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Household/Family Financial Management. Annie’s Project Heather Winn, EEFCS/4-HYD Rachel Lockwood, EEFCS/4-HYD Meeting 2 Session 2. Steps to Managing Money. The indispensable first step to getting the things you want out of life is this: decide what you want. --Ben Stein.

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Household family financial management

Household/Family Financial Management

Annie’s Project

Heather Winn, EEFCS/4-HYD

Rachel Lockwood, EEFCS/4-HYD

Meeting 2

Session 2

Steps to managing money
Steps to Managing Money

The indispensable first step to getting the things you want out of life is this:

decide what you want. --Ben Stein

Get ready
Get ready…..

  • Get Organized

    • Find your papers and bills

    • Tools can help-

      Record Keeping

  • Gather Information

    • Determine how you are

      spending and saving

    • May need to track expenses

  • Make decisions and set priorities

How to get started
How to Get Started….

Motivation- the first HARD step.

  • Pull out all the papers and begin to sort them.

  • Discard any unnecessary papers (shred)

  • Decide who will take the lead on keeping these papers organized and safe.

  • Schedule a regular time each week to work on the family records.

Where to keep the records
Where to Keep the Records

  • Home Safe

  • Safe Deposit Box

  • Home File

  • Your Wallet

Personal and family records to keep
Personal and Family Records to Keep

  • Names, addresses, and phone numbers of relatives

  • Names, addresses, and phone numbers of advisors

  • Location of valuable records

  • Location of safe deposit box and key

  • Location of CD’s, videos and photos of home inventory.

  • Computer passwords and file names

Personal and family records to keep continued
Personal and Family Records to Keep-- Continued…

  • Location and identification of valuables

  • Insurance Policies

  • Health Records

  • Education Records

  • Employment Records

Property information to keep
Property Information to Keep

  • Property Deeds

  • Motor Vehicle Records

  • Equipment warranties, guarantees and manuals

  • Records of home purchase and improvements

  • Burial plots

  • Other

Financial information to keep
Financial Information to Keep

  • Earning Records

  • Account Records from financial institutions

  • Credit & Debit card information

  • Personal Tax Returns

  • Retirement Benefits

  • Notes and Money Owed

Financial accounts
Financial Accounts

  • Current Files

    • Bank Statements and Cancelled Checks

    • Bills to be Paid

    • Credit Card Statements

  • Permanent Files

    • Credit Records

    • Pension or Retirement Information

    • Contracts, Notes and Debts

    • Investments

  • Legal records to keep
    Legal Records to Keep

    • Official Certificates

      • Birth, Marriage, Death, etc.

    • Current Estate Planning Information

      • Wills, trusts, list of non-titled property

        • Advance directives and Powers of Attorney

        • Social Security Card

        • Passport

    How long to keep records
    How Long to Keep Records

    • Tax Records

      • IRS says at least 3-6 years

      • Consider keeping them 7-10 years

    • Bank Statements

      • 7 years

    • Cancelled Checks

      • 1 Year, unless it is for Home Improvement, then keep it for 6 years

    • Credit Card Statements

      • 1 Year, unless it is for a deductible expense, or for a major purchase, keep much longer

    Household inventory
    Household Inventory

    • Reasons for a household inventory:

      • Amount of insurance to purchase

      • Basis for filing insurance claims or tax losses

      • Evidence of ownership

      • Value of possessions- net worth statement

    Net worth
    Net Worth

    • A snapshot of how much you are worth in dollars and cents

    • Assets – Liabilities = Net worth

    • Assets: Cash, investments, personal assets, use assets

    • Liabilities: Loans on assets, i.e. mortgage or car note and other debts, i.e. credit cards

    What does money mean to you
    What does money mean to you?

    Satisfaction Security

    Security Success

    Status Power

    Envy Security


    Financial goals give us
    Financial Goals Give Us:

    • Organization

    • Direction

    • Decision-making

    • Control

    • Predictions

    Sources of household personal income
    Sources of Household/Personal Income

    • Salary & Tips

    • Social Security

    • Retirement

    • Child Support

    • TANF

    • Loans

    • Tax Refunds

    • Government Assistance Programs

    Household expenses
    Household Expenses

    • Monthly Expenses

      • Fixed

      • Variable

    • Periodic Expenses

    Credit reports
    Credit Reports

    • One free per year

      • Equifax 800.437.4619

      • Experian


      • Transunion 800.916.8800


    • Check carefully

    • Dispute inaccurate information