Financial Education

Our financial education section offers resources and information to help you learn more about personal finance and investing in order to achieve your financial goals.

The impact of taxes on personal finance management

You have accurately highlighted the impact of taxes on your personal finances and the importance of understanding the different aspects of taxation. It is indeed essential to differentiate between accrued income (income before taxes) and disposable income (income after taxes), as it allows you to accurately plan your personal budget and make informed financial decisions.

Taxes have a direct impact on your finances through deductions from your salary, but they also have an indirect impact when you purchase goods and services that include taxes in their prices. By understanding the nature of taxes, you can better comprehend the additional costs associated with them and how they affect your overall expenses.

It's important to remember that taxes serve as a means to finance public goods and services that contribute to the general welfare of society. By fulfilling your tax obligations, you contribute to the development and maintenance of infrastructure, social systems, and security measures that benefit the entire community.