Code: 2.2.2 · Adults
Managing irregular and unexpected income and expenses
Descriptors
Knowledge
What you can do at this level
- Kresiliencedaily-lifelarge-majority
Understands that different life stages and particular personal or household events may affect income and expenditure
- Kresiliencedaily-lifelarge-majority
Understands the importance of actively planning for occasional irregular expenses
- Kresiliencedaily-lifelarge-majority
Understands the possible options for paying unexpected expenses
- Kresiliencedaily-lifelarge-majority
Knows how much money would be needed to cover expenses in the event of a loss of income
Skill
What you can do at this level
- Sresiliencedaily-lifelarge-majority
Seeks ways of adjusting income or expenditure as necessary, taking into account irregular expenses and possible income fluctuations
- Sresiliencedaily-lifelarge-majority
Can identify and choose the best option for paying unexpected expenses
- Sresiliencedaily-lifelarge-majority
Makes informed decisions about the use of exceptional income and assets received such as gifts, prizes or inheritance
- Learning outcome types
- K — What you need to know: theoretical understanding and factual information.
- S — What you can do: practical and technical abilities.