Managing Irregular And Unexpected Income And Expenses
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Definition
Managing Irregular And Unexpected Income And Expenses. In the context of the Financial Competence Framework, Managing Irregular And Unexpected Income And Expenses is a topic in the Planning And Managing Finances subject matter domain.[1]
Competences
Mastering the role of Managing Irregular And Unexpected Income And Expenses in financial literacy context requires the following competences:
Code | Competency Description | Competency Type |
---|---|---|
139 | Understands that different life stages and particular personal or household events may affect income and expenditure | Knowledge |
140 | Understands the importance of actively planning for occasional irregular expenses | Knowledge |
141 | Understands the possible options for paying unexpected expenses | Knowledge |
142 | Knows how much money would be needed to cover expenses in the event of a loss of income | Knowledge |
143 | Seeks ways of adjusting income or expenditure as necessary, taking into account occasional expenses and possible income fluctuations | Skill |
144 | Can identify and choose the best option for paying unexpected expenses | Skill |
145 | Makes informed decisions about the use of exceptional income and assets received such as gifts, prizes or inheritance | Skill |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union