MSE’s Academy of Money
MSE’s Academy of Money

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Session 2: Budgeting and taxation


Download this video clip.Video player: Video 1
Copy this transcript to the clipboard
Print this transcript
Show transcript|Hide transcript
Video 1 Introduction to Session 2
Interactive feature not available in single page view (see it in standard view).

This is the second session of a course on money management produced by The Open University in collaboration with

In this session on budgeting and taxation you will learn how the income you receive – your net income – is affected by the deductions of income tax and National Insurance Contributions (NICs) from your gross income.

You’ll then explore the characteristics of your spending before you start building your budget.

Understanding how to manage your budget provides the foundation of good financial management and in this session you will learn how to go about this.

After studying this session, you should be able to:

  • understand how income tax and National Insurance impact on earnings
  • understand household spending
  • compile a budget
  • understand the key aspects of budget management.

This Session is one of a suite comprising the course MSE’s Academy of Money and has been made possible by financial and content contributions by

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.

Not ready for formal University study? Then browse over 1000 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371