They pipped Hartlepool to finish top of League Two last season, and is now hoping to build on that by leading the Bescot Stadium side to the second tier of English football.
"When I took the job 12 months ago, our primary goal was to get the team back into League One at the first attempt," said Money, who has signed a three-year deal.
"We have achieved that objective and I, like the chairman and the board of directors, want to see Walsall Football club back in the Championship as soon as possible - that is what we will be doing our utmost to achieve.''
Chairman Jeff Bonser reckons Money deserves great credit for the way he has turned the club around.
"Richard came in at a time when the playing fortunes of the club were at a low ebb - we had just suffered relegation to League Two and a major rebuilding job lay ahead," said Bonser.
"He set himself and the team an objective of an immediate goal return to League One and achieved just that.
"The transformation of playing fortunes has been achieved through work, organisation, discipline and by creating a superb spirit which runs throughout the club."