Personal Finance, SAV-WHA
Personal finance includes all of your day-to-day encounters with money, as well as planning, budgeting, and saving for your goals and dreams. Categories include banking, insurance, taxes, and managing debt, family, and your career.
Personal Finance Encyclopedia Articles By Title
Saver, spender, sharer, investor, or gambler: Whatâs your money personality type?
Self-awareness is a wonderful thing. When you know yourself, youâre more likely to make choices that bring you......
Section 125 cafeteria plans: Your menu of workplace benefit
Remember the school cafeteria? Depending on the type of eater you were, you may have been excited or overwhelmed......
Secured vs. unsecured debt: Understanding the difference and its impact on interest rates
Debt (that is, borrowing money and promising to pay it back with interest) is a common financial tool for individuals,......
Self-employed tax deductions: What you can claim on Schedule C
One of the advantages of being self-employed is that many ordinary business costs can reduce your taxable income.......
Self-employment tax: Filing, paying, and staying current
Youâve started your own business and kept track of your income and expenses. Now itâs time to use that information......
Selling a house? Follow the 7 steps in our staging checklist
Looking to sell your house? Thereâs a whole host of to-do tasks to accomplish before putting up that âFor Saleâ......
Set up your emergency fund: Saving for a rainy day
Life is full of surprises, and bad luck can hit at the worst times. Maybe your car breaks down, the water heater......
Should you ditch your traditional savings account for a high-yield savings account?
When youâre trying to save, stashing your money in a traditional savings account can feel futile given the tiny......
Should you itemize tax deductions or take the standard deduction?
You know how people joke about showing up at their tax preparerâs office with giant boxes of receipts? Those days......
Should you rent or buy your home? Weighing the costs and benefits
For many of us, purchasing a home is the biggest financial decision weâll make in our lives. In fact, your home......
Should you sell your life insurance policy? Understanding life settlements
You probably bought life insurance because it fit your goals at the timeâproviding peace of mind for your family,......
Should you use a credit union or a bank?
As you reach financial milestones in life, you may need to rethink where to keep your money so itâs easier to manage.......
Should you use a paycheck advance loan app?
Maybe youâre struggling financially, but itâs still a few days until payday. Perhaps you need a couple hundred......
Shrinkflation: Inflation hiding in plain sight
There sure is a lot of air in this bag of chips. A âfun sizeâ candy bar was a lot more fun when we were kids. That......
Small business accounting: Managing your money, records, and cash flow
You started your own business and feel pretty confident in your professional abilities. But are you equally comfortable......
Small credit agencies that sell your information to service providers
One of the more sobering things about adulthood is learning about the credit reporting system and how it can impact......
Small home upgrades that add value
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on May 6, 2026.......
Snowbird? Empty nester? Tax tips to consider if you spend time in two states
Ah, the empty nest! Itâs time to move where you want to move and do what you want to do! But if you think you can......
So you want to buy a car? What to know before visiting the dealer
Figuring out how to buy a car means looking beyond the 0-to-60 acceleration time, or how many miles a battery can......
So, you want to become a digital nomad? Weigh the pros and cons
Do you dream of traveling the world with little more than your laptop? Digital nomads, who travel relentlessly......
Sports betting terminology: Responsible wagering starts with education
Legalized sports betting and the rise of sports betting apps make it easier than ever to bet on your favorite athletes......
State and local taxes you paid: Are they tax deductible?
Government services like roads, schools, and social programs donât come free. To fund these necessities, federal,......
Student debt and the price of upward mobility
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on October 18,......
Student loan limits: How much can I borrow, and what happens after that?
When it comes to paying for college, thereâs a good chance youâll need to use multiple strategies to cover the......
Take a good look at that annual budget
Last year you took the time and effort to make a budget. Good for you! Hopefully instead of just setting and forgetting......
Take cover: Why insurance is necessary and which types you really need
If you crash your car, get sick, see a tree crush your garage, or worst of all, if you lose someone in your immediate......
Tax deductions, tax credits, and tax refundsâwhatâs the difference?
Tax season. Perhaps it should be called âtax-confusionâ season. For example, youâve probably heard people talk......
Tax schedules and forms related to Form 1040, U.S. Individual Tax Income Tax Return
Itâs time to file taxes again this year. You might prepare your taxes yourself or have a tax preparer help you.......
Term life vs. whole life insurance: Which is better for me?
If youâre looking to purchase life insurance, you may be wondering whether to get a term insurance policyâwhich......
The art of changing jobs: Strategies for finding career success
Whether youâre looking to change jobs or switch careers, getting started can feel overwhelming. But there are steps......
The best money is the kind you canât touch
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on August 9, 2026.......
The big 3 credit bureaus and the info they gather about you
Credit reporting agencies exert a major influence on consumersâ lives in the United States. The big three credit......
The big decisions behind your financial life
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on September 2,......
The buy-or-rent decision comes to smartphones
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on August 12,......
The costs of owning a home
Costs of Home MaintenanceHome sweet home or cost center?© dmitr1ch, mars58, Rattanachat/stock.adobe.com; Photo......
The debt-to-income ratio: Your ticket to loan approval and lower rates
Unless youâre independently wealthy, major purchasesâlike cars and homesâwill involve taking on some type of debt.......
The economics of fatherhood
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on June 21, 2026.......
The emergency fund ratio: How much should you save for a rainy day?
Build an emergency fund, they say. Itâs one of the basic bits of personal finance advice almost every expert offers.......
The first-job checklist: Start-up costs and things to do before that first paycheck
How exciting! Your first full-time job! Whether you just got out of high school, college, or grad school, your......
The franchise disclosure document (FDD): An all-in-one rulebook, guidebook, and almanac
Somewhere along the path toward becoming a franchisee, youâll come across a comprehensive document that outlines......
The holiday spending hangover
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on February 25,......
The housing affordability paradox
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on July 19, 2026.......
The housing bill nobody talks about
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on May 31, 2026.......
The kiddie tax: How the IRS taxes your childâs investment income
Before the Tax Reform Act of 1986, parents who had some good tax-planning advice were able to put investments in......
The life-cycle theory of savings and personal finance
In the 1940s, economist Franco Modigliani was researching how increases in income affect economic growth, and he......
The new job paperwork checklist: Forms I-9, W-4, and more
Starting a new job? Bring a pen and perhaps a financial plan. Youâve got a few forms to fill out and decisions......
The paradox of thrift: Understanding economic behavior in recessions
The paradox of thrift is a concept developed by legendary economist John Maynard Keynes. He noted that, during......
The price of procrastinating on your tax filing
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on March 15, 2026.......
The sandwich generation: Squeezed between growing children and aging parents
If your kidsâincluding adult childrenâstill need you at the same time your aging parents need support, youâre likely......
The sandwich generationâs timing problem
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on May 27, 2026.......
The Student Aid Index (SAI) and FAFSA: The college cost homestretch
As you prepare for the high school homestretch, figuring out how to pay for college is perhaps the biggest thing......
The subscription economy
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on September 13,......
Time is money: An introduction to financial calculators
Have you ever shopped around for a mortgage or auto loan? Have you invested in a certificate of deposit or Treasury......
Tiny screens, big pricing power
Editorâs note: This article first appeared in Money Matters, a newsletter from Britannica Money, on May 24, 2026.......
Trying to choose a franchise? 9 tips to consider
Youâve thought long and hard about the pros and cons of buying a business franchise, and youâve decided that itâs......
Umbrella insurance: An all-weather financial tool to protect your assets
If youâre concerned that your current auto or homeownerâs policy doesnât have a high enough liability limit to......
Understanding cash-value life insurance: Pros, cons, and tax benefits
Cash-value life insurance offers a twist on traditional life insurance: It accumulates value over time that you......
Understanding credit cards: Their purpose, positives, and potential pitfalls
Credit cards. Theyâre the go-to choice for millions of consumer purchases, but we also have a love/hate relationship......
Understanding different types of life insurance policies
Life insurance comes in two basic forms: Term life insurance and permanent life insurance. Term insurance is similar......
Understanding frugal fatigue and how to fight it
Staying on top of how you spend each month can be draining, especially when youâre first starting out as a working......
Understanding the 3 types of income: Earned, investment, and passive
What is income? On the surface, the answer is simple: Income is any money you receive. And itâs essential to your......
Understanding the Truth in Lending Act (TILA) and Regulation Z
If youâve ever implicitly trusted that the terms you receive from a lender are accurate and legally binding, then......
Unexpected medical bills? The No Surprises Act can keep you out of debt
Medical bills can be confusing, especially if you sought care for an unexpected condition or injury. You could......
Universal basic income: Pros and cons of free money for all
If youâve ever wondered what itâd be like to have some money coming in whether you have a job at the moment or......
Universal life insurance combines coverage with savingsâbut not without trade-offs
It might sound like the best of all worlds: A life insurance policy that lets you adjust how much you pay each......
Using emergency savings vs. getting an emergency loan
âExpect the unexpected,â so the old saying goes. But when it comes to financial emergencies, thatâs easier said......
Using the 50-30-20 rule to power your household budget
The 50-30-20 rule is a common way to allocate the spending categories in your personal or household budget. The......
Venmo and how splitting the bill changed finance
Venmo is a U.S.âbased mobile payments app with a social networking component, founded in 2009 and purchased by......
Vision insurance: Is it worth the cost?
Vision insurance is one of those benefits people check without thinkingâright up there with dental insurance. Itâs......
What are neobanks? How they work and risks to know
Neobanks are financial services companies that may offer you a better return on your savings than you get at a......
What are tax credits and how do they work?
Tax credits can be among the most valuable tax breaks because they directly reduce your tax bill. If you qualify......
What counts as a good credit score?
When you apply for loans and other financial products, youâll probably agree to a credit check. The bank or lender......
What does homeownerâs insurance cover, and how much do you need?
Buying your first home? Congratulations! Youâll need homeownerâs insurance. Insurance helps to protect you from......
What everyone should know about debt collection
If youâre wondering about debt collection and how it works, then you may have gotten yourself into a financial......
What happens to your credit score when a credit card closes?
When a credit card closes, it can trigger a lot of second-guessing, especially if you werenât expecting it. An......
What if you can no longer work? Understanding short-term and long-term disability
When you start a new job, your employer might offer several different types of insurance. You definitely need health......
What is a 501(c)(3) nonprofit organization and how do I start one?
Have you ever wondered how an organization can be nonprofit? A 501(c)(3) nonprofit organization earns its classification......
What is a credit balance transfer? How it works and 3 benefits
Are you working on paying down debt, but high interest charges have been making the process slow and arduous? If......
What is a credit report and how does it influence your credit score?
Just about anytime you make a sizable financial transaction or agreementâapply for a loan, rent an apartment, or......
What is a credit score? And is FICO really the only credit score that matters?
Youâve probably heard a car commercial that mentions how âwell-qualifiedâ buyers can get a 0% interest rate for......
What is a credit union? Is it different from a bank?
When youâre managing your money, do you feel comfortable being just another number at a big bank? Or are you looking......
What is a health savings account (HSA)?
A health savings account (HSA) is a tax-advantaged account that helps you save for health care costs. Once your......
What is a prenuptial agreement, and should you sign one?
Prenuptial agreements are often associated with the rich and famous, but even if your income is modest, you may......
What is a savings account, and how does it work?
One of the foundations of healthy finances is a savings habit. Setting aside money regularly can help you reach......
What is a Trump account? Tax-advantaged investment accounts for children
The One Big Beautiful Bill Act (OBBBA) includes a provision creating special tax-advantaged investment accounts......
What is ABLE? Understanding ABLE accounts for individuals with disabilities
If you or someone you know has a disability, then you may have heard about ABLE, the Achieving a Better Life Experience......
What is an EOB? Understanding the explanation of benefits statement from your medical insurance
You went to the doctor for a sinus headache and they kindly sent the bill to your insurance company. Later, you......
What is an independent student? Your status, FAFSA, and taxes
When you fill out the Free Application for Federal Student Aid (FAFSA), whether as an undergraduate or a graduate......
What is buy now, pay later and should you take advantage of it?
Making a big purchase online can feel unmanageable, considering you either have to part with your money all at......
What is credit counseling and how does it work?
If you have debt, itâs easy for your obligations to become unmanageable. You may be feeling stressedâthatâs relatable!âbut......
What is due diligence? A professional and personal standard
Before making any big purchase, long-term commitment, or investment, you want to know everything you can about......
What is insurance and how does it work?
What a year you had! You broke your leg right before your beach vacation (which you had to cancel), your sore tooth......
What is insurance underwriting?
When you apply for a life insurance policy, youâre asked to share a lot of personal details about your health,......
What is life insurance and how does it work?
Life insurance is an importantâbut often misunderstood, and sometimes overlookedâcomponent of a financial plan.......
What is multi-level marketing? A business model that relies on your social connections
Multi-level marketing (MLM) is also known as referral marketing, direct marketing, or network marketing. Itâs a......
What it means to be unbanked or underbanked
You may have heard the terms âunbankedâ or âunderbankedâ before. Unbanked describes people who do not use the services......
What OBBBA means for federal student loan borrowers
Editorâs note: Federal student loan regulations and implementation guidance continue to evolve, and some repayment......
What the earned income tax credit means for working families
The earned income tax credit (EITC) is one of the federal tax codeâs largest benefits for workers with low to moderate......
What to expect when leasing a car: Jargon and math
Are you the type who wants the latest and greatest in automobile technology, and price is a secondary consideration?......
What to know about having a new home built
Building a house lets you create a home tailored to your needs, from selecting the floor plan to choosing the finishes.......