24709 (v5a)
Produce a budget to manage personal finances

Level: 1 Credits: 3 Marking Service

Description:

* This unit standard uses a fillable pdf for the assessment

The purpose of this course is for learners to be able to produce a budget to manage personal finances.

Learners who successfully complete this course are able to:

• understand and use budgeting terminology
• understand that a budget accounts for income, expenditure, and savings
• consider their financial goals and priorities when preparing their budget
• use an appropriate format to produce a budget to manage personal finances
• identify providers who can help individuals prepare a personal budget
• identify tools to monitor a personal budget over a period of time.

This course offers learners a basic introduction to budgeting. A range of scenarios are provided to help learners understand how a budget can be prepared. In the assessment, learners have the option to create a budget for themselves. 

Learners need to use basic maths skills such as addition, subtraction, multiplication, and division. It is important that teachers review these skills with learners, so they are able to calculate their budgets.