How to change the text field entered data into a particular format?

Hi Pranav,

If you're doing this in a Field Update :-

DATE(VALUE(LEFT(TextField__c, 4)), VALUE(RIGHT(TextField__c, 2)), 1)

In apex code use the following -

String dateString = '2014-09';
Integer year = Integer.valueOf(dateString.subString(0, 4));
Integer month = Integer.valueOf(dateString.subString(5));
Date d = Date.newInstance(year, month, 1);