefore, the problem making informed and effective personal financial decisions has recently become more important.
     Objectives The objective of this work is to study and classify the elements of financial management of an individual within individual financial activities.
     Methods Using general economic and statistical methods, I analyzed the elements of personal financial management and investigated activity of using the programs of financial calculators to assess personal decisions in lending, investment, insurance, taxation and pensions.
     Results It is possible to represent personal financial management, which is the foundation of modern financial activities of an individual, as a system of interrelated elements. The subject of management (i.e. the individual) and the object of management (personal financial resources) act as the key elements of personal financial management. Financial methods and tools represent the elements of impact, as with their help the subject exercises control over the object in personal financial management. Financial and information technologies, which enable to reduce transaction costs and contribute to the effectiveness of financial decisions, act as elements of improvement the personal financial management. The research results of the system of personal financial management may be useful for developing retail financial products and services, as well as financial literacy programs.
     Conclusions and Relevance I concluded that considering the personal financial management as a system, and taking into account the characteristics of all its elements, increases the efficiency of certain individual financial decisions and overall personal financial activities.

Keywords: personal financial management, subject, object, instruments, tools, financial practices

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