Making Sense Of Your Personal Finances
4.2 (670 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
24,447 students enrolled

Making Sense Of Your Personal Finances

Learn to set S.M.A.R.T. financial goals and work out how much you need for your goals.
4.2 (670 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
24,447 students enrolled
Last updated 11/2018
English
English [Auto-generated]
Price: Free
This course includes
  • 1.5 hours on-demand video
  • 9 articles
  • 11 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What you'll learn
  • Understand and set financial goals
  • Prepare a budget

  • Save effectively

  • Manage your debt
Requirements
  • Internet access
  • computer or smartphone
  • basic knowledge of spreadsheets
  • a money sensible mindset
Description

This is a short course on basic money management which is conducted by the Institute for Financial Literacy, Singapore. We provide free and unbiased financial education programmes to companies and organisations.

Description of Module:

Learn to set S.M.A.R.T. financial goals and work out how much you need for your goals. Develop a budget by tracking your spending and savings on a regular basis. Learn how to cut down on expenses and reduce debt.

Financial planning includes: Managing your income to meet your current as well as future needs, such as your retirement or your children’s education; Managing exposure to unforeseen events like pre-mature death, illness or disability; Managing savings and investments to meet your financial goals.

Setting up a budget is a good way to start taking control of your financial situation because it helps you to: Live with your financial means, and meet expenses; Track spending, in order to meet both your long-term and short-term goals; Control your money, so that it does not end up controlling you.

The concept of money comes with a lot of associated feelings. Too little money can make you miserable. Too much money can also make you miserable. Managing money means knowing how to: Make and earn money; Hang on to it once you have it; Spend it; Invest it; Enjoy it in our golden years.

In this module, we will cover essential money management skills such as setting financial goals, preparing a budget, Paying Yourself First (Saving a portion of your income the moment you receive it), assessing your expenses, stretching your dollar and debt management. We will also cover important topics such as the Power of Compounding Interest and Consumer Debt. Take this module as a step towards financial wellness.

Browse through the text content in the lectures and download the supplementary materials for additional learning. This course will take your about an hour to complete.

Who this course is for:
  • Working adults
  • Students
  • Basically anyone who handles money
Course content
Expand all 27 lectures 01:30:55
+ Introduction
2 lectures 02:35
This video contains the course objectives of this e-learning module.
The are namely:
  • Are Your Financial Goals S.M.A.R.T. ?
  • Is Interest Your Friend Or Your Foe?
  • Where Did Your Money Go?
  • Developing A Good Spending Plan
  • Budgeting Made Easy
  • How Do You Stretch Your Dollar?
  • What Is The Real Cost Of Instalment Plans?
Introduction to Making Sense Of Your Money
01:01
In this Lecture, find out more about MoneySENSE's core financial capabilities:
  • Understanding Money
  • Understanding yourself, your rights and responsibilities
  • Managing everyday money
  • Planning ahead
  • Selecting financial products
MoneySENSE Core Financial Capabilities Framework
01:34
+ Financial Goals
5 lectures 10:41
Find out more about setting S.M.A.R.T. financial goals. Namely, financial goals which are:
  • Specific
  • Measurable
  • Achievable
  • Realistic
  • Time-Bound
In the next two lectures, you can read notes based on what is explained in this video.
Are Your Financial Goals S.M.A.R.T. ?
03:18
In this lecture, we provide some notes on what financial goals are.
Why Set Financial Goals?
00:38
In this lecture, we provide a written example of a S.M.A.R.T. financial goal.
How To Set Financial Goals?
00:39
This video lecture illustrates the power of compounding interest. It also explains the Rule of 72 which can be used to estimate the number of years to takes for your money to double.
This video can also be viewed at http://www.youtube.com/watch?v=U6nnvghbRkg
Is Interest Your Friend Or Your Foe?
03:30
This lecture demonstrates how an excel spreadsheet can assist you can calculating interest rates.
Excel Demo - Interest Rates
02:35
+ Budgeting
9 lectures 18:29
This video lecture explains the importance of tracking your spending. It also illustrates the concept of "Paying Yourself First".
You can also view the video at http://www.youtube.com/watch?v=LWr-GVD4OLo
In the next lectures, you can read notes based on what is explained here.
Where Did Your Money Go?
02:27
In this lecture, we look at a simple method of tracking our spending.
Tracking Your Spending
00:28

Watch this video to learn about the benefits of Paying Yourself First.

Bob Learns How To Pay Himself First
01:26
In this lecture, we look at an amazing financial management concept known as "Paying Yourself First".
Pay Yourself First
00:53
This video explains the process of budgeting and developing a good spending plan. In the next lectures you can read notes based on this video.
This video can also be viewed at http://www.youtube.com/watch?v=gGqxpfXAy4Q
Developing A Good Spending Plan
02:21
This video explains four different types of budgeting systems:
  • Envelope System
  • Written Record System
  • Electronic System
  • 3 Bank Account System
This video can also be viewed at http://www.youtube.com/watch?v=1TfsVQqmmM0
Budgeting Made Easy
03:19
In this lecture, we will look at simple steps to set up our family budget.
Preparing A Family Budget
00:41
In this lecture, we will look at some guidelines to budget effectively.
Guidelines To Effective Budgeting
01:19
In this video, we will discuss practical ways of cutting down our expenses.
This video can also be viewed at http://www.youtube.com/watch?v=BhSwmwS32vI
How Do You Stretch Your Dollar?
05:34
+ Debt Management
6 lectures 13:20
In this video, we will consider ways of avoiding and reducing our debt.
In the next video we will consider the real cost of instalment purchase plans.
Debt Management
02:04
Find out more about the real cost of instalment plans. It is always more cost effective to pay upfront than to take on long instalment plans.
The Real Cost of Instalment Plans
02:09
In this lecture, we provide notes on practical ways to avoid debt.
How To Avoid Debt
00:27

Find out more about how consumer debt, in particular Credit Card debt.

Understanding Consumer Debt
02:02

Find out how credit card interested is computed in this lecture.

Case Study 1 - How Credit Card Interest Is Computed
05:31
In this lecture, we consider ways of avoid consumer debt, in particular, credit card debt.
Consumer Debt
01:06
+ Conclusion
5 lectures 41:22

Prudent Penny changes from a Shopaholic to a Prudent Spender. Be like Prudent Penny.

Prudent Penny
00:56

Life isn't fair, and looks can be deceiving. What happens when we blindfold ourselves and taste dishes from a hipster store and a hawker stall? Can we tell by tasting which dish costs many times more than the other?   Visit savesmart.sg to learn more about saving and spending smarter.

Hipster vs Hawker
05:28
In this video, we conclude this e-learning module. We will also look at the Power of Habit.
This video can also be viewed at http://www.youtube.com/watch?v=fwXeSdSWw6o
Summary and Conclusion (The Power Of Habit)
01:39

Try this simple quiz based on this e-learning module.

Making Sense Of Your Money Quiz
6 questions
This lecture contains links to additional resources where you can learn more about money matters pertaining specially to Singaporeans.
Additional Resources
00:29

In this Podcast, Mr Gerard Ee from Beyond Social Services gives a speech on "Wanting Less Is Not An Option". This talk addresses the problems faced by the Low Wages Segment of society in Singapore.

Podcast - Wanting Less Is Not An Option
32:50