Drawing A Budget

From Open Risk Manual
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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]


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


  1. European Union/OECD (2022), Financial competence framework for adults in the European Union