Course:Â Introduction to Budgets
Credit Hours:Â 3
Course Description:Â
Budgeting is an online course designed to provide a comprehensive overview of budgeting principles and practices. This course covers the fundamentals of creating and managing a budget, including identifying financial goals, tracking expenses, and making informed decisions about spending. You will gain an understanding of budgeting tools and strategies to help you achieve your financial goals.
Through interactive lectures, readings, discussions, and assignments, you will develop the knowledge and skills required to manage your finances effectively. This course is ideal for individuals who want to maintain financial stability by developing a strong budgeting strategy tailored to their own needs.
This course will provide an overview of everything to know about the concepts, techniques, and tools of business and personal budgeting. The learner will be introduced to the different aspects of budget design. The learner will practice designing, reviewing, and amending budgets to make them reasonable, to achieve break-even point, and to ensure sustainability.
Course Objectives:
- Recognize the need and purpose of a business budget
- Students will understand the theoretical and managerial context of budgets
- Understand cash flow principles
- Identify procedures involved in business budget designs
- Develop a basic understanding of personal finance terms and concepts related to budgeting
- Understand the basics of setting up a budget, including tracking expenses and setting financial goals
- Analyze different types of borrowing options such as loans, credit cards, and mortgages, and their impact on your budgeting strategy
- Develop essential money management skills such as learning how to save money effectively and recognizing investments that are suitable for you based on your financial goals
- Understand how taxes affect your financial situation and develop tax planning strategies within the framework of your overall budget plan
- Explore different types of savings products available in the market such as certificates of deposit (CDs), money market accounts (MMAs), individual retirement accounts (IRAs), 401(k)s, etc., depending on your needs
- Evaluate different insurance policies with regard to cost-effectiveness while fulfilling your coverage needs within existing budgetary constraints  8 Assess various investment options across stocks, mutual funds, or exchange-traded funds (ETFs) depending on long-term or short-term financial goals.
- Make informed decisions about spending by factoring in past experiences for predicting future scenarios during the formulation of budgets
- Analyze case studies or real-world examples using identified principles from this course in order to apply them practically in personal finances situations
- Comprehend and practice the major processes (structure), terminology, Â techniques, and tools (craft) used in budgeting, thereby further providing a foundation for professional success
