Final answer:
Track and monitor your spending against estimated expenses after budgeting, establish a savings plan, and adjust your budget as needed for effective money management.
Step-by-step explanation:
After you estimate your expenses for the time period of your budget, the next step is to track and monitor your spending to ensure it aligns with your estimated expenses. This involves recording every expenditure and comparing it to what you had anticipated spending. Doing so provides insight into areas where you may be overspending or can cut back. You may also consider a savings plan, setting aside a contingent fund equivalent to three to six months of expenses. It's essential to regularly review your budget and adjust as necessary to stay on track with your financial goals. This practice of monitoring and adjusting helps in effective money management and ensures you are prepared for unexpected expenses.