Meaning, structure and ratio of personal and family finances in financial system

More and more scientists emphasise the importance of household finances and their basic role for the country's financial system. Household is an independent physical person or a family with a property complex, including living area, and with more or less regular sources of incomes and expenses. According to national account systems (NAS), the sector 'households' is one of 5 institutional national economy units. Household finances are the activities of household members in creation, preservation, increase, use and administration of both family and individual (personal) funds. The person is constantly compelled to satisfy the requirements. Satisfaction of requirements means consumption of objects of requirements, which are bought and sold in market economy. Money expenditure should be carried out by means of administration, by creating various funds of money resources. Thus, there is a specific activity - financial, which means administration of all elements of personal finances: incomes, funds, expenses, obligations, public service expenses, investments, incomes on investments and financial assets. Financial activity is not basic for a common individual. Therefore, it demands additional power, information and time expenses. Features of personal finances are:1..The subject of financial activity coincides with the object.2.State requirements to personal finances are not individual; tax obligations are typical for physical persons in general.3.Household exists as a property complex, which provides satisfaction of requirements.4.Freedom in the sphere of earning, spending, saving, i.e. in all elements of finances.5.The principle of personal development is relying one's own forces.6.Personal finances are a subsystem of a certain household N.7.Total possession of personal finances by a certain physical person.8.The list of obligations of an individual is limited and includes obligatory and casual obligations.The next step after personal finances is the union of two physical persons which can be officially registered or not (de facto union). A legal union makes essential changes in personal finances of spouses:1..Spouses get equal rights on disposal of family finances with a possible difference in incomes.2.Recognition of the basic treatment of the property as common.3.Personal finances exist as pin money.4.Real occurrence and application of the principle of alimony responsibility.It is possible to speak about family finances, which are a subsystem of household N, and, on the other hand, consist of personal and united funds, with the latter prevailing. Therefore, in our opinion, to speak about household finances is admissible only in macroeconomics. Personal finances are basic

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