Financial (Money) Management
| Course Code | BBS104 |
|---|---|
| Fee Code | S2 |
| Number of Assignments | 10 |
| Duration (approx) | 100 hours |
COURSE OUTLINE
This is a course about how to accumulate, borrow, spend, invest and save money. Some people have an intuitive ability with money, where everything they touch turns to gold, others need to take a much more conscious approach to handling money if they are to maximize their assets. It aims to improve your ability to make the right decisions about managing finances.
Throughout the course the student will develop their ability to make better decisions with respect to the following sorts of problems, such as:
- How to better invest money.
- How to capitalize on your home
- How to buy more economically to cut food bills.
- How to minimize taxation.
- How to bulk buy to minimize costs.
- Deciding how much to keep in reserve for a "rainy day".
- How often to restructure your personal budget.
These and more problems are dealt with throughout this comprehensive guide to money management.
LESSON STRUCTURE
There are eight lessons in total, as outlined below:
- Understanding Financial Terminology
- Planning & Managing your Cash
- Borrowing -for goods, against your home etc. Different types of loans, overdrafts, credit cards, financing a business etc.
- Buying -What to look for, hidden traps, consumer protection, deciding when not to buy on credit, forms of credit.
- The Money Market -How it works
- Investing -In housing, land, stocks, bonds, trust funds, antiques, business investments, insurance (annuities) and more.
- Superannuation -Lump sum, roll over etc.
- Reducing Costs -Cutting down on expenditure.
- Banks -How they can help you.
- Communication -How to deal with financial experts, bank managers, accountants and others in the financial world.
AIMS
- Develop an understanding of the nature and scope of financial management, and key terminology used.
- Discuss planning the management of financial resources.
- Differentiate alternative sources of finance.
- Determine appropriate and affordable purchasing.
- Describe the nature and scope of the investment market.
- Compare investment options
- Discuss personal financial risk management
- Identify ways of reducing expenditure without seriously affecting outcomes.
- Choose and use banks more effectively.
- Improve communication skills in order to more clearly interact with people providing financial services.
This course teaches you to manage your money, at home or in business, more efficiently. You will deepen your understanding of how money works, get a firm grip on financial terminolgy, and learn how to get better deals when borrowing, spending or investing.
Three Goals for Financial Management
Whether you are managing money on a small or large scale; and whether in a business or personal context, there are always three things you must aim to achieve:
- Increase Assets Total assets (e.g. Money and investments such as property, shares, etc) either increase or decrease, but never remain constant. If assets decrease and continue to decrease, eventually there will be no assets (or finance) to manage.
- Sustain Cash Flow Assets need to be used in order to survive. Businesses use assets to sustain activities that generate income. People use assets to sustain their existence. If cash flow stops, a business stops doing business. If personal cash flow stops, there is no money for food or shelter.
- Organise Finance Effectively Finance must be organised and controlled well if you are to optimise gains and minimise losses. Financial activities (business or private) are subject to legal controls (e.g. everyone pays tax, and everyone must be able to account for how they handle their finance).
Payment Options
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