Here are the top 10 simple tips to help you manage your money

1. Set goals
   The first step to take in money management is to set specific goals. You need to have some idea about how you see your financial future. Mark any major events that will require a considerable amount of money and start planning the finances for them.
   
2. Create a budget
   The next step is creating a budget. A budget is the blueprint of your financial movement, both in and out. Not only that, but a budget also allows you to have a look into where your money is going and what all expenses can be avoided.
   
3. Set up an emergency fund
   Among the various steps of money management, setting up an emergency fund is one of the most important. An emergency fund is a pool of money that should be present in a highly liquid state to use in emergency times.  
   
4. Know your income sources
   Another crucial aspect of money management is to know and access all your sources of income. Money needs to be tapped right at the source, or you would not be able to track its outflow later.
   
5. Make only the necessary expenditure
   A lot of people find themselves in a situation where nothing is left in their bank accounts by the end of the month. When they track their spending, a lot of bills are from the category where the money is spent on things that were only wanted and not needed. There is a fundamental difference between needs and wants, and they must be treated differently.
   
6. Follow the 50-30-20 rule
   The 50-30-20 rule of budgeting can be a good start to managing your money. The rule divides your money into portions over a percentage of 50%, 30%, and 20%. 50% is for needs, 30% is for wants and, 20% is for savings. Given the growing lifestyle expenses, you can switch to 30% savings and, 20% wants.
   
7. Track your spending
   Budgeting not only ends at making a plan that chalks out your income and expenses, but it is also about tracking where your money goes. It will help you in highlighting all the unnecessary expenditures.
   
8. Unsubscribe from extra subscriptions
   Do you have a lot of subscriptions that you once enrolled for and forgotten? If yes, then you need to immediately check for the paid services. A lot of people have a DTH connection, internet connection, subscriptions of online entertainment channels all at the same time. If that is the case with you, you need to stop paying for the services you are not using. The same goes for subscriptions of gym, restaurants, retail chains, clubs, etc.
   
9. Save and spend
   Do you have the habit of buying on credit? If yes, then it can impact your budget and savings considerably. Buying on your credit card should be among the last resorts, that too in case there is a need to buy a specific EMI-based commodity. In the regular run, it would be a great practice to save for your potential future expenses that are foreseeable and then spend.
   
10. Save regularly
    Lastly, but most importantly, cultivate the habit of saving regularly. Do not miss on a week’s or month’s contribution to your savings portion for any reason apart from an emergency. Try to automate all your savings instalments to make sure nothing comes in your way of saving. Contribute to different heads like retirement, children, wedding, higher education, home, etc.
    

Once you develop a habit of saving some money for yourself, invest that money in a suitable avenue that aligns with your financial goals. 

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