Ohio State University Extension/Research

Manage Your Money

Lesson 6: Your Net Worth and Financial Records

MYM-6-03

Mastering Your Records

The best system for record keeping may vary from one family to another. However, certain decisions need to be made before setting up a new system or improving the one you already have.

  1. Decide on one household location for your records. This "record center" might be as elaborate as a home office or as simple as a drawer in the kitchen or bedroom. It could be a file cabinet in the family room or a cardboard file box that goes in a closet. It would be ideal to have a nearby work space.
  2. Decide which family member will take major responsibility for doing the record keeping. However, everyone in the family should cooperate and understand how the system works (spouses might switch places once a year to balance duties and to be sure each knows the record keeping details).
  3. Develop a regular schedule for record keeping and stick to it. In the long run, a regular routine will reduce the time you need to spend.

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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