Elements and Performance Criteria
- Elements define the essential outcomes
- Assist client groups to understand the role of budgeting in personal financial management
- Explain the concept of budgeting in the lives of different clients
- Explain the importance of effective budgeting to meet regular and irregular expenses and relate this to different stages of life
- Explain the importance of setting financial goals and analyse in relation to client’s goals and priorities
- Identify and address barriers that might prevent financial goals being achieved
- Explain the types of behaviours and skills required for successful budgeting
- Assist clients to identify key principles of budgeting and money management
- Explain different styles of budgets and plans
- Identify types of regular and irregular expenses
- Identify appropriate payment options to suit the budgeting style
- Discuss important of record keeping in relation to spending
- Assist client to understand basic paperwork relevant to their money management needs
- Identify appropriate record keeping method for the client
- Assist client to develop a personal budget
- Explain components of a personal budget
- Assist client to identify and list all income and expenditure for a relevant period of time
- Identify regular and irregular items of expenditure and project these expenses over a future length of time in relation to income periods
- Identify surplus or deficit and discuss with the clients in relation to their stated priorities
- Encourage clients to allocate surplus funds towards meeting identified financial goals
- Provide resources to assist client to self manage their finances on an ongoing basis
- Provide the client with budgeting tools to assist in developing own personal budget to suit their particular needs
- Discuss strategies and tips to successfully manage a personal budget
- Provide relevant community information and resources to assist client in meeting their financial needs
- Assist clients to identify when a budget requires review
- Refer to specialist services or financial counselling according to clients needs