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Evidence Guide: FNSFLT501 - Assist customers to budget and manage own finances

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFLT501 - Assist customers to budget and manage own finances

What evidence can you provide to prove your understanding of each of the following citeria?

Assist customers to identify financial goals and priorities

  1. Gain understanding of customers’ financial situation through discussion and interviews with customers
  2. Assist customers to identify short-term, medium-term and long-term financial goals that are specific, realistic and achievable
  3. Identify and confirm financial priorities with customers, taking into consideration all aspects of financial situation
Gain understanding of customers’ financial situation through discussion and interviews with customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist customers to identify short-term, medium-term and long-term financial goals that are specific, realistic and achievable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and confirm financial priorities with customers, taking into consideration all aspects of financial situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss purposes of developing and implementing a personal budget

  1. Discuss budgeting as a way to plan for payment of regular and irregular expenses with customers
  2. Discuss purpose of budgeting, and behaviours and skills required to implement and monitor budget, with customers
Discuss budgeting as a way to plan for payment of regular and irregular expenses with customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss purpose of budgeting, and behaviours and skills required to implement and monitor budget, with customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist customers to develop budget

  1. Assist customers to identify and list all income and expenditure for relevant period of time
  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. Encourage customers to allocate surplus funds towards meeting identified financial goals
Assist customers to identify and list all income and expenditure for relevant period of time

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and project regular and irregular items of expenditure over future period, and identify and discuss surplus or deficit financial situation with customers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Encourage customers to allocate surplus funds towards meeting identified financial goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide ongoing assistance to customers

  1. Provide budgeting tools to customers to assist in developing own personal budgets for monthly and annual periods
  2. Provide strategies and tips for implementing and managing personal budgets and finances to customers according to their needs
  3. Encourage ongoing review of budgets by customers to ensure they remain relevant or are updated if necessary
Provide budgeting tools to customers to assist in developing own personal budgets for monthly and annual periods

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide strategies and tips for implementing and managing personal budgets and finances to customers according to their needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Encourage ongoing review of budgets by customers to ensure they remain relevant or are updated if necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

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

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

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

Evidence of the ability to:

provide practical and relevant assistance to customers in developing personal budgets to better manage their finances

use high level communication and interpersonal skills for explaining and demonstrating the purpose and use of budgets.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain the key principles of:

budgeting and other strategies to manage income and expenditure

lending and credit

explain key features of budgeting tools or software

outline the key requirements of relevant industry codes of practice and legislation relating to consumer credit and protection, debt recovery and privacy

identify and explain the roles and relationships between participants within the Australian financial services industry, including banks and other financial intermediaries

identify and discuss issues relevant to the economic environment

identify ways of maintaining up-to-date knowledge of basic savings and investment strategies useful in providing advice on the achievement of short-term, medium-term and long-term financial goals

discuss ways to convey financial information effectively to improve financial literacy in others.