Basics Of Managing Income And Expenses

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.

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