You might think personal finance is something only the rich and famous need to learn about. But with living costs continuing to rise, learning how to manage your money better is no longer a luxury; it’s a necessity for everyone.
According to statistics, about 63% of Americans are living paycheck to paycheck, which means they don’t have much savings in case of an emergency.
The good news is that there are many free or cheap personal finance courses available online that can help you find your way out of debt, spend less and save more.
On that note, we have put together seven personal finance courses to help you make wise money decisions.
What is Personal Finance?
Personal finance involves managing, saving, and investing your money. It also covers banking, budgeting, mortgages, insurance, tax planning, and retirement plans.
It entails handling money that belongs to you, not an organization or a business, and meeting your personal financial goals ranging from short-term to long-term goals.
To effectively manage your finances, you have to be financially savvy with the right skills to make wise financial decisions, hence, here are some courses to enhance your financial performance.
How to Save Money: Making Smart Financial Decisions
This course teaches you to maximize your money by making wise decisions concerning mortgages, credit cards, insurance, stocks, and retirement savings.
If you have been contemplating starting a savings plan and wondering how much you should save, this course will be of great help to you.
You will be exposed to the basics of personal finance such as how to put a balance between spending and saving, recognize potential opportunities, and how you can invest towards your retirement.
In addition to the online courses, you will also be shown practical ways to look up fees on mutual funds and request a free credit report; it also comes free with a paid optional upgrade.
Finance For Everyone: Smart Tools For Decision-Making
Finance for everyone is a free course from the University of Michigan that will equip you with the tools and skills you need to make smart everyday financial decisions.
The course is designed for beginners and provides a good introduction to the intricacies of spending, saving, and investing your money.
It teaches you how stocks and bonds work, the concept of the Time Value of Money (TVM), and how to utilize it in making daily financial choices.
Finance for everyone is available online for free, although, if you want to get a verified certificate, a fee of $49 is required.
Making Sense of Your Personal Finances
This free online course will guide you through basic money management skills and is conducted by the Institute for Financial Literacy in Singapore.
In this course, you will be taught how to set smart financial goals and how to work out the amount you need to reach your goals.
You will learn how to prepare budgets, and save and manage debts no matter how little or big they are. It further reveals to you the emotional aspect of money to understand your feelings towards it.
It also covers topics on the power of compounding interest and consumer debt and is a huge step towards being financially healthy.
Another good thing about the course is that it lasts for just about an hour with access to articles and resources that can be easily downloaded and consumed in your free time.
Acorns’ Guide to Personal Finance
This course contains five steps to build wealth and is a great option for those who want to be financially healthy but have no idea how to go about it.
Within an hour, you will be exposed to how to save, invest and earn more money making good progress toward the future you truly desire.
The course is led by the Chief Education Officer at Acorns, Jennifer Barrett who breaks down different starting points of personal finance and how to start building wealth.
At the end of the course, you will be equipped with knowledge on how to create a budget, pay off debts, start a side hustle and excel at it and also invest wisely to accumulate wealth for yourself.
Introduction to Home Ownership and Mortgages – The Chartered Insurance Institute
If you’re a first-time home buyer, the process of buying a home can seem complicated, expensive, and difficult to navigate through, however, this course provides a clear view of how to go about it.
This course will teach you the different types of lenders, their approach, and where to get the best deals to save up on excessive fees.
In a four-week training period, you get to learn the intricacies of home mortgages and how to handle buying a home easily.
Choosing the Right Mortgage for Your Home
There is a significant gap between what you can afford and what you can buy; each person’s definition of an affordable home will vary based on their financial situation.
To help choose the best mortgage, many platforms assist in estimating how much you can afford to spend on a specific house and how much you get to save.
You can quickly determine your budget using their website. They also provide helpful guidance and exceptional customer service to assist you in achieving your financial goals.
First-time buyers frequently overlook additional costs and choose a home based only on how much a lender is willing to lend them.
If they have trouble making the monthly payment, this decision may have an impact on their financial situation and increase the likelihood of foreclosure.
Manage Your Personal Investments
This course by Jane Barratt will teach you how to make long-term investments for your financial independence beyond retirement savings.
As a beginner, you will build financial literacy, learn to manage and understand your risks and invest confidently.
You will be taught different investment options, the risks, and returns involved with each of them, investment strategies, and behaviors that can affect effective investment decisions.
By the end of the course, you will be able to plan your income in retirement, evaluate investment performance, learn the importance of a balanced portfolio and identify value in the market.
