Ohio State University Extension/Research

Manage Your Money

Lesson 3: Stop Spending Leaks

MYM-3-03

Did you find that it took a lot of time to gather the information and records used in Lesson 2?

With good records, you will have easier access to spending information for future planning.

This lesson concentrates on finding spending leaks in your budget and looks at what can be done about them. You will be referring to the Spending Log/Dollar Tracker you started in Lesson 1.

Does your paycheck always seem to run out before the end of the month? Is it possible you could be wasting $10, $15, $25, or even more a month? If you said "Yes," then it’s time for you to take a look at your spending habits and also those of others in the household.

Worksheet 3-A: Spending Habits-Does Your Family …

Yes No  
____ ____ 1. Decide on needed items and plan how much can be spent BEFORE going shopping?
____ ____ 2. Always use a shopping list?
____ ____ 3. Buy only items on your list?
____ ____ 4. Compare price and quality before buying, especially on expensive purchases?
____ ____ 5. Use credit only when necessary?
____ ____ 6. Return poor quality or defective items to the seller?

If you have answered "NO" to any of these questions, it means that there are some spending leaks. You may be able to stop the leaks by improving your shopping habits.

What’s the Problem?

Action Steps for Lesson 3

Ten Spending Leak Plugs

Sources and References

Changing a Habit

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