How to get better at managing your household budget
Written on 7 September 2015
If you’re struggling to make your money go far enough, you’re not alone. Research carried out on behalf of The Open University revealed Britons are struggling to manage their monthly household budget with a third (33%) regularly spending more than they have coming in.
But a new radio show might be able to help. Share Radio, a radio station set up to share ideas about money, is broadcasting the popular Open University course, ‘Managing My Money’.
The course, which is also available online via The Open University, is designed to help people with their finances and covers subjects such as pensions, financial planning, income tax and benefits, expenditure and budgeting, debt and borrowing, savings and investments and housing.
After completing the course, The Open University says you’ll be able to:
- Understand how to undertake financial planning, including drawing up a budget and a household balance sheet.
- Apply a systematic approach to making key financial decisions.
- Understand loans, mortgages and other debt products and their costs.
- Understand the main categories of personal investments, their characteristics and the returns they provide to investors.
- Understand pension products and how to undertake pension planning.
- Understand insurance products and how they are priced.
The original online course was launched in 2014 and has attracted over 50,000 participants. It’s free and is suitable for anyone from students to pensioners.
Now the course will also be available on radio and as an audio podcast. After each episode, you’ll sit an online test to make sure you’ve understood the information. At the end there’s a final test and you’ll receive a Statement of Participation certificate from The Open University.
The first episode airs on Share Radio at 9pm on 7 September. You can register your interest at www.shareradio.co.uk.
“In May 2014 we launched the original Managing My Money course in response to the distressing state of personal finance knowledge and skills among the UK public. The positive response to the course was resounding, but almost a year-and-a-half on there remains a very real problem in the UK.
“The team at Share Radio has come up with an innovative and entertaining show that makes the Managing My Money course even more accessible, and to a wider range of audiences," says Martin Upton, director at the True Potential Centre for the Public Understanding of Finance (PUFin) at The Open University Business School.
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