Transcript

Martin Upton

Hello again. Welcome to Week 2 of Managing my money.

The first week of the course showed you how to create and use a financial plan. It also looked at the behavioural factors and other hurdles that can sometimes get in the way of good financial management.

Careful financial planning not only helps us to keep on top of our finances today; it also helps to make sure we're matching our resources to our personal objectives in the future.

Over the next two weeks, you'll look at household income and expenditure - the two component parts of a household budget.

This week, you'll look at income, wealth and assets. You'll examine the different types of incomes people receive during their working lives, whether in the form of earnings from employment or from state benefits like Child Tax Credit and Universal Credit.

You'll think about how the tax and benefits system can be used to address income inequality, and you'll see the impact of inflation on household finances. Finally, you'll start compiling your own household budget.

So, what's the point of this week? One crucial part of understanding your finances is how you're taxed and how inflation impacts on your money.

Have a great week.