According to Garman and Forgue (1988) money management is one of the steps in personal financial management. And also it is the learning efficient ways to manage money and money substitutes. It gives control over finances by providing necessary information and insight that cannot be obtained in any other matter.
One way of money management is by setting aside a specific amount of money out of income for spending and save the rest. Specify the amount of money will need to spend monthly and try not to go over specified budget. And should also decide how much money one want to spend on certain things.
Many people think that managing money is about learning the financial concepts and processes, but financial planning is much more. It involves developing right attitude towards money, as you will have to deal with your own money. Everyone have to take important monetary decisions and hold back the impulse when it comes to spending. Bhatt (2001) stated that money management for the employees spend a lot of time and effort thinking, but most of them give little thought on how to manage money. By creating a budget plan it would be easier to maximize income