Basics Of Managing Income And Expenses
From Open Risk Manual
Revision as of 16:35, 1 April 2022 by Wiki admin (talk | contribs)
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