Finance Fundamentals: Financial Planning and Budgeting
With household budgets feeling the pinch this course shows how to bring order to your finances and make good financial decisions.
71,996 enrolled on this course
Duration
4 weeksWeekly study
3 hours100% online
How it works
Finance Fundamentals: Financial Planning and Budgeting
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.
Syllabus
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.
Who is this accredited by?
This course is accredited by EOCCS, the first international quality benchmark for online courses in business and management education.
When would you like to start?
Start straight away and join a global classroom of learners. If the course hasn’t started yet you’ll see the future date listed below.
Available now
Learning on this course
On every step of the course you can meet other learners, share your ideas and join in with active discussions in the comments.
What will you achieve?
By the end of the course, you‘ll be able to...
- Identify and understand how financial needs change over the life course
- Identify, understand and apply a model for financial decision-making
- Identify and appreciate how human behaviour affects financial decisions
- Identify and understand the impact of inflation and tax on incomes
- Apply and appreciate the social and economic factors that influence spending
- Design and manage a household budget
- Identify and understand insurance products and when to buy them
Who is the course for?
For further information about registration, the final assessment course, your eligibility and the BA in Business Management, visit the Open University website.
Who will you learn with?
I am Director of the True Potential Centre for the Public Understanding of Finance (PUFin) at the OU Business School. Previously I was Treasurer of Nationwide Building Society.
Moderator for certain online Business courses.
I am an Associate Lecturer for the Open University and an educational writer
Who developed the course?
The Open University
As the UK’s largest university, The Open University (OU) supports thousands of students to achieve their goals and ambitions via supported distance learning, helping to fit learning around professional and personal life commitments.
Established
1969Location
Milton Keynes, UKWorld ranking
Top 510Source: Times Higher Education World University Rankings 2020
The Open University Business School
A pioneer in flexible learning for over 30 years, The Open University Business School delivers transformational, high quality business and management education which is quality assured.
Ways to learn | Buy this course | Subscribe & save | Limited access |
|---|---|---|---|
| Choose the best way to learn for you! | $109/one-off payment | $244.99 for a whole year Automatically renews | Free |
| Fulfill your current learning need | Develop skills to further your career | Sample the course materials | |
| Access to this course | tick | tick | Access expires 22 Feb 2025 |
| Access to 1,000+ courses | cross | tick | cross |
| Learn at your own pace | tick | tick | cross |
| Discuss your learning in comments | tick | tick | tick |
| Tests to check your learning | tick | tick | cross |
| Certificate when you're eligible | Printed and digital | Digital only | cross |
Cancel for free anytime |
Ways to learn
Choose the best way to learn for you!
Subscribe & save
$244.99 for a whole year
Automatically renews
Develop skills to further your career
- Access to this course
- Access to 1,000+ courses
- Learn at your own pace
- Discuss your learning in comments
- Tests to boost your learning
- Digital certificate when you're eligible
Cancel for free anytime
Buy this course
$109/one-off payment
Fulfill your current learning need
- Access to this course
- Learn at your own pace
- Discuss your learning in comments
- Tests to boost your learning
- Printed and digital certificate when you’re eligible
Limited access
Free
Sample the course materials
- Access expires 22 Feb 2025
Find out more about certificates, Unlimited or buying a course (Upgrades) Sale price available until 3 March 2025 at 23:59 (UTC). T&Cs apply. | |||
Find out more about certificates, Unlimited or buying a course (Upgrades)
Sale price available until 3 March 2025 at 23:59 (UTC). T&Cs apply.
Learning on FutureLearn
Your learning, your rules
- Courses are split into weeks, activities, and steps to help you keep track of your learning
- Learn through a mix of bite-sized videos, long- and short-form articles, audio, and practical activities
- Stay motivated by using the Progress page to keep track of your step completion and assessment scores
Join a global classroom
- Experience the power of social learning, and get inspired by an international network of learners
- Share ideas with your peers and course educators on every step of the course
- Join the conversation by reading, @ing, liking, bookmarking, and replying to comments from others
Map your progress
- As you work through the course, use notifications and the Progress page to guide your learning
- Whenever you’re ready, mark each step as complete, you’re in control
- Complete 90% of course steps and all of the assessments to earn your certificate
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