Personal finance encompasses five main areas of financial planning – income, spending, savings, investment, and protection. Income refers to money that you receive from all sources, including your salary and other income. Spending refers to all of the money you spend on bills, food, entertainment, and other expenses. Savings refers to income you don't spend, but rather set aside for future use. Investment refers to money spent that tends to increase in value, such as through stocks, bonds, mutual funds, property, art, and other investments. Protection involves putting your money into products that reduce risk and provide financial security, such as life insurance and annuities.