Money Management for Beginners

An intuitive way to get a complete view and control of your finances

What you'll learn
- Making informed financial decisions by
- - Tracking Expenses
- - Formulating Budgets
- - Understanding Financial Activities
- - Defining Needs and Goals
- - Developing Plans to meet your Needs and Goals
- - Incorporating Needs and Goals into Budgets and Expense Tracking
- - Understanding, Choosing and Tracking Investment Options
- - Taking Corrective Actions
- - Linking all of these in a sensible and intuitive way without confusing financial jargon

Requirements
- Basic understanding of Microsoft Excel or a similar spreadsheet program
- Basic understanding of Microsoft PowerPoint or a similar program

Description
Welcome to the first ever Udemy course on the topic of Money Management!

This can perhaps be viewed as personal finance management, but the way this course addresses various topics is very different, and we think the term Money Management fits the topic more accurately.

There are roughly 200 courses here in Udemy whose primary topic is personal finance. These courses cover a wide range of topics, from everyday budgeting and small savings habits to complex investment strategies and estate planning. While one course focuses on saving, protecting and making money, another covers budgeting, saving and investing, retirement planning, insurance, and tax planning, and one more provides tools and knowledge on how to grow income, reduce debt, budget effectively and invest wisely.

We Understand our Money in our Own Way

These topics are quite important, but perhaps many of us don’t quite think about our money this way at the outset. For instance, if you are an employee who depends on a salary, it means you receive money - say at the beginning of the month - you will spend some of it, save some of it and perhaps invest some of it. While you try to keep track of your money, you may really not know where your money goes!

Many of my friends and colleagues find themselves in such a situation. They've tried various ways to keep track – some ideas have worked, but some haven’t worked as expected, and some haven’t worked at all.

This was the situation for my wife and I many years ago before we embarked on money management. We gradually realized that becausewe understand our money in our own way, we needed something that helped us manage our money in our own way!

Getting the Big Picture

This is where the courseMoney Management for Beginnerscomes into play. This is meant for people like us – someone who understands a bit of money, some financial terms, tracks it here and there, and feels the need for the larger picture, and a way to tie various things together.

Once you get an overall picture and a bit of structure around managing money, you will see how much easier it is to holistically track your money flow, because you intuitively can understand topics like expense tracking, budgeting, saving, investing, retirement planning, insurance, and several other topics, and how they fit together in the big picture.

What you'll Learn

TheMoney Management for Beginnerscourse first talks about what money management is and paints a picture of your money world. You will then learn and understand a simpleMoney Tracking Frameworkwhich shows various ways you can track your money, and the merits and demerits of each.

It then talks about the kinds offinancial activities you do on a daily basis, and why it is important to achieve a certain level of familiarity with tracking these activities to understand better how your money flows.

This naturally leads to aFinancial Planning Frameworkwhich intuitively helps in understanding your financial needs. You will then understand a simple concept which helps specify your needs and the ways to achieve your goals. Afterwards, you will learn about the various investment options available, how to track each investment you make, track how they are performing, and determine if it is the right time to withdraw / book profits.

All these can help you makeinformed financial decisions.

Examining the Needs for Different Personas

To show how the Money Tracking and Financial Planning frameworks work together seamlessly, the course examines thefinancial needs of three different personaswith varying needs, develops their financial plans and shows how money can be managed in a simple way, and how one can make informed financial decisions. You will then see that these frameworks fit together to form theMoney Management Framework. In fact, you can easily extend the framework to cover your specific needs because by this time you would have understood the larger picture and how various pieces fit in!

Wealth Advisors

The course lastly talks aboutwealth advisorsbriefly, the way they view your money (notthe same as how you view your money) and how they work with you, how they can play a role in your financial plans and provides some pointers on how you can avail their services. Most importantly, how you can retain control because you understand the big picture.

Take away

The way you view your money, and how someone else views your money is not the same.By taking this course, you will realize that you must take the trouble to understand your money because your money is unique to you.

Once you get a holistic picture, you can engage a wealth advisor or can take any specialized personal finance course that you need, use any app and yet retain control since understand your money better and because you have an intuitive reference point.

Thank you for considering this course!

*** Note ***

Much of the content is general, but some specific content in this course considers the financial setup in India. Similar setups exist across the world; it is a matter of a little bit of copilot / ChatGPT or googling to get specifics for your country.

About Us

My wife and I are very passionate about finance, and on the side, the hobby that we have nurtured over the years is to gain an understanding of how money flows through our family by virtue of our spending, saving and investing habits. We would like to share our experiences and method so that people can make informed financial decisions.

Who this course is for:
- It is for anyone who is willing to spend some time and effort on tracking their money.
- For people who have never or partly tracked their money.
- For those who want to gain some more control and understanding of their money inflow and outflow.
- Those who want more clarity about where their money went.
- For people who perhaps seek a (different) structure to managing money.
More Info