Basics Of Managing Income And Expenses
From Open Risk Manual
Definition
Basics Of Managing Income And Expenses. In the context of the Financial Competence Framework, Basics Of Managing Income And Expenses is a topic in the Planning And Managing Finances subject matter domain.[1]
Competences
Mastering the role of Basics Of Managing Income And Expenses in financial literacy context requires the following competences:
Code | Competency Description | Competency Type |
---|---|---|
130 | Understands why it is important to actively manage money in addition to monitoring income and expenses | Knowledge |
131 | Aware that family, community and socio-cultural values and customs can influence the way in which people manage their money | Knowledge |
132 | Compares actual expenses against budgeted amounts and makes adjustments to the budget or to expenses where necessary | Skill |
133 | Seeks ways of adjusting income or expenditure as necessary, taking into account occasional expenses such as gifts, donations or holidays. | Skill |
134 | Confident to make independent decisions about income and expenditure | Attitude |
135 | Confident to set personal priorities in terms of essential and discretionary expenditure | Attitude |
136 | Accepts the responsibility of managing individual and possibly household finances | Attitude |
137 | Comfortable discussing planning and managing finances with significant others | Attitude |
138 | Confident to act on behalf of others to manage their financial affairs if given the legal responsibility to do so | Attitude |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union