Ohio State University Extension/Research

Manage Your Money

Lesson 2: Where Does Your Money Go?

MYM-2-03

Do you know where your money goes? You may say, "House payments, car loan, utility bills, and food." But after that, things begin to get a bit fuzzy. You are not sure where the rest of it goes. Right?

Now that you have set your goals in Lesson 1, the next step is to learn where your money is being spent. Your own personalized plan will be built on your goals and spending patterns in Lesson 5. No matter how you feel about paperwork, it MUST be done. Spending information is essential for making financial decisions.

Paperwork

There are several pages of worksheets in this lesson. (Yes, it is a lot of paperwork!) To personalize your financial plan, you need your own data. Invest the time now for a better payoff later.

What Do You Owe?

The Bottom Line

What is Cash Flow?

Action Steps for Lesson 2

Home Account Book

Click here for the PDF version of this Lesson.

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