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

Learn more

Accreditation

More info

Established

1969

Location

Milton Keynes, UK

World ranking

Source: Times Higher Education World University Rankings 2020

Find out how to manage your income and expenditure more effectively

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.

  • Week 1

    Financial planning and the life course

    • Finances and the life course

      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.

    • Overcoming poor behaviour with money

      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.

    • A financial planning model to get your finances in order

      Start to apply the financial planning model to financial decision making, and make sure that your financial decisions are well managed.

  • Week 2

    Income, taxation and benefits

    • Income, wealth and inflation

      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.

    • Taxation and benefits

      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.

    • Starting to build your budget

      Here you start the process of building a budget by drawing up its income side using a budget planner.

  • Week 3

    Expenditure and budgeting

    • Spending and the household budget

      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.

    • Managing your spending and your budget

      Budgetary dilemmas, social and behavioural factors that affect spending, safe internet shopping and how to avoid wasting money – a full week.

    • Building your own budget

      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.

  • Week 4

    Insurance

    • Buying insurance – the rationale

      The rationale of insurance – household risk management. When to buy cover and when to self-insure? Apply the financial planning model to insurance decisions.

    • Home, motor, travel and general insurance

      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.

    • Life, health and income protection insurance

      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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