Unit of competency Outline

Date retreived
23/07/2026 12:21 AM AWST

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Develop and use a personal budget

Develop and use a personal budget

Unit of competency
National Code
FNSFLT201
State Code
AUQ86
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
20
Description
This unit describes the skills and knowledge required to develop, implement and monitor a personal savings budget. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.It applies to individuals who use new ideas and techniques to develop personal financial literacy skills.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify and discuss budgeting as a financial tool
  • 1.1 Identify and consider role of budgeting in lives of different groups and importance of budgeting appropriately to meet expenses at different stages of life
  • 1.2 Discuss importance of setting financial goals
  • 1.3 Identify and discuss obstacles that might prevent financial goals being achieved, and types of behaviours and skills required for successful budgeting
2. Prepare to develop a personal budget
  • 2.1 Record all income and expenses for a six-month period to assist in estimating expenditure requirements
  • 2.2 Obtain or develop budget spreadsheet to record income and expenditure for relevant period of time
  • 2.3 Identify and list all sources of income, regular fixed expenses and variable expenses for specified period in personal budget using budget spreadsheet
3. Develop a personal budget
  • 3.1 Subtract total expenses recorded from total income to determine surplus or deficit budget for specified period
  • 3.2 Explore reasons for deficit budget if relevant and investigate ways to reduce expenses or increase income
  • 3.3 Explore allocation of surplus funds towards saving and meeting identified financial goals
4. Implement and monitor the personal budget
  • 4.1 Follow budget according to plan for a period of time
  • 4.2 Record actual expenses and income for period during which budget is implemented
  • 4.3 Compare budgeted expenses and income with actual amounts and modify budget where necessary
  • 4.4 Discuss handy hints for managing personal budget
  • 4.5 Conduct ongoing review of budget to ensure it remains relevant and to ensure updates are incorporated if necessary
No information
No information
Replaces
State Code National Code Title Type
D4109 FNSFLT201A Develop and use a personal budget Unit of competency
Replaced By
State Code National Code Title Type
ODK09 FNSFLT211 Develop and use personal budgets Unit of competency