Managing my money
Managing my 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.

Free course

Managing my money

2.3.1 Your budget – the income side

This is your first opportunity in the course to use a budget planner. The UK government has set up an independent service called the Money Advice Service (MAS) which offers a set of excellent financial planners and calculators. You’ll be using a number of MAS planners and calculators, so why don’t you register for free with MAS [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] now? Once you’ve registered you’ll also be able to save your workings and come back to them later.

The MAS budget planner is presented in two formats – a simple version and a version with more detail. Both are easy to use and self-explanatory. Go to the MAS budget planner in a new window or tab and choose the version with which you feel most comfortable.

Now complete the income part in the budget planner for your household.

If you’re in a one-person household, this means completing it for just yourself.

If you’re in a multi-person household, the normal assumption would be that the income of other household members would be recorded. However, if this is not possible, simply complete using your own income.

When you’ve done this go to your fact find and fill in the income side of your budget – the first five rows. Use the current month’s figures to fill in the column ‘Cash flow £ per month’. In the second column – ‘Average month £ per month’ you may want to adjust these figures if the current month is not a representation of what you get on average in a month. For people receiving salaries, there’s typically no difference but for those who are self-employed there can be wide variations in what is earned from month to month.

Don’t put in expenditure figures in at this stage – you’ll be looking at expenditure next week.

Once you’ve done this, move on to the test for this week.

Figure 9
MMM_1

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