Best 5 Online Personal Finance Courses: Top Picks for Financial Literacy

Writer:

Jim Hughes

Editor:

Ana-Maria Sanders

Reviewer:

Sophia Rodriguez

Gaining control over your finances and paving the way to financial stability has become more accessible than ever with online personal finance courses. These courses are more than just lessons; they're your partners in building a solid financial future.

You don't need to figure it all out alone. From setting a sensible budget to making informed investment choices, these financial literacy courses are designed to clarify complex financial concepts.

Eager to reshape your financial habits? Check out our top five personal finance online course picks below.

Purdue University's free online course spans ten modules, focusing exclusively on retirement planning. The course is structured to be engaging and interactive, offering a comprehensive roadmap for those looking towards retirement.

Pros:

• The course covers various retirement planning topics, from managing retirement expenses and understanding Social Security to the intricacies of Medicare and Individual Retirement Accounts (IRAs).
• It leverages digital tools effectively, featuring an online life expectancy calculator to aid your planning.
• Interactive quizzes provide instant feedback on your retirement readiness, making the learning process engaging and informative.

Cons:

• The course is specialized in retirement planning and doesn't cover other personal finance areas, which might be more immediately relevant for some learners.
• Some of the external resources and links provided in the course are outdated and primarily from third-party sources.
• The website's user interface is outdated, making navigation difficult.

Brigham Young University, known for its robust business education, also extends its expertise to the digital sphere with free online personal finance courses. These courses are thoughtfully divided into beginner, intermediate, and advanced categories, each addressing specific financial literacy needs.

• Beginner Level: Here, learners are introduced to the basics of personal finance. Topics include budgeting effectively, understanding savings accounts, and grasping the fundamentals of credit.
• Intermediate Level: This stage delves deeper, offering insights into managing debt, exploring investment options like stocks and bonds, and providing strategies for insurance and risk management.
• Advanced Level: For those looking to fine-tune their financial acumen, this level covers complex topics such as estate planning, advanced investment strategies, and retirement planning.

Pros:

• It offers a comprehensive range of topics, allowing learners to explore everything from stock market entry and setting financial goals to bolstering savings.
• Provides free access to all materials, including instructional videos and online manuals, ensuring a cost-effective learning experience.
• Flexible scheduling enables learners to progress at their own pace, fitting the course comfortably into their lives.

Cons:

• The absence of personalized instructor guidance might impact motivation and course completion for some students.
• Courses integrate religious perspectives into the curriculum (e.g., “Personal Finance is Part of the Gospel of Jesus Christ”), which may not align with everyone’s preferences.
• Courses can take up a significant amount of time as students are expected to dedicate around an hour to chapter readings and 45 minutes to video lectures.

Udemy, a global online learning hub, presents The Complete Personal Finance Course by Chris Haroun. This course ranks highly among Udemy's extensive finance offerings, providing learners with a rich, in-depth understanding of personal finance management.

It focuses on three primary pillars:

• Saving Money: Learn effective strategies to save more money, understand the importance of an emergency fund, and discover tips for reducing everyday expenses.
• Protecting Money: Gain insights into safeguarding your assets, understand the basics of insurance, and learn how to protect your wealth against potential financial threats.
• Making Money: Explore various methods to increase your income, understand the fundamentals of investing to grow your wealth, and discover techniques for enhancing your earning potential.

Pros:

• Delivers an extensive 16-hour spread of on-demand video content, ensuring thorough coverage of each topic.
• The curriculum is offered to their employees by leading companies like Nasdaq, boosting credibility and real-world application.
• Upon completion, learners are awarded a certificate, adding a tangible reward to the educational journey.

Cons:

• The course is not complimentary, and certain sections recommend or require additional investments in proprietary tools, such as Microsoft Excel.
• While comprehensive, some financial tips may appear overly basic for more advanced learners.
• A significant downside is that the course isn't free; it costs $169.

Skillshare offers diverse online courses, including The Core Four of Personal Finance, for a monthly fee of $29. This personal finance course covers the following four principles: earning more than you spend, debt management, saving and investing, and lifestyle management. In addition, users can unlock various other courses when they sign up for Skillshare’s membership.

Pros:

• The course content is segmented into short, manageable videos, allowing you to learn at your own pace.
• Provides straightforward, actionable steps that you can implement immediately after learning.
• Complex financial terms are broken down and explained in a way that's easy for anyone to grasp.

Cons:

• Access to the course requires a Skillshare membership, which costs $15 per month.
• If you already have a fundamental understanding of personal finance, this course might not offer much new information.
• Limited interaction with instructors or fellow learners could impact the depth of understanding or engagement.

The University of Florida provides a free financial planning class accessible through Coursera.org. Notable for its impact, 33% of students who completed this course embarked on new careers, while others benefited in their current roles or saw salary increases.

The course is structured to provide a comprehensive understanding of personal and family financial management. It covers a wide range of topics, including:

• The financial planning process and its application to personal and family situations.
• Integration of family decision-making with basic financial management actions.
• Construction of SMART goals and financial action plans.
• Analysis and interpretation of personal financial statements.
• Calculations involving compound interest, inflation, debt, and ratio analysis.
• Accumulation and management of personal and family wealth.
• Risk management and insurance planning.
• Tax and education planning.
• Property ownership, business, and estate planning.

Pros:

• Led by the esteemed Michael S. Gutter, the course delivers professional-grade lectures filled with valuable insights.
• Includes quizzes to track your learning progress effectively.
• Completion of the course is rewarded with a certificate, adding value to your educational achievements.

Cons:

• Some feedback suggests that the course content could be more empathetic towards individuals who have faced financial hardships.
• The quizzes may challenge certain learners, requiring a solid grasp of the material.
• The course might require a significant time commitment, potentially making it difficult for those with busy schedules to keep pace.

Maximizing the benefits of your money management classes starts with an effective study routine at home.

Here’s how you can enhance your learning experience:

• Create a Dedicated Study Area:  Reserve a specific area in your home exclusively for studying. This space should be organized, quiet, and free from distractions, helping you focus solely on your personal finance class.
• Adhere to a Strict Schedule: Engage in your personal finance class earlier in the day to minimize interruptions from other activities. Consistency is key, so set a schedule and adhere to it, ensuring regular and uninterrupted learning.
• Incorporate Exercise Breaks: Refresh your mind and body with exercise breaks. Physical activity boosts oxygen flow to the brain, enhancing concentration and retention during study sessions.
• Study Collaboratively: If possible, take the class with a friend. Collaborative learning provides mutual support and motivation, making the educational journey more enjoyable and effective. Whether you study solo or with a companion, the most important aspect is to integrate what you learn into your everyday life, applying practical insights to improve your financial well-being.
• Implement Active Learning Techniques: Active learning involves engaging with the material through discussion, teaching, or application, leading to better retention. After learning a new concept, try to explain it in your own words, or better yet, teach it to someone else. Apply the financial principles you learn by creating a mock investment portfolio or a budget plan.
• Regularly Review and Reflect: Reflecting on what you've learned helps you understand how it applies to your life. At the end of each study session, take a few minutes to summarize what you've learned. Once a week, review your notes and reflect on how you can apply the concepts to your personal financial situation.

Conclusion

The journey to financial literacy is ongoing and worth investing in. The online personal finance courses we've highlighted offer a wealth of knowledge, from budgeting and saving to investment and estate planning complexities.

Whether starting from scratch or looking to refine your financial skills, these courses provide the guidance and tools necessary for success.