Why Study a Money Management Course After Your Christmas Spending Splurge?.

Christmas is a time of generosity and it is often the time when people throw caution to the wind and spend a little extra money on extravagant gifts, decadent food to indulge in, and social gatherings. After the gleam of the festive season is over, the decorations are packed away and the fridge is bare, it can be rather daunting checking your bank balance. 

To avoid this stress in the future, you need to learn how to manage your money effectively. We all need a bit of help in this arena, particularly after Christmas when the purse strings need to be tighter than usual. To get yourself in a more comfortable financial situation and prepare for future festive holidays, enrol on a money management course online. 

By studying a personal finance course online, you will know how to manage your money, alleviating any future anxiety over post-holiday spending. Below, we have explained the definition of money management, how you can learn how to better juggle your finances and answered some of the most common questions about money management. 

What is Money Management? 

Before you learn how to manage your money, you firstly need to understand what money management is. Well, by managing your personal money, you are tracking your income and balancing it against your expenses, which may include the following: 

• Bills 
• Rent/Mortgage 
• Food 
• Clothing 
• Travel 
• Personal spending 

Incorrect money management could lead to debt and worrisome financial situations, which is why it is essential that you know how to manage your money. A money management course will teach you everything you need to know about handling your finances, but please note that you don’t need to be earning a high salary to be good at money management, UK residents. 

Regardless of your earnings, good money management is when your monthly outgoings and expenses are covered, and you still have money left over. 

 

 

Why is Money Management Needed? 

Every adult in the country knows that you need money to function in today’s society. There are not many things in this world that you do not have to pay for, so knowing how to manage your money will keep your head above water. There are many reasons why it’s important to have good money management, UK residents, and we have outlined them below: 

• Avoid debt – It is very easy to slip into debt, whether that be from credit cards or loans. However, if you know how to manage your money, you are less likely going to need to borrow money from banks. Debt is a slippery slope, but by implementing good money management, you can avoid it 
• Better financial prospects – Some things in life can only be acquired if you have good credit. For example, you are more likely to be approved a mortgage if you have a decent credit score. To put yourself among the financially secure, you need to know how to manage your money, which you can learn through a money management course 
• Reduces stress – Arguably one of the biggest causes of stress is money problems. It can tear families apart and ruin relationships. Many things are out of our control, but when it comes to personal finances, we can take a stronghold over our spending. With effective money management, UK residents, you won’t have to experience stress-inducing nights worrying about your finances 
• Enjoy the finer things – Even if you earn a fairly modest salary, you can still treat yourself to something you really want, whether that be a new gadget or a holiday with a loved one. By knowing how to manage your money, you will be able to save up for what you want as opposed to denying yourself because you cannot afford it 

How to Manage Money in Your 20s 

Many individuals in the UK enter the working world at the age of 16, while others don’t start their careers until their early 20s after going to university. Whatever age you start earning a salary, it is important to be aware of money management. UK workers need to create a balance in order to enjoy their lives, both personally and professionally. 

Many people who choose to have children don’t generally start a family until their late 20s, early 30s, so if you fall into the child-free bracket, then you have more money to spend on yourself. That doesn’t mean, though, that you should spend it frivolously. 

It’s all about balance, so make sure you experience life by taking on different adventures while also keeping one eye on the future. In your 20s, you rarely think about retirement because it seems like a distant inevitability, but it is certainly worth investing in a pension, particularly if you are self-employed or don’t have pension options through your employer. You should also consider the following: 

• Savings 
• Pay off debts 
• Avoid taking out multiple credit cards 

Being mindful about your finances is the first step towards learning how to manage your money in your 20s. 

How Do I Learn About Money Management? 

Many of us learn about the importance of money management as we navigate through life. Perhaps you have fallen into debt, or you overspent during the Christmas period. Regardless of your situation, there is no wrong time to learn about effective money management. UK residents can get a solid understanding of this topic by studying a personal finance course online. 

Before delving into the principles of money management, UK learners should know the fundamentals of how to manage their money properly. These include: 

• Understanding your financial situation 
• Setting financial goals 
• Creating a monthly budget 
• Putting money away each month in a savings account 
• Paying off debt 

 

 

Those are basic money management tips that you can adopt in your own life, but if you want to get to the nitty gritty, then enrol on a personal finance course online. Stonebridge Associated Colleges provides a range of online courses that will provide you with the knowledge and skills to better manage your money. We have outlined some options below: 

Personal Money Management 

To get a firmer understanding of how to manage your money more effectively on a daily and monthly basis, then our Personal Money Management course can help. Through a variety of topics, you will learn how to take charge of your expenditure and prepare for any future needs and wants. 

By getting a grip of personal money management, UK learners will be able to better prepare financially for events, such as Christmas. We all know that the festive season is incredibly expensive, and if you recently looked at your bank balance after the holiday period, you may need the assistance of money management tips. 

Our online course is ideal for all ages, in particular, individuals who are entering the working world for the first time or those who struggle to control their spending. You will explore a handful of topics during our money management course, including: 

• Personal finances 
• How to manage your money through tracking, saving, and investing 
• Budgeting in anticipation of future significant expenditure 

To pass the course and gain a Level 1 certificate, you will be required to complete a question paper at the end of each lesson. The papers will be marked by a tutor and sent back to you with feedback attached. You can study this money management course from the comfort of your own home as it is delivered entirely online. 

Money Management 

After any big event, such as Christmas, it is important to get control of your finances, and by studying our Money Management course, you will be able to do just that. However, this online course is also suitable for individuals looking to pursue a career in the financial sector. If you want to work in accounting or in financial services, you will need a basic knowledge of money management. UK residents can begin their learning journey with our online courses. 

This particular money management course focuses on a range of techniques that will help individuals make informed decisions regarding borrowing and investments. By exploring this aspect, you will not only learn how to manage your money better but you will also get a taste of business money management. The course covers the following: 

• The meaning of money 
• Financial terms 
• Cheques 
• Planning and how to manage money 
• Borrowing  
• Buying 
• Investing 
• Banks 
• Superannuation and communication 

Each lesson will come with a question paper that you need to complete and send back to your tutor, who will mark it and provide you with constructive feedback. Once you have completed each question paper, you will be issued with a Level 1 certificate. 

 

 

Debt Management Skills 

It is common for individuals to fall into debt over the course of their adult lives, but there are ways to manage it effectively if you have the right knowledge and skills. Our Debt Management Skills course is ideal for anyone who wants to sort out their debt or learn good money management. UK residents should also consider studying this course if they intend to work in the financial management sector. 

This money management course will explore the various contributing factors for debt and how to achieve greater financial independence through debt management strategies. You can use this knowledge to help resolve your own financial situation or pursue a job role that involves offering professional services in debt management. 

During this course, you will cover the following topics: 

• What is debt? 
• The problem with debt 
• The difference between good and bad debt 
• Identifying your debts 
• Putting debt into context 
• Crisis management 
• Increasing your income 
• Reducing your outgoings 
• Establishing a debt management plan 
• Reducing the risk of future problems 
• Helping others with debt issues 

Why Study a Money Management Course? 

Studying a money management course is beneficial for many reasons, such as: 

• Enhance your knowledge – By learning how to manage your money, you will be in a stronger position to look after your finances and live more comfortably within your means 
• Help others – Learning the fundamentals of money management, UK residents, will enable you to impart your new-found knowledge on to others, helping friends and family become more financially independent 
• Career prospects – Studying a money management course will not only enable you to manage your money better, but it could also be helpful to those who want to pursue a career in the financial sector 

How Much Money Should You Have at the End of the Month? 

The answer to this question is dependant on how much you earn, how much you spend on bills and expenses, and how much you save. Many people put a certain percentage of their monthly wage into a savings account, and if you know how to manage your money, you will know how many outgoings you have and roughly how much you spend on certain variables, such as food. 

There is no set amount of money you should have sat in your bank account at the end of each month, but you should try to have enough so that you’re not living pay check to pay check. 

Start Learning Today! 

To learn how to manage your money and get your finances back on track after Christmas or a big event, then one of your best options is to enrol on a money management course. You can do just that by speaking to one of our Course Executives on 0121 392 8288 or by contacting us online. Start your learning journey today!