Managing money

Overview

Framework:
RQF
Level:
Entry Level 3
Unit No:
T/617/4578
Credits:
2
Guided learning hours:
20 hours

Assessment Guidance

The main focus of the assessment for this unit is on the skills required to manage money. However, it is expected that the underpinning teaching and learning will help develop learners’ awareness of:

• the importance of managing money and the potential consequences of mismanagement
• the difference between essential and desirable items of expenditure
• ways to track income and expenditure
• threats such as online scams or face-to-face situations such as ‘mate crime’ or financial abuse by a carer or family member
• ways in which they can use help to manage money.

Aim

To improve learners’ ability to manage their own money.

Unit Learning Outcomes

1.

Be able to identify and track income and expenditure. 

Assessment Criteria

  • 1.1

    Identify main sources of income and types of expenditure for a householder.

  • 1.2

    Identify indicative weekly or monthly costs relating to key types of expenditure for a householder, as relevant to own current or planned situation.

  • 1.3

    Make straightforward calculations relating to income and expenditure to support effective money management.

  • 1.4

    Use straightforward tracking systems to log and/or monitor income and expenditure.

2.

Be able to recognise potential threats to own money management.

Assessment Criteria

  • 2.1

    Outline different online and face-to-face situations in which someone might be trying to take money from them or control their access to money unlawfully or maliciously.

3.

Be able to identify sources of help in managing money.

Assessment Criteria

  • 3.1

    Outline different sources of help in managing money, including online sources, suitable for different circumstances/issues.