Ohio State University Extension/Research

Manage Your Money

Lesson 1: Getting Started

MYM-1-03

Wouldn’t it be great to win the lottery or inherit a fortune and suddenly have enough money to pay off all your debts and enjoy being rich for the rest of your life! If we are realistic, it is not likely to happen. And even if the dream came true, you would probably find that having a lot of money does not end financial concerns. Even millionaires need to know how to manage money.

Money management skills and good practices are needed no matter how much or how little one has. Financial planning is important. While it’s hard to think about planning for the future when pay day is a week away and your wallet and checkbook are empty, you can learn to manage dollars carefully.

Manage Your Money will help you:

Manage Your Money includes 6 lessons, numbered 1-6. Pages in each lesson are numbered with the lesson indicated, followed by the page number. For example, this is Lesson 1, page 1 (1-1). Worksheets with each lesson are identified with the lesson number and labeled A, B, C, etc.

The material often refers to a two-adult household but can easily be adapted for the single person.

Manage Your Money is about stretching and managing money. Lesson 1 begins with an understanding of yourself, your co-spender, and how you feel about money.

Spending Log

Start now to keep notes on expenses. The checkbook tracks the dollars when you write a check. If you use a charge card and/or debit card, are you keeping track of each purchase? A small notebook to use as your Spending Log or the "Dollar Tracker" folded sheet (page 1-10 of this lesson) are handy to keep with you to track the cash spent. You will need these figures in Lesson 2.

What’s Important to You?

Action Steps for Lesson 1

Don’t Clash Over Cash

Sources and References

What Do You Want to Do With Your Money?

Click here for the PDF version of this Lesson.

Written by Ella Mae Bard, Extension Agent, Family & Consumer Sciences, Knox Co., Carolyn McKinney, Family Resource Management Specialist, Consumer & Textile Sciences Department, Nancy Hudson, Northeast District Family & Consumer Sciences Specialist, and Diane Johnson, Extension Agent, Family & Consumer Sciences, Darke County, Ohio State University Extension. Portions adapted from "Managing Your Money," prepared (1994, 1996) by Eleanor Ames, former OSU Extension Agent (Madison Co.), Family & Consumer Sciences.

For more information about family life issues, visit http://families.osu.edu

Manage Your Money is a six-part self-study course. The lessons include:
  1. Getting Started
  2. Where Does Your Money Go?
  3. Stop Spending Leaks
  1. How Much Credit Can You Afford?
  2. Develop Your Budget
  3. Your Net Worth and Financial Records

Appreciation is expressed to Marjorie McCullough, Office Associate, Consumer and Textile Sciences Department, who worked with several drafts of these materials.

This material is intended only for educational purposes. Mention of a proprietary product, trademark or commercial firm in text or figures does not constitute endorsement by Ohio State University Extension and does not imply approval to the exclusion of other products, firms, or organizations. For specific, consult your financial or legal adviser.

All educational programs conducted by Ohio State University Extension are available to clientele on a nondiscriminatory basis without regard to race, color, creed, religion, sexual orientation, national origin, gender, age, disability or Vietnam-era veteran status.

Keith L. Smith, Associate Vice President for Ag. Adm. and Director, OSU Extension.

TDD No. 800-589-8292 (Ohio only) or 614-292-1868