Finance Fundamentals: Financial Planning and Budgeting
With household budgets feeling the pinch, find out how to bring order to your finances and make good decisions, with The Open University’s online course.
Duration
4 weeks
Weekly study
3 hours
100% online
How it works
Unlimited subscription
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Accreditation
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Established
1969
Location
Milton Keynes, UK
World ranking
Source: Times Higher Education World University Rankings 2020
This online courses explore how current economic conditions impact household finances, before showing you how to manage yours more effectively.
You will find out whether you have bad financial habits and how to address them; discover a simple four-stage model for making sound financial decisions; examine the two components of household budgeting – income and expenditure – and how to manage them; and look at a key area of household spending – insurance.
The Open University’s Centre for the Public Understanding of Finance created this course, with the generous support of True Potential LLP.
Explore the panorama of financial issues that affect us today. Learn about the significance of planning your finances through your life course and discover how to link this planning to your goals in life.
Are you risk averse or a risk taker? Find out about the behaviours that can lead to poor financial decisions and start to build your financial planning model.
Start to apply the financial planning model to financial decision making, and make sure that your financial decisions are well managed.
Examine the sources of income and the distinction between income and wealth. Then delve into the subject of price inflation and discover how this determines the difference between nominal and real incomes.
Take a look at deductions that are made to income in the UK in the form of Income Tax and National Insurance. Consider the income that comes in the form of state benefits and review the current overhaul of the UK benefits system.
Here you start the process of building a budget by drawing up its income side using a budget planner.
Last week was about incomes; now you turn to household expenditure. Bringing the two together enables you to build a budget. Look at more budgetary challenges and at how spending links to lifetime goals.
Budgetary dilemmas, social and behavioural factors that affect spending, safe internet shopping and how to avoid wasting money – a full week.
You reach ‘first base’ in managing your money – control over your income versus spending – and linkage of your finances to your life’s ambitions and goals.
The rationale of insurance – household risk management. When to buy cover and when to self-insure? Apply the financial planning model to insurance decisions.
Which insurance is compulsory and which optional? Managing the cost of home and motor insurance – the top tips. Payment Protection Insurance (PPI) – insurance that was mis-sold! Review your insurance cover.
What are the options and when does it make sense to buy these products? Supplementing the cover provided by the state – like the NHS cover for medical matters. Gender and insurance – the revolution in the pricing of insurance.
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