SharePoint - Web site has exceeded the storage quota limit

We are getting below message while using the SharePoint website.

“Your changes could not be saved because this sharepoint web site has exceeded the storage limit.You must save your work to another location. Contact your administrator to change the quota limits for the web”

Please let us know what to check on server and how to solve this issue.
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That link was for a really old version of SharePoint setasoujiro.

This one is more up to date:
Lol i see now, thanks :)
A quota specifies storage limit values for the maximum amount of data that can be stored in a site collection. Quotas also specify the storage size that, when reached, triggers an e-mail alert to the site collection administrator. Quota templates apply these settings to any site collection in a SharePoint farm.

To Track Quotas:
-Site administrators can go to Site Actions -Site Settings and click "Storage space allocation" to review space usage.
-Here they can display lists of libraries, documents, lists and Recycle Bin contents.
-These lists are by default sorted on size, descending. They can be resorted on Date Modified or Size

Server administrators are able to set limits on the amount of storage space that sites can use on the server. Contact your server administrator to request that the storage quota for the Web site be increased.

Exact Steps:
1. Go to your Central Administration a Application
2. On the Application Management page, in the SharePoint Site Management section, click Quota Templates.

The personal quota is global and is set for all users per web application. Changing this after the fact does not appear to affect existing sites.

Fortunately there are two simple solutions to this:
•Gary Lapointe custom STSADM commands include one called gl-syncquotas which allows you to specify a scope of webapplication or even farm. Very flexible and can also be scripted. Sample usage:
stsadm -o gl-syncquotas -scope webapplication -url http://mysites -quota "Personal Site" -setquota
•For those in fear of command line tools there is also a small executable available on Codeplex which does the same thing but with less flexibility. Oddly enough it's called SharePoint My Site template quota. :)

Hope this help .........
toabhi123Author Commented:
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