Posts Tagged ‘money managment’

I have been de-cluttering my home for the past three months. Rather, I have been trying to de-clutter! At the same time, I have had to manage my finances in “new” ways to meet the continuously emerging needs of the COVID-19 pandemic. I took a trip down memory lane as I opened my Hope Chest to add and subtract items.

What is a Hope Chest? Historically, the term hope chest symbolizes hope in a marriage. The hope chest itself is an important vessel that a newly married woman could one day hand down to her own daughter. Traditional cedar hope chests were also used to help protect fabrics and to give the items inside a pleasant aroma. Key words include vessel and a symbol of hope.

What would a 2020 Hope Chest need to look like and contain? In these changing times, the vessel needs to live in a virtual world and be an action of hope.

Ohio State University Extension designed a Hope Chest to “help people help themselves” amidst these uncertain times.  A temporary or transitional spending plan is needed to build hope and manage financial stress.

The purpose of the Hope Chest is for individuals and families to –

  1. Prioritize spending by separating needs from wants
  2. Identify realistic/SMART goals
  3. Gather current financial spending and saving information
  4. Evaluate COVID-19 pandemic emergency resources
  5. Develop a “new” Accounting for Your Money calendar
  6. Get through the next 6-months using Accounting for Your Money calendar
  7. Re-evaluate and adjust the transitional spending plan monthly

Directions for use of “Accounting for Your Money” Hope Chest

Begin by reviewing Steps 1 through 7 to obtain an overall picture of the components of the Hope Chest. After reviewing the components, you are ready to begin completing the steps.

Complete Steps 1 and 2 within a week. For Step 3 collect spending records before you add the information to the “Spending Tracker Tool” and “Income and Benefits Tool”.

Steps 4 and 5 include evaluating resources and developing a transitional spending plan.

Steps 6 and 7 will occur over the next 6 months. Completing all the steps will help manage your spending and saving habits.

Work on the steps with your family members/co-spenders and discuss your basic wants and needs. Determine how to best spend your money during the pandemic. Your family will be empowered to meet the new challenges brought about by the pandemic emergency and ease future financial stress.

Post evaluations of this program indicate that most individuals who complete the seven-step process reveal they have/find additional money to use for meeting personal goals.

Click here to “make money now” and start filling your Hope Chest!

Written by:  Margaret Jenkins, OSU Extension Educator, Clermont County jenkins.188@osu.edu

Reviewed by: Beth Stefura, OSU Extension Educator, Mahoning County. stefura.2@osu.edu


Ohio State University Extension, Family and Consumer Sciences (2020). COVID-19 – A Financial Resource Guide at fcs.osu.edu/programs/healthy-finances-0/covid-19-financial-resource-guide

Consumer Financial Protection Bureau (2020). Your Money Your Goals at consumerfinance.gov/practitioner-resources/your-money-your-goals

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“What’s in your wallet?” is a great marketing program for a credit card but with all jokes aside; do you really know what is in your wallet or purse?  I bet you don’t!  Take the challenge.  Sit down with a pen and paper and make a list of everything in your wallet.  Do you know your vehicle tag number, credit card numbers, driver’s license number, savings and checking account numbers?

When your purse, wallet or credit card information is lost or stolen, time is the most important thing. A thief will immediately start to use your checks or credit cards.  So, while you are at home looking for credit card numbers they are spending your money as fast as they can.  But there are some things you can do to ease the headache caused by the loss or theft of your wallet or purse.

  • Photocopy every card, front and back.  Include all cards including:  credit, debit, car insurance, medical insurance, and Social Security.  On the photocopy write the contact number under each card.
  • Make a list of everything you have in your purse, including all the cards, checkbook, cell phone, and camera.
  • Beside each item include account numbers, contact numbers, serial numbers, make  of item, and a description.
  • List the keys on your key chain.  Store duplicates safe at home.
  • Put a copy of your list and the photocopy in a file at your office and one at home.
  • Immediately call the policeThis will prove to credit providers that you were diligent. Then call your bank, credit card companies, Department of Motor Vehicles,  Social Security, cell provider, and insurance companies.

Carry Smart.  Do you really need all that stuff in your purse?  With proper ID you do not need to carry your credit cards with you while shopping. Never carry important papers in your purse such as your birth certificate, Social Security card or passport.  Keep an eye on your purse at all times.  It only takes a second for someone to walk by and slip your purse out of the cart. In addition, men should consider carrying their wallets in their front pockets if walking in crowded areas. This will make it harder for pickpockets.

You may not be able to totally protect yourself from a sly, criminal determined to steal your purse or wallet but taking some time today to make an inventory of its’ contents will save you hours of frustration and time if you do become a victim.

Author: Kathy Green, Extension Educator, Family and Consumer Sciences, Ohio State University, Butler County/Miami Valley EERA, green.1405@osu.edu.

Reviewer: Michelle Treber, Extension Educator, Family and Consumer Sciences, Ohio State University Extension, Pickaway County/Heart of Ohio EERA


FDIC Consumer News 6/1/2004


McKinney, C, Ph.D., Know Your Valuable Papers: What and Where  http://ohioline.osu.edu/pdf/l237.pdf

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