Family Finance Management

4. Taking Control - Financial Management

Managing money effectively to meet present and future goals is a learned skill. Start simple and get family members to help. Realize that you're going to be derailed at times, but get back on track as soon as possible.

Know what records to keep:

• Where are Your Valuable Papers? (OSU)
• Organizing Your Family Records (PDF) (OSU)

Developing a Plan:

The choice between various savings and investment alternatives depends on your need for meeting short-term expenses vs. planning for longer-term goals. It is influenced by your tolerance for risk. Developing your own investment expertise is one of the most important steps you will ever take. However, if you decide to enlist the help of a financial advisor, be sure to thoroughly research backgrounds and qualifications objectively.

Investing 101:

• PNW 537 Investing for your Future (PDF), a home study course, can be ordered from OSU Extension Publications
• Build wealth. Invest wisely. Money 2020
• Saving and Investing (Iowa Extension) - develop your own investment expertise

Choosing a Financial Planner:

• 10 questions to ask when choosing a financial planner from the Certified Financial Planner Board of Standards

Tools for estimating the cost/value of various components of your plan:

• The Costs of Raising a Child (University of Minnesota)
• Information about the Oregon College Savings Plan from the Oregon State Treasury
• Your Social Security Statement (Social Security Administration)
• A calculator for projecting the future value of your nest egg can be found at Kiplinger's Site Click on "How much will my savings be worth?"

Protect Your Credit and the "Big Three" Credit Reporting Agencies:

• Experian
• Equifiax
• Trans-Union
• Know your rights to a free credit report under the Fair Credit Reporting Act

Basic Living Skills:

• Basic Living Skills (OSU)
• Money Matters video tape and workbook (PDF) (OSU)

Other Consumer Information:

• Hundreds of consumer and educational publications from the GSA's Pueblo Information Center

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OSU Extension Education Center, Multnomah County
Caroline Cannon, OSU Extension Field Faculty, Family and Community Development
211 SE 80th Avenue
Portland  OR  97215-1597
Family Finance 503-725-2022, FAX 503-725-2020