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By:

Kaustubh Kale

10 September 2024 at 6:07:15 pm

Focus on Personal Budget

Every year on 1st February, the Union Budget captures the nation’s attention. From revised tax policies to increased spending in various sectors, people eagerly analyze every announcement, hoping for immediate benefits. While the national budget undeniably affects the broader economy, it's time to ask: are we giving it too much importance in our personal financial planning? Focusing solely on the Union Budget can pull us away from what truly matters - managing our own finances effectively....

Focus on Personal Budget

Every year on 1st February, the Union Budget captures the nation’s attention. From revised tax policies to increased spending in various sectors, people eagerly analyze every announcement, hoping for immediate benefits. While the national budget undeniably affects the broader economy, it's time to ask: are we giving it too much importance in our personal financial planning? Focusing solely on the Union Budget can pull us away from what truly matters - managing our own finances effectively. Rather than getting caught up in macroeconomic changes, why not direct your energy toward the "micros" of your financial life? Creating a personal budget ensures you're in control of your money, managing it wisely, and directing it where it should go, rather than constantly wondering where it went. Build Skills, Boost Income While many turn to the Union Budget for economic relief, a more effective long-term strategy is focusing on increasing your own income. By upgrading your skills, learning to sell, building new things, and networking better, you create opportunities to enhance your earnings. While government policies can influence economic growth, personal growth is a far more powerful tool for creating financial stability. Saving and Investing Smartly A key principle of financial stability is maintaining a healthy savings rate. However, saving alone isn't enough. You need to invest your savings wisely. Smart asset allocation is essential for ensuring your money grows and beats inflation over the long term. Consider allocating the majority of your savings to inflation-beating assets such as direct stocks, equity mutual funds, and gold. These investments have historically offered better returns than inflation and can help build lasting wealth. Protect Your Savings Just as important as growing your savings is protecting them from unforeseen events. Health insurance is crucial in safeguarding your finances against unexpected medical expenses, which can quickly erode savings. Similarly, securing your family’s future with term life insurance protects their financial goals, ensuring they remain on track even in your absence. Consult a Financial Advisor Managing personal finances can feel overwhelming, but consulting a well-qualified, full-time financial advisor can make a significant difference. A skilled advisor brings education, wisdom, experience and expertise to the table, helping you craft a tailored financial plan and personal budget that meet your goals while providing a solid safety net. As we head into 2026, it’s time to shift our focus away from the Union Budget and towards our own financial success. By enhancing our skills, increasing our savings, investing wisely, and protecting our wealth, we can take charge of our financial futures - regardless of government policy changes. Ultimately, a well-structured personal budget is the real key to financial independence and lasting peace of mind. (The author is a Chartered Accountant and CFA (USA). Financial Advisor.  He could be reached on 9833133605. Views personal.)

Clever seat selection helped BJP to secure historic win

The party won 65 seats against Congress, 37 against NCP (SP) and 29 against Shiv Sena (UBT)

Clever seat selection

Mumbai: The BJP’s strategic seat sharing with the allies has proved beneficial for the party. An analysis of the Assembly election results show that the BJP has scored over its main rival, the Congress, in a big way because of the direct fights.


The analysis shows that BJP defeated all three constituents of the Maharashtra Vikas Aghadi (MVA) – Congress, Shiv Sena (UBT) and NCP (SP) – in the direct fights. This is attributed as one of the reasons for the BJP’s historic poll success.


The BJP contested 147 out of 288 seats. In 76 constituencies, it faced Congress. BJP secured victory in 65 seats and lost only 11 seats, making it a whopping 86 per cent of the total direct fights. This was followed by an even stronger performance against NCP (SP). Of the total 39 fights with Sharad Pawar’s party, BJP captured 37 seats making it 95 per cent of the total fights with NCP (SP). BJP and Shiv Sena (UBT) were head-to-head in 32 constituencies, of which BJP emerged victorious in 29 seats, making this 91 per cent of the total direct contests.


According to a BJP strategist the party had bargained hard with its allies, Shiv Sena and NCP to get the desired constituencies in the seat sharing formula. “We had studied to potential candidates of the MVA. That helped us in choosing the seats where we can register comfortable victories,” the strategist said.


BJP spokesperson Niranjan Shetty attributed the success to all the party workers who worked hard to boost development, infrastructure in the state. He gave credit to Deputy Chief Minister Devendra Fadnavis for his contribution to the party’s success.


Shetty pointed out that in 2019, Uddhav Thackeray had stalled all the “novel” and “legendary” projects that Fadnavis had started when he had taken over as CM, making it very easy for the people of Maharashtra to strike a comparison between both the leaders and the potential they had for serving the people. “Devendra Fadnavis gave up his post very easily for the larger good. There are many such examples like Venkaiah Naidu who was BJP National President and later worked as the Vice President of India because that was the need of the hour. We seldom care about our posts,” Shetty told The Perfect Voice.


Congress spokesperson Atul Londhe refused to call the election results as the people’s mandate. “This is not at all a Janata mandate. Despite Maharashtra struggling with so many basic social issues, how can BJP acquire such a huge mandate is the question. If a student copies and fails with just passing marks, it can go unnoticed, but if a student copies and bags the number one position, something is fishy. Why is the BJP scared of ballot papers?” he said.

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