• Mataprasad Chaurasia

This study examines the crucial role of budgeting and financial planning in achieving positive personal financial management. The paper states how budgeting and financial planning establish financial stability, informed decision making, and wealth building over an extended time horizon. From a budgeting perspective, spending is tracked through income and expense expressions, needs float to the top, and spending becomes more disciplined. Financial planning goes further to establish goals, outlines a strategy to achieve the goals, and plans to manage risk through saving, insurance, and investing. Using a mixed-method approach, involving a primary survey of 107 respondents and secondary literature data, the study concludes that a commitment to budgeting, and structured financial planning relates to higher-level personal financial well-being and decreased financial stress.

Budgeting, Financial Planning, Personal Finance, Financial Literacy, Wealth Management, Savings.

"A Study on the Importance of Budgeting and Financial Planning in Personal Financial Management among Individuals in Mumbai Region", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.12, Issue 10, page no.b799-b801, October-2025, Available :http://www.jetir.org/papers/JETIR2510197.pdf

"A Study on the Importance of Budgeting and Financial Planning in Personal Financial Management among Individuals in Mumbai Region", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.12, Issue 10, page no. ppb799-b801, October-2025, Available at : http://www.jetir.org/papers/JETIR2510197.pdf