Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify and discuss budgeting as a financial tool

1.1 Identify and consider role of budgeting in lives of different groups and importance of budgeting appropriately to meet expenses at different stages of life

1.2 Discuss importance of setting financial goals

1.3 Identify and discuss obstacles that might prevent financial goals being achieved, and types of behaviours and skills required for successful budgeting

2. Prepare to develop a personal budget

2.1 Record all income and expenses for a six-month period to assist in estimating expenditure requirements

2.2 Obtain or develop budget spreadsheet to record income and expenditure for relevant period of time

2.3 Identify and list all sources of income, regular fixed expenses and variable expenses for specified period in personal budget using budget spreadsheet

3. Develop a personal budget

3.1 Subtract total expenses recorded from total income to determine surplus or deficit budget for specified period

3.2 Explore reasons for deficit budget if relevant and investigate ways to reduce expenses or increase income

3.3 Explore allocation of surplus funds towards saving and meeting identified financial goals

4. Implement and monitor the personal budget

4.1 Follow budget according to plan for a period of time

4.2 Record actual expenses and income for period during which budget is implemented

4.3 Compare budgeted expenses and income with actual amounts and modify budget where necessary

4.4 Discuss handy hints for managing personal budget

4.5 Conduct ongoing review of budget to ensure it remains relevant and to ensure updates are incorporated if necessary

Skill 

Performance Criteria 

Description 

Reading

1.1-1.3, 2.3, 3.2

• Gathers and interprets financial information and identifies key aspects relevant to the task

Writing

1.1-1.3, 2.1-2.3, 4.2, 4.3

• Accurately records and documents information relating to personal budgets using correct language, concepts and terminology

Oral Communication

1.1-1.3, 4.4

• Participates in verbal exchanges using active listening and questioning to develop a clear understanding of budgeting information

Numeracy

2.1, 2.3, 3.1-3.3, 4.1

• Performs mathematical calculations including addition, subtraction, multiplication, division and percentages, and interprets financial information relating to budgets

Get the work done

2.1-2.3, 3.1-3.2, 4.1-4.5

• Plans routine tasks and organises work according to defined requirements
• Reviews effectiveness of decisions and makes adjustments as required
• Uses digital systems and tools to design work processes and complete work tasks

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFLT201 Develop and use a personal budget

FNSFLT201A Develop and use a personal budget

Updated to meet Standards for Training Packages Minor edits to reflect AQF level

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.