Unit of competency Outline

Date retreived
23/07/2026 1:40 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Assist customers to budget and manage own finances

Assist customers to budget and manage own finances

Unit of competency
National Code
FNSFLT511
State Code
OCZ47
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
40
Description
This unit describes the skills and knowledge required to assist customers to develop basic budgeting skills to manage day-to-day living expenses and work towards identified financial goals and priorities.The unit applies to those who use specialised knowledge to build relationships and provide financial budgeting assistance and/or contribute to the development of financial literacy in others.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Assist customer to identify financial goals and priorities
  • 1.1 Identify customer’s financial situation, needs and objectives
  • 1.2 Assist customer to identify short, medium and long-term financial goals that are specific, realistic and achievable
  • 1.3 Identify and confirm financial priorities with customer, taking into consideration all aspects of customer’s financial situation
2. Discuss budgeting considerations with customer
  • 2.1 Discuss budgeting and planning for payment of regular and irregular expenses with customer
  • 2.2 Discuss purpose of developing and implementing a personal budget with customer
  • 2.3 Discuss behaviours and skills required to develop and implement a personal budget with customer
3. Assist customers to develop a budget
  • 3.1 Assist customer to identify and list all income and expenditure for required period of time
  • 3.2 Assist customer to establish and project regular and irregular items of expenditure over required time period
  • 3.3 Identify and discuss surplus or deficit financial situation with customer
  • 3.4 Assist customer to identify opportunities to allocate surplus funds towards meeting identified financial goals
4. Provide ongoing assistance to customers
  • 4.1 Provide budgeting tools to customers to assist in developing own personal budgets for required time periods
  • 4.2 Provide customers with strategies and tips for implementing and managing personal budgets and finances as required
  • 4.3 Assist customer to establish their own ongoing review of their personal budgets
No information
No information
Replaces
State Code National Code Title Type
AUR06 FNSFLT501 Assist customers to budget and manage own finances Unit of competency