Money management lesson 1 all you want know

Money management lesson 1

1. Manage Your Money An OSU Extension program

2. Six MYM Lessons Getting Started Where Does Your Money Go? Stop Spending Leaks How Much Credit Can You Afford? Develop Your Budget Your Net Worth and Financial Records 2

3. Understand how values influence spending Explore ways to talk to co-spenders Develop financial goals Begin to track expenses Objectives

4. Where can you find spending records? What systems or tools can you use ? Track Your Spending Dollar Tracker Page 1-10

5. Values Deep-rooted beliefs about what is desirable and good Goals Specific things you want to do or have What’s Important to You? Your Thoughts on Money Worksheet 1-A, page 1-2

6. Never enough money Challenge: Meshing different styles Different attitudes and values Suitable compromise Don’t Clash Over Cash

7. Save arguments for Important issues Major expenditures Decide “allowance” limits What Is An Argument Worth?

8. Schedule regular meeting Just before payday Quiet place Include family members A Time and Place

9. How are your skills? Listen for key points Ask questions if you don’t understand Encourage and listen for expression of feelings Listening Habits

10. Ordering, directing, commanding Warning, threatening Moralizing, preaching Advising, giving solutions Judging, criticizing, disagreeing, blaming Name calling, shaming, ridiculing Avoid Responses that HURT Communication

11. “I feel…” Your emotion “When (you)…” The specific behavior or situation “Because…” Saying why increases understanding Use “I…” Messages

12. Acknowledge there IS problem Identify the real problem Discuss only the identified problem Brainstorm alternatives Discuss alternatives Agree on and support a possible solution Keep talking Solving Money Problems

13. Worksheet 1-B: What’s Important? Not “right” or “wrong” What might be your “issues” Worksheet 1-C: Think about Money and Your Values Knowledge of current spending Compare money attitudes & values Tools for Talking About Money Pages 1-4 and 1-5

14. Short-term goals Intermediate goals Long-term goals Think About Your Goals

15. S pecific M easurable and M utual A ttainable and A chievable R ealistic and R elevant T ime bound and T rade offs Solving Money Problems

16. Goal #1: Emergency Fund Page 1-6

17. Something to work toward Resources other than money More Thoughts on Goals

18. List your goals Rank your goals Select two goals and complete Worksheet 1-D: Goal Setting Setting Family Goals

19. Use the Dollar Tracker Record your expenses for one week Categorize expenses Needs – bare necessities Wants – ways to meet needs with more style or comfort Desires – something you would like to have Spending Log

20. Start and keep a Spending Log Complete Worksheets – 1-A Your Thoughts on Money 1-B What’s Important? 1-C Think about Money and Your Values 1-D Goal Setting Practice “I” messages Action Steps

21. 21 Questions Presentation sponsored by Ohio State University Extension fcs.osu.edu / livesmartohio