In addition to budgeting and investing, managing debt is also an essential aspect of personal finance. High levels of debt, such as credit card debt or student loans, can hinder individuals from achieving their financial goals and negatively impact their credit score. Therefore, it's crucial to develop a debt repayment plan and stick to it to improve one's financial health. Drones Personal finance is the management of an individual's financial resources. It involves making informed decisions about budgeting, saving, investing, and managing debt to achieve financial goals and security.