Managing My Money
Week 3: Expenditure and Budgeting - Part 1, Episode 5
Share Radio & Open University Business School
'Whatever you have, spend less'.
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
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 True Potential 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.
Managing My Money
is broadcast by Share Radio and is based on the Open University Business School online course of the same name.
The presenters are Glen Goodman and Annie Weston
Managing My Money - Week 3, Episode 1