12/10/2008

OSU Extension Workbook Helps Households Organize Finances

Writer:

Martha Filipic
filipic.3@cfaes.osu.edu
(614) 292-9833

Source:

Nancy Hudson, OSU Extension, Family Finances
hudson.2@osu.edu
(330) 263-3779 ext. 2831

COLUMBUS, Ohio -- You've always resolved to keep better track of your finances, but you've never been able to keep it up for more than a few weeks.

Ohio State University Extension's Home Account Book could be just what you need.

This 38-page workbook is an easy way to keep complete track of a year's worth of income and expenses -- a key step in gaining control of family finances, said Nancy Hudson, family finance specialist with OSU Extension and co-leader of Extension's Healthy Finances Team.

"With the downturn in the economy, this might be a good year for Santa to bring financial tools, and this would be a good one," Hudson said. "When I was an Extension educator in Medina County, some people came in every year asking for this publication. They liked the simple booklet format because it is an easy way to keep an ongoing financial summary, to track and plan spending, and to compare net worth from year to year."

The workbook, Bulletin 723, is available for $2.25 plus shipping from OSU Extension's online e-Store at http://estore.osu-extension.org/, or through Ohio's county Extension offices. It's also available as a free downloadable PDF file at http://ohioline.osu.edu/pdf/b723.pdf, "although the printout wouldn't wrap as nicely as the booklet would," Hudson said.

The Home Account Book isn't a magic cure-all, Hudson said. "You still need to sit down every two weeks or every month to keep track of your income and spending. But it offers a way to get started and stay organized."

The workbook includes charts to help you:

• List monthly income from various sources.
• Keep track of contributions to and withdrawals from savings and investment accounts.
• List payments made on an installment basis, such as car insurance paid semi-annually or tax payments due quarterly.
• List monthly income and expenses. The workbook includes 12 page spreads to allow you to list information for each month, including health expenses, charitable contributions, child care, credit purchases and payments, groceries and other food items, recreation, education, housing, transportation, clothing, furnishings and other household items, personal items, and gifts to others.

The workbook also includes a page to help you calculate your net worth. With this beginning data, you can assess changes at the end of the year and set goals for the future.

Plus, it offers a page spread for a month-by-month expense summary to let you view expenses from throughout the year at a glance. By filling in the first six months of data mid-year, you can assess your financial situation and make any adjustments you deem necessary.

OSU Extension also offers other family finance information, Hudson said. Browse through the e-Store for those available to purchase online, or http://ohioline.osu.edu/lines/home.html and click on "Financial Management."

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