Manage Your Money, Lesson 6: Your Net Worth and Financial Records, Benefits of a Record-Keeping System �

Ohio State University Extension/Research

Manage Your Money

Lesson 6: Your Net Worth and Financial Records

MYM-6-03

Benefits of a Record-Keeping System

Having a good system for keeping important records can save time, money, and effort. A good system can help you:

Quickly find needed information on a day-to-day basis;
Help someone else locate important documents should you become unable to do so;
Organize your household financial activities such as budgeting, credit management, and investment planning;
Better handle emergency situations;
Plan for securing hard-to-replace documents;
Provide evidence of significant events (birth, marriage, etc.) or of an important financial transaction (such as a loan repayment or major purchase);
Simplify the claims process if loss occurs from fire, theft, flood, or other insured casualty;
Prove ownership in a legal dispute (such as divorce, inheritance, etc.).

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:

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