Money management refers to the process of budgeting, saving, investing, and spending money wisely. It involves tracking income and expenses to ensure that individuals or organizations can meet their financial goals. Effective money management helps prevent debt and promotes financial stability. Key components of money management include creating a budget, setting financial goals, and monitoring spending habits. By understanding where money goes, individuals can make informed decisions about their finances, prioritize savings, and plan for future expenses, such as retirement or emergencies. Good money management skills are essential for achieving long-term financial success.