Managing My Money

Week 3: Expenditure and Budgeting - Part 1, Episode 5

Share Radio & Open University Business School

'Whatever you have, spend less'.

Dr. Johnson

Welcome

to Managing My Money presented by Glen Goodman and Annie Weston

Do you need to change your spending?

Expect the unexpected!

Bad things can - and probably will - happen

The economy could take a downturn
Your social situation may change

So - plan ahead for rainy days

Your choices: increase your income, or change your spending pattern

What's essential and what's not essential?

Wake up and smell the coffee!
Shop around - including the big things, like mortgages
Buying additional inessentials with the basics
Do you use the Gym?

Online shopping vs. visiting the shops

Shop around, but don't forget to check out post & packing charges as compared to travel and parking

Dodgy websites?

Did you spot?

Cyber crime is a growing challenge

Even Bill & Ben are at it ...

So don't be gullible, and keep your ID and passwords safe

Martin Upton is Director of the Centre for the Public Understanding of Finance (PUFin) of the Open University Business School, and devised the Managing My Money online course. Here he explains how Heuristics shape our daily spending decisions. For example:

Does higher price mean higher quality?
Weighing up generic products against well-known national brands
Do larger stores mean lower prices?
Do smaller stores provide better service?

Tips for cutting spending

Pay bills by direct debit
Shop around for insurance premiums
Cashback websites
High interest on credit cards
Water meter
Buy in bulk
Packed lunch for work
Turn off light
Make a shopping list, and keep to it!
Extended warranties: are they worth it?

Listen to Part 2 of Week 3 on Share Radio - then take the Week 2 quiz/test. As you take each week of the course, your results will build up on your personal dashboard.