Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSFLT201 Mapping and Delivery Guide
Develop and use a personal budget

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFLT201 - Develop and use a personal budget
Description
Employability Skills
Learning Outcomes and Application 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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify and discuss budgeting as a financial tool
  • Identify and consider role of budgeting in lives of different groups and importance of budgeting appropriately to meet expenses at different stages of life
  • Discuss importance of setting financial goals
  • Identify and discuss obstacles that might prevent financial goals being achieved, and types of behaviours and skills required for successful budgeting
       
Element: Prepare to develop a personal budget
  • Record all income and expenses for a six-month period to assist in estimating expenditure requirements
  • Obtain or develop budget spreadsheet to record income and expenditure for relevant period of time
  • Identify and list all sources of income, regular fixed expenses and variable expenses for specified period in personal budget using budget spreadsheet
       
Element: Develop a personal budget
  • Subtract total expenses recorded from total income to determine surplus or deficit budget for specified period
  • Explore reasons for deficit budget if relevant and investigate ways to reduce expenses or increase income
  • Explore allocation of surplus funds towards saving and meeting identified financial goals
       
Element: Implement and monitor the personal budget
  • Follow budget according to plan for a period of time
  • Record actual expenses and income for period during which budget is implemented
  • Compare budgeted expenses and income with actual amounts and modify budget where necessary
  • Discuss handy hints for managing personal budget
  • Conduct ongoing review of budget to ensure it remains relevant and to ensure updates are incorporated if necessary
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

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

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

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

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify and consider role of budgeting in lives of different groups and importance of budgeting appropriately to meet expenses at different stages of life 
Discuss importance of setting financial goals 
Identify and discuss obstacles that might prevent financial goals being achieved, and types of behaviours and skills required for successful budgeting 
Record all income and expenses for a six-month period to assist in estimating expenditure requirements 
Obtain or develop budget spreadsheet to record income and expenditure for relevant period of time 
Identify and list all sources of income, regular fixed expenses and variable expenses for specified period in personal budget using budget spreadsheet 
Subtract total expenses recorded from total income to determine surplus or deficit budget for specified period 
Explore reasons for deficit budget if relevant and investigate ways to reduce expenses or increase income 
Explore allocation of surplus funds towards saving and meeting identified financial goals 
Follow budget according to plan for a period of time 
Record actual expenses and income for period during which budget is implemented 
Compare budgeted expenses and income with actual amounts and modify budget where necessary 
Discuss handy hints for managing personal budget 
Conduct ongoing review of budget to ensure it remains relevant and to ensure updates are incorporated if necessary 

Forms

Assessment Cover Sheet

FNSFLT201 - Develop and use a personal budget
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFLT201 - Develop and use a personal budget

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: