Drawing A Budget
From Open Risk Manual
Definition
Drawing A Budget. In the context of the Financial Competence Framework, Drawing A Budget is a topic in the Planning And Managing Finances subject matter domain.[1]
Competences
Mastering the role of Drawing A Budget in financial literacy context requires the following competences:
Code | Competency Description | Competency Type |
---|---|---|
120 | Knows what a budget is, how to create one and why it is beneficial to do so | Knowledge |
121 | Aware of reliable budgeting tools developed by impartial providers, including mobile apps and other digital budgeting tools and services | Knowledge |
122 | Understands why it is important to take into account the medium and longer-term perspectives when budgeting | Knowledge |
123 | Identifies “needs” and “wants” and prioritizes as necessary | Skill |
124 | Creates a regular budget to plan income, saving and expenditure, using appropriate tools if available | Skill |
125 | Regularly uses reliable budgeting tools, including mobile apps or other digital tools, developed by impartial providers | Skill |
126 | Motivated to take time to create and follow a budget as a strategy for maintaining or increasing financial well-being | Attitude |
127 | Motivated to consider the overall budget when making spending decisions | Attitude |
128 | Motivated to look beyond immediate needs and wants when budgeting to prepare for longer-term requirements | Attitude |
129 | Confident to adjust a budget if necessary | Attitude |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union