Code: 2.2.1 · Adults
Basics of managing income and expenses
Descriptors
Knowledge
What you can do at this level
- Kresiliencedaily-lifelarge-majority
Understands why it is important to actively manage money in addition to monitoring income and expenses
- Kdaily-lifelarge-majority
Aware that family, community and socio-cultural values and customs can influence the way in which people manage their money
Skill
What you can do at this level
- Sresiliencedaily-lifelarge-majority
Compares actual expenses against budgeted amounts and makes adjustments to the budget or to expenses where necessary
- Sresiliencedaily-lifelarge-majority
Seeks ways of adjusting income or expenditure as necessary, taking into account occasional expenses such as gifts, donations or holidays.
Attitude
What you can do at this level
- Aresiliencedaily-lifelarge-majority
Confident to make independent decisions about income and expenditure
- Aresiliencedaily-lifelarge-majority
Confident to set personal priorities in terms of essential and discretionary expenditure
- Aresiliencedaily-lifelarge-majority
Accepts the responsibility of managing individual and possibly household finances
- Aresiliencedaily-lifelarge-majority
Comfortable discussing planning and managing finances with significant others
- Adaily-life
Confident to act on behalf of others to manage their financial affairs if given the legal responsibility to do so
- Learning outcome types
- K — What you need to know: theoretical understanding and factual information.
- S — What you can do: practical and technical abilities.
- A — How you approach things: values, dispositions and behaviours.