Ohio State University Extension/Research

Manage Your Money

Lesson 6: Your Net Worth and Financial Records

MYM-6-03

Action Steps for Lesson 6

Reading and thinking about your financial records and valuable papers are very important first steps. To be most useful in your situation, you need to "take action" to translate what you have learned into practice. We urge you to complete the following checklist to take action that is appropriate in your situation.

Action Steps Ö Take Action Now
Check each step after you have completed it.
  • Completed Net Worth Statement
  • Listed needed household records and where they are located
  • Listed records in my/our safe deposit box
  • Established/revised household record center
  • Decided who is responsible for record-keeping for next six months
  • Established regular schedule for record-keeping
  • Set up "Active" home files
  • Set up "Dead" storage for household records
  • Put critical records & list of record location in notebook for trusted relative or friend to use in an emergency
  • Told relative/friend where notebook is located

[back]

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