Qualifications
Units of Competency
FNS10120 Certificate I in Basic Financial Literacy
Core Units
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
Packaging of Core and Elective Units varies between RTO so please refer to the training.gov link for Packaging Rules and detailed information about each Qualification.
https://training.gov.au/training/details/FNSFLT211
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Elements and Performance Criteria
FNS10120 Certificate I in Basic Financial Literacy
FNSFLT211 Develop and use personal budgets
- 1. Prepare to develop a personal budget
- 1.1 Obtain a template budget spreadsheet
1.2 Identify period of time for which to develop a personal budget
1.3 Identify all sources of income, regular fixed expenses and variable expenses for specified period
1.4 Record all income and expenses in the budget spreadsheet for specified period
- 2. Develop a personal budget
- 2.1 Subtract total expenses recorded from total income recorded
2.2 Identify whether a budget is in surplus or deficit for specified period
2.3 Identify reasons for deficit budget as required
2.4 Identify opportunities and options to meet financial goals
2.5 Incorporate selected options into a budget plan
- 3. Implement and monitor personal budget
- 3.1 Follow budget according to plan for a specified period of time
3.2 Record actual expenses and income for period during which budget is implemented
3.3 Compare budgeted expenses and income with actual amounts and modify budget where necessary
3.4 Monitor and update budget as required