New, FREE, online Money Management Coursenewby.17 | September 7, 2011
Money management is an important skill to have and one that can have a deep impact on a relationship. Many studies have shown that disagreement over money is one of the top 3 reasons that couples state when separating or getting a divorce. Money is important to think about and deal with because it can be so intertwined with trust in your partner. Trust in all areas of a relationship is important, but areas of finance may be especially important, as money management can be a very sensitive topic for many people. Ultimately, if partners are not honest and open in the area of money, it can have a detrimental effect on the marriage. Partners may begin to distrust each other about future finances, and it may also affect trust in other areas of the relationship. The skills to manage one’s finances can be tricky, and it may not have been a skill you were taught growing up.
There is an Ohio State Extension program that was developed for individuals and couples seeking to learn better money management skills, entitled “Manage Your Money”. This program has been turned into a FREE, interactive, distance learning course.
The skills that are covered include:
- Lesson 1: Getting Started. This lesson focuses on individual and family values about money. It gives you some suggestions about ways to talk with your partner and family about money matters. You are asked to think about and develop some financial goals for the future. There are also suggestions and tools to help you start tracking your expenses.
- Lesson 2: Where Does Your Money Go? This lesson discusses cash flow, income, and expenses. There are worksheets on which to write critical information about your income, what you owe (your credit use), and types of expenses (fixed, regular flexible, and occasional) so you have a better picture of your current financial standing.
- Lesson 3: Stop Spending Leaks. This lesson will help you examine your spending habits to see if any problems exist. There are suggestions for changing spending practices and habits. Worksheets help you and other family members commit to a personal plan to change spending habits so funds can be used to reach important goals set in Lesson 1.
- Lesson 4: How Much Credit Can You Afford? The focus in this lesson is on the pros and cons of using various types of consumer credit, wise credit management, and the importance of your credit history. There is a checklist to help you determine if you have some credit problems, and worksheets help you compare some credit alternatives.
- Lesson 5: Develop Your Budget. Guidelines and worksheets for developing a written budget are the focus of this lesson. The guidelines and tools are intended to help you actually “plan” future use of income so you are in better control of day-to-day and longer-term finances.
- Lesson 6: Your Net Worth and Financial Records. The first part of this lesson focuses on your net worth and how you own property. The second part will help you collect and organize your important financial records.
The course link is: http://go.osu.edu/mym. Access is free of charge; new course participants only have to create a user account before accessing the course. Consider the great benefits of better financial management to you and your family, and start the course today!