Module 3: Budgeting - managing your money

Students should be able to:

• define a budget and its components, and explain its use
• be aware of important budgeting terminology
• prepare a personal financial budget that considers the expenditure incurred over a 12 month period
• consider the role of short term and long term goals in the budgeting process as well as the importance visualisation of goals can play in achieving these goals sooner
• modify a budget in terms of additional expenditure or the need to repay debt
• recognise the role of savings in a budget
• put a monitoring system in place
• understand the role played by financial counsellors in helping those people experiencing financial difficulties.

• Managing your income requires a plan.
• Personal values and goals should be considered when developing a successful budget.
• Budgeting is an essential life-time skill.
• There is assistance available for budgeting.
• A budget should balance the income earned with the amount spent and saved.
• A budget should be based on an accurate record of expenditure.
• A budget should be evaluated and adjusted regularly to meet changing circumstances.
• Financial records are required to monitor a budget.

Annum
Average
Budget
Capital
Commitment
Consequence
Counsellor
Creditor
Debt
Department Of Human Services
Deposit
Depreciation
Direct Payment
Down Payment
Encumbrance
Equity
Expenses – Fixed
Expenses – Variable
Financial Advisor
Financial Counsellor
FOS
Goal
Income
Inflation
Insurance
Interest – Compound
Interest – Simple
Monitor
Mortgage
Ombudsman
Option
Overdrawn
Plan
Priority
Repayment
Salary
Shopaholic
Term
Utilities
Wage

Download the complete curriculum mapping notes for this module.