What do you mean by efficient money management?

[Nomad]

Efficient money management means managing your income as well as expenses, in other words, you not only should focus on earning a substantial income but also pay attention to minimizing expenses. Generating a higher income allows one to save money as well as invest money, likewise reducing unnecessary spending prevents financial strain and facilitates effective money management.

 

[Suba]

In managing finances we not only pay attention to efficiency but also need to pay attention to effectiveness. Especially in minimizing expenses, will it have a bad impact on others, such as turning off electricity at night might make it easier for thieves.

 

[HansonU99]

Efficient money management is the act of controlling your financial area of your business properly putting the necessary measure to rebuild your capital source