Ohio State University Extension/Research

Manage Your Money

Lesson 1: Getting Started

MYM-1-03

What’s Important to You?

Why do you spend your money the way you do? If ten people were given a $100 bill, they would most likely spend it in entirely different ways. Why? Because different people value different things. The deep-rooted beliefs you have about what is desirable and good are known as values. Values grow from personal experiences. You make choices based on your values. Values are not necessarily right or wrong; they express what is important to you.

Families set goals based on their values. A major reason why many couples argue about money involves differing values and conflicting goals between partners.

Worksheet 1-A: Your Thoughts on Money

  1. You’ve just won $10,000 in the lottery. What will you do with the money?
    $ __________ for _____________________
    $ __________ for _____________________
    $ __________ for _____________________
    $ __________ for _____________________
    $ __________ for _____________________
    $ __________ for _____________________
    How would others in the family wish to handle the lottery money?

  2. You have just been laid off from your job. You must make a major cut in spending. What would you cut first? What would others in the household eliminate?

  3. How would you change spending if you had
    more money _____________________
    less money _____________________

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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