Mastering Money Management- The Practical Side of Accounting in Daily Living with Reference to the Residents of Vasai Virar Municipal Corporation

This study aimed to determine the practical implications of accounting and accounting principles in the day-to-day life of an individual concerning budgeting and expense tracking. The study was based on a survey of 150 participants through an online Google form who were residents of Vasai Virar Municipal Corporation, District Palghar, Maharashtra, from the age group of 18 to 50 years of age. The qualification backgrounds of the respondents ranged from non-graduates to postgraduates from commerce and other streams. The respondents ranged from an annual income of up to six lakhs of Indian rupees. However, the questionnaire was framed in simple language to ease respondents’ understanding. The Simple Percentage method was used to analyze the responses of the respondents to the above two constraints of budgeting and expense tracking. The study revealed positive results showing the practical application of accounting and accounting principles of the individual irrespective of his/her age, education, income group, and so on.