Question

Explain in detail different steps in money management.

Answer 1

"There are certain fundamental steps to manage money is different ways. They are,

1. Imposing budget

2. Interpreting the expenditures

3. Interpreting the earnings

4. Combining the debt

5. Cutting unnecessary expenditures

6. Saving money for emergency expenditure

7. Saving money for the retirement period

8. Monitoring and interpreting the credit amount etc.

The income may be splitted and saved for different expenditure in the future.

So, if there is an emergency, we can spend on our own without depending on others."