Unit of competency Outline

Date retreived
22/07/2026 8:11 AM AWST

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Develop and use personal budgets

Develop and use personal budgets

Unit of competency
National Code
FNSFLT211
State Code
ODK09
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
080101 - Accounting
Original Release Date
22/04/2021
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.The unit applies to those 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. Prepare to develop a personal budget
  • 1.1 Obtain a template budget spreadsheet
  • 1.2 Identify period of time for which to develop a personal budget
  • 1.3 Identify all sources of income, regular fixed expenses and variable expenses for specified period
  • 1.4 Record all income and expenses in the budget spreadsheet for specified period
2. Develop a personal budget
  • 2.1 Subtract total expenses recorded from total income recorded
  • 2.2 Identify whether a budget is in surplus or deficit for specified period
  • 2.3 Identify reasons for deficit budget as required
  • 2.4 Identify opportunities and options to meet financial goals
  • 2.5 Incorporate selected options into a budget plan
3. Implement and monitor personal budget
  • 3.1 Follow budget according to plan for a specified period of time
  • 3.2 Record actual expenses and income for period during which budget is implemented
  • 3.3 Compare budgeted expenses and income with actual amounts and modify budget where necessary
  • 3.4 Monitor and update budget as required
No information
No information
Replaces
State Code National Code Title Type
AUQ86 FNSFLT201 Develop and use a personal budget Unit of competency