Unit of competency Outline

Date retreived
22/07/2026 6:09 AM 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
FNSFLT501
State Code
AUR06
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
40
Description
This unit describes the skills and knowledge required to assist customers to develop basic budgeting skills as a way to manage day-to-day living expenses and work towards identified financial goals and priorities.It applies to individuals who use specialised knowledge to build relationships and provide financial counselling to 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 customers to identify financial goals and priorities
  • 1.1 Gain understanding of customers’ financial situation through discussion and interviews with customers
  • 1.2 Assist customers to identify short-term, medium-term and long-term financial goals that are specific, realistic and achievable
  • 1.3 Identify and confirm financial priorities with customers, taking into consideration all aspects of financial situation
2. Discuss purposes of developing and implementing a personal budget
  • 2.1 Discuss budgeting as a way to plan for payment of regular and irregular expenses with customers
  • 2.2 Discuss purpose of budgeting, and behaviours and skills required to implement and monitor budget, with customers
3. Assist customers to develop budget
  • 3.1 Assist customers to identify and list all income and expenditure for relevant period of time
  • 3.2 Establish and project regular and irregular items of expenditure over future period, and identify and discuss surplus or deficit financial situation with customers
  • 3.3 Encourage customers 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 monthly and annual periods
  • 4.2 Provide strategies and tips for implementing and managing personal budgets and finances to customers according to their needs
  • 4.3 Encourage ongoing review of budgets by customers to ensure they remain relevant or are updated if necessary
No information
No information
Replaces
State Code National Code Title Type
D4115 FNSFLT501A Assist customers to budget and manage own finances Unit of competency
Replaced By
State Code National Code Title Type
OCZ47 FNSFLT511 Assist customers to budget and manage own finances Unit of competency