Week 2

Where Does Your Money Go?

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Getting ahead financially requires a commitment and desire to change your current financial situation.  By completing the various worksheets (2 A – 2 F) in this lesson you will have an accurate assessment of where your money goes, what you owe, and your cash flow to determine the bottom line.

Do you really know WHERE your money goes?  Tracking your spending habits and accurate record keeping is the key to success.  Record keeping is important because:

  •  It helps you keep all of your bills, receipts, and important papers in one place;
  • It will be easier for you to find your bills and payment receipts when you need them; and
  • If something would happen to you, your family would know where to find your records.

There is no magical system for tracking your spending or keeping accurate records, it’s a matter of finding a method that works for you.

money calendarGet your own copy of this money calendar or try something of your own.

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Author:  Cindy Shuster, M.S., CFLE, Extension Educator, Family and Consumer Sciences, Perry County, Buckeye Hills EERA

Reviewer:  Polly Loy, M.S., Extension Educator, Family and Consumer Sciences, Belmont County, Buckeye Hills EERA

Week 2

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Just like any million-dollar company, a family also needs to track its cash flow. Knowing what you owe will help you make informed decisions that can save you from making a serious financial mistake. This week in Lesson 2, you will look at your current income and expenses. Several worksheets are provided to help you get a picture of how money is flowing in and out of your account.

For an overview of Lesson 2, see our video.

 ✔ TAKE ACTION NOW ✔

  • Continue keeping your Spending Log/Dollar Tracker.
  • Know what you owe (debt).
  • Mark typical bill deadlines and paydays on a calendar.
  • Summarize expected income.
  • Estimate monthly fixed and flexible expenses.
  • Outline occasional expenses.

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Author:  Kristen Corry, M.A., Extension Educator, Family and Consumer Sciences, Monroe/Noble Counties, Buckeye Hills EERA, corry.10@osu.edu

Reviewer: Cindy Shuster, M.S., CFLE, Extension Educator, Family and Consumer Sciences, Perry County, Buckeye Hills EEERA, shuster.24@osu.edu