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Basic Steps to Manage and Save Money

Updated on August 26, 2011

There are various ways to manage your money and every individual follows his/her own method to save money. You will find some people who never try to manage their expenses as they believe they can not do so and thinks it is very difficult thing for them to manage expenses and save more money. But problem lies with those individuals is, they never tried doing so. If you will not give it a try, you can not do any task. Try to remember, when you first wrote an article, a hub, or learnt driving. If you would not have tried that thing due to the fear of being a difficult task, you would not have enjoyed any long drive trips or writing a beautiful article.

So to start anything new, you must need to give it a try, and be consistent for some days/months. You will not find any task harder and will be able to save considerable amount of money.

Save Money
Save Money

Basic Steps to help you manage your expenses and budget

Below are the basic steps that you should follow to manage your expenses and save money:

  1. Check out your daily expenses.
  2. Make a note of 1 month spending.
  3. Try to figure out which expenses you can reduce or eliminate.
  4. Find other ways to save money.
  5. Check for your liabilities and loans and try to pay-off your loans.
  6. Before paying-off, put some money into your savings account to meet unexpected expenses.
  7. Open a new savings account to save money.
  8. Plan to invest some part of income for your retirement.
  9. Separate your wants from your needs.
  10. Now pay-off your loans and liabilities.

Now Enjoy Life!!!

These are the very basic steps to manage your expenses and to save money. If you will follow these steps and make some necessary and useful changes in your expenditures, you may notice some considerable gains in your investment portfolio or savings account in medium to long term.


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    • anujagarwal profile image

      Anuj Agarwal 8 years ago from Noida

      Yes Lgali, we must know what we actually need rather than what we just want. This way, you can really save some big bucks.

    • Lgali profile image

      Lgali 8 years ago

      good ideas ilike this one most

      Separate your wants from your needs.

    • anujagarwal profile image

      Anuj Agarwal 8 years ago from Noida

      Thanks for the comment Jyoti, I already have another hub describing more ways to save money. In this hub, I just described the basic steps to manage money.

    • JYOTI KOTHARI profile image

      Jyoti Kothari 8 years ago from Jaipur

      Hi Anuj,

      Tips are nice. Please put some more words.

      Thanks and thumbs up!

      Jyoti Kothari