Ohio State University Extension/Research

Manage Your Money

Lesson 6: Your Net Worth and Financial Records

MYM-6-03

Keeping Records in Order

Every family accumulates papers and records that are important to them. For many of us, however, getting those papers in order is like Mark Twain’s old saying about the weather—"Everybody talks about it, but no one does anything about it."

Folder The rest of this lesson focuses on the benefits of having an efficient home filing system. It simplifies the record-keeping process by dividing it into three steps.

The process begins with a survey to help you evaluate your needs for a household record-keeping system. The next step is to determine which documents to save and how to categorize them for effective filing and retrieval.

The third step is to actually create or modify the system that best fits your household needs. Some important decisions are outlined to help you establish a customized system. The lesson concludes with suggestions for periodically revising and updating your household record-keeping system.

Record-Keeping Survey

Take some time to answer these questions about your V.I.P. (Very Important Papers):

Yes No  
____ ____ 1. Can you quickly locate last year’s income tax return?
____ ____ 2. Do you know where your original Social Security card is?
____ ____ 3. Do you have receipts and canceled checks to document last year’s tax return?
____ ____ 4. Do you have the account number, address, and phone number of all the credit cards in your wallet written down somewhere?
____ ____ 5. Could a non-family member locate important information about what to do in case of an emergency?
____ ____ 6. In the event of your death, could a family member/person responsible locate burial instructions and your will?
____ ____ 7. Do you know where to find the insurance policy for your car?
____ ____ 8. Can you quickly locate the warranties for your home appliances?
____ ____ 9. If your house and its contents burned, could you provide your insurance agent with an accurate list of all the household goods to settle your claim? How about proof of purchase for costly items?

If you answered "No" to two or more of these questions, it’s time to make changes in your record keeping habits NOW!

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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