Personal Finance of Gazetted Officers in Kerala

The purpose of personal financial management is achievement of personal financial freedom. It is a stage where finance will not be a hindrance against the fulfilment ofthe financial objectives of persons. After counting individual values and preferences we arrive at a standard or normal financial behaviour. Even though individuals differ in their tastes and preferences, there are a very large amount of commonality among them. The financial manager should list out the various financial objectives ofthe family. Then he should make the best choice from among the various alternatives on a priority based system. In short personal finance is concerned with the way in which a person manages his income and expenditure to achieve his personal financial objectives. Thus a proper personal financial planning is essential in every family for attaining financial discipline in the family. The fall ofthejoint family system, the growing financial responsibilities of modern families, limited chance ofincreasing income, growing population, financial insecurity of the government employees, lack of financial freedom, lack of proper personal financial practice and its awareness, the growing suicide rate on account offinancial crisis etc.,make the study a necessity