Budgeting and debt management

Outcomes to be accredited

In successfully completing this unit the student will have to:
 
Demonstrate the ability to:

• Use a given case study to create a personal budget of expenditure. 
• Identify at least two differences between a fixed and a variable expense. 
• Identify at least two ways of keeping financial records. 
• Convert quarterly or monthly repayment figures from a given utility bill into weekly repayments. 
• Identify one priority and one non priority debt. 
• Identify one consequence of non payment of a priority debt and one consequence of non payment of a non priority debt. 
• Identify one source of financial help for personal budgeting. 

Show knowledge of:

• The meaning of the terms "personal budgeting", "priority and non priority debt" and "fixed and variable expenditure". 
• At least two reasons why personal budgeting is important. 
• At least two reasons why a saving's plan should be incorporated into a personal budget