Financial management simply discusses the effective management of money. In the words of a business, that would mean decisions that could help them grow sustainably, pay off debts, and increase profits. For an individual, it's all about budgeting, saving, and investing intelligently toward creating a strong financial future-it requires careful planning, focus, and attention in using resources in the best way possible to achieve specific financial goals.
But good financial management in a business means a stronger capacity to take on opportunities and avoid risks and build up wealth; or, in an individual's mind, balance spending with saving, be prepared for things that may go wrong, or big goals such as buying a house or retiring comfortably. more