Dr. Josephine Turner, CFP, Professor, Family and Consumer Economics

Benjamin Franklin said, "The use of money is all the advantage there is in having it." If you are using money successfully, you:

1.         get the most of what you want for day-to-day living from income:

2.         protect what you own;

3.         build financial security for future living needs and probable risks;

4.         increase total income.

After a year of special efforts for future living needs and probable risks:  IT IS TIME TO MEASURE YOUR SUCCESS. To do this follow the instructions in the Family Activity below.

FAMILY ACTIVITY: Measure Your Success in Managing Your Money during the past year.

  A.       Prepare statement of Net Worth. Its been 10 months since you prepared it. Finalize it for the year in another 2 months. Newsletter 2 provided instructions.

  B.       Gather together both your family and the records listed below to get ready to answer the questions on How Well Did You Do?

(a) List of short and long term goals, (b) monthly spending plan, (c) monthly record of what was spent, (d) net worth statement.

C.       HOW WELL DID YOU DO? 

During the past year did your family:	YES	NO
1. increase net worth by some amount?	____	____
2. improve the way money is handled with the cooperation of family members?	____	____
3. achieve a more satisfying lifestyle?	____	____
4. feel more satisfied with what you had and were able to attain for day-to-day living?	____	____
5. substitute resources to save money to reach future goals?	____	____
6. change living habits to reduce all types of waste?	____	____
7. bring the size of emergency fund up to standard level (2 to 6 months of take home pay)?	____	____
8. plan purchases and gather adequate information about goods before purchase?	____	____
9. feel you got the best buys for your money?	____	____
10. improve your shopping habits?	____	____
11. set up and used a business center?	____	____
12. put appropriate important documents in safe deposit box or other equally safe place?	____	____
13. increase your savings to reach some of your goals?	____	____
14. put your savings where they can earn the best rate of return?	____	____
15. maintain adequate records to identify leaks and unwise use of money?	____	____
16. increase do-it-yourself activities in making goods or performing services?	____	____
17. use public goods instead of using personal funds to purchase goods or services?	____	____
18. achieve any of your goals?	____	____
19. did your best to plug the leaks, to reserve funds for most important needs?	____	____

D. Now that you have answered the questions, review them and discuss the family's satisfaction, successes and desires for changes in your financial position and lifestyle. List these ideas. Then decide which ones the family will work on during the coming year.

THIS IS THE LAST "MONEY MANAGEMENT TIPS FOR YOUNG FAMILIES" NEWSLETTER YOU WILL RECEIVE.

Working with you in this project has been a pleasure. Now, you know all the ways to plug leaks. Best wishes for increased success in managing your "money management" system. When you need additional information, call me. Now, I need your help in measuring my success with this money management project. Please fill out the enclosed questionnaire and mail to me within the next two weeks. Many thanks.

                        _____________________________________County Extension Agent

            Address: ______________________________________________________________

Originally Published: December 2003