Money Management

Money is an essential commodity that helps you run your life. Money has gained its value
because people are trying to save wealth for their future needs. Philosophically speaking,
money cannot buy everything but practically money is the basic thing that is used for
calculating the status of any person.

 Money is a good servant but a bad master.

You should be fond of money to an extent that you are controlling it. Don’t fall into the
evil hands of money.

 There are many ways to earn money, but to sustain your wealth you have to handle
your own money.
 With money, you can rule the materialistic world.

If you have money, rather than spending it in satisfying luxurious desires you can try investing
it. Money when invested has the ability to increase in amount. Money is always a trap and wise
people are able to ride on it while therest fall into it.

Money management is the process of expense tracking, investing, budgeting, banking and
evaluating taxes of one's money which is also called investment management.

Money management is a strategic technique to make money yield the highest interest-output
value for any amount spent. The idea of money management techniques has been developed
to reduce the amount that individuals, firms, and institutions spend on items that add no
significant value to their living standards, long-term portfolios, and assets.

Some tips on how to manage money: -

1. Know Your Money Priorities

Before budgeting, you need to determine your priorities. If you skip this crucial step, you won’t
buy into your financial plan.

2. Determine Your Monthly Pay

As the saying goes, “what gets measured, gets managed.” How can you manage your money
without knowing what you earn each month?

3. Track Where You Spend Your Money

Time to play detective with your own finances. If it seems overwhelming, limit yourself to one
month’s worth of expenses.

6. Expect Emergencies

Regardless of what your priority is, you’ll want to have some easily accessible liquid funds.

7. Save Early and Often

This rule holds true regardless of your current priority. The sooner you save, the sooner you can
build interest