SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Manage personal expenditure 
SAQA US ID UNIT STANDARD TITLE
10712  Manage personal expenditure 
ORIGINATOR
SGB Financial Services 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 3  NQF Level 03 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 
2002-06-12  2005-06-12  SAQA 0742/02 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2006-06-12   2009-06-12  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
119915  Manage personal expenditure  Level 3  NQF Level 03  Complete 

PURPOSE OF THE UNIT STANDARD 
Learners who achieve this unit standard can make more informed decisions with regard to the management of personal expenditure.

The qualifying learner is capable of:
  • Reconciling his/her personal bank statement.
  • Reconciling creditor accounts.
  • Demonstrating an understanding of the impact of a change in interest rates and make informed decisions in adjusting monthly repayments.
  • Understanding the impact of inflation on him/herself and how inflation is measured. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this unit standard. Learners should be competent in Communication, Mathematical Literacy and Financial Literacy at NQF Level 2. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • The full range of debits and credits on bank statements including bank charges, interest on overdraft, cheque payments, debit/stop orders, ATM withdrawals, RD cheque fees, Internet banking transfers, direct deposits, cash and bank deposits and interest received.
  • Creditor account issues including interest free, costs of becoming club members, voluntary/involuntary insurance, automatic debits and acceptance of special offers, early settlement and late payments.
  • Creditors include credit cards, shop accounts, cell phones, telephone, electricity and water accounts.
  • Capital and interest portions of loan repayments include payments on a bond, car, household and personal items.
  • Potentially fraudulent, automatic, or unnecessary charges on accounts and insurance.
  • A basket of goods is made up of 5 to 10 items that are purchased by the learner monthly. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Recognise and manage the items on a bank statement and check a bank statement for accuracy. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Types of withdrawals and deposits shown on a bank statement are identified and listed as debits or credits. 

    ASSESSMENT CRITERION 2 
    2. The cost of each type of transaction is identified on a bank statement and summarised in a table. 

    ASSESSMENT CRITERION 3 
    3. Costs of transactions are investigated and compared for three different banks with a view to reducing bank charges. 

    ASSESSMENT CRITERION 4 
    4. The concepts of stop orders and debit orders are explained and compared in a table. 

    ASSESSMENT CRITERION 5 
    5. The concept of stale cheques is explained and an indication is given of the period for which a cheque is valid. 

    ASSESSMENT CRITERION 6 
    6. The concept of RD (return to drawer) cheques is explained and an indication is given of the cost to both parties when a cheque is RD. 

    ASSESSMENT CRITERION 7 
    7. The dates of transactions are explained in terms of their implications for clearance periods and cheques yet to be presented. 

    ASSESSMENT CRITERION 8 
    8. An accurate record of deposits and withdrawals made in a month from ATM slips, cheques and other transactions are accurately reconciled to a bank statement, with an explanation for each reflected item. 

    ASSESSMENT CRITERION 9 
    9. Internet banking is investigated and a summary is made of the costs, benefits, and risks for this banking option. 

    ASSESSMENT CRITERION 10 
    10. The risk associated with not managing and reconciling bank statements promptly is indicated for own situation. 

    SPECIFIC OUTCOME 2 
    Reconcile creditor statements and check for accuracy. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The types of debits and credits on creditor's statements are investigated and listed from an authentic statement. 

    ASSESSMENT CRITERION 2 
    2. The cost of credit on a typical creditor account is calculated as an annual percentage. 

    ASSESSMENT CRITERION 3 
    3. The costs and benefits of insuring creditor's accounts are explained as a means of managing risk. 

    ASSESSMENT CRITERION 4 
    4. Options for recourse available to customers in cases of creditor fraud and unauthorised charges is explained and an indication is given how a customer can access help. 

    ASSESSMENT CRITERION 5 
    5. The implications of non-payment, overpayment and late payment of creditor accounts are summarised from the point of view of the customer and the creditor. 

    ASSESSMENT CRITERION 6 
    6. A creditor's statement is accurately reconciled to records kept of purchases and payments. 

    ASSESSMENT CRITERION 7 
    7. The risk involved if creditors' statements are not checked and reconciled promptly is explained using examples. 

    SPECIFIC OUTCOME 3 
    Demonstrate an understanding of the impact of a change in interest rates on personal spending. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The capital and interest portions of a typical loan repayment are identified for three examples. 

    ASSESSMENT CRITERION 2 
    2. The total amount paid over the life of a home loan is calculated for a typical home loan at various rates of interest over 20 to 25 years. 

    ASSESSMENT CRITERION 3 
    3. Typical home loan tables are analysed and the implications of increasing, decreasing or retaining existing repayments when interest rates change are depicted graphically. 

    ASSESSMENT CRITERION 4 
    4. The alternatives of maintaining current instalments or making an alternative investment with the amount saved are compared and a decision is made on the best action to be taken when interest rates are decreased for own situation. 

    ASSESSMENT CRITERION 5 
    5. The advantages and disadvantages of an access type bond are investigated and a decision is made about the appropriateness of this type of bond in own circumstances. 

    SPECIFIC OUTCOME 4 
    Demonstrate an understanding of inflation and its impact on the individual. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The concept of inflation is explained with reference to a basket of goods and own experience. 

    ASSESSMENT CRITERION 2 
    2. The purchasing power of R1 ten years ago, is compared to that of today, using personal examples. 

    ASSESSMENT CRITERION 3 
    3. The method of calculating the official inflation rate is explained and an opinion is formed as to its relevance to own situation. 

    ASSESSMENT CRITERION 4 
    4. Alternative methods of calculating the rate of inflation are considered and a system is devised for calculating ones own personal inflation rate. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA, - INSQA framework for assessment and moderation. 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify, solve problems and make decisions relating to his/her current monthly spending. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage him/herself effectively by managing bank and creditor accounts. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information relating to own bank and creditor accounts. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and written presentation when evaluating his/her own bank and creditor statements. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able to use technology such as ATM and Internet banking facilities and calculating the amount payable over the life of a loan, medical aid provision and shortfalls, and use it to develop a contingency savings plan. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is able to act as a responsible citizen in managing own finances. 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 119915, which is "Manage personal expenditure", Level 3, 3 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Fundamental  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Reregistered  2023-06-30  INSETA 
    Fundamental  48494   National Certificate: Financial Services Management  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Fundamental  20177   National Certificate: Insurance  Level 3  NQF Level 03  Passed the End Date -
    Status was "Registered" 
    2004-10-10  Was INSETA until Last Date for Achievement 
    Fundamental  48663   National Certificate: Mail Handling  Level 3  NQF Level 03  Reregistered  2023-06-30  SERVICES 
    Fundamental  49449   National Certificate: Plastics Manufacturing  Level 3  NQF Level 03  Reregistered  2023-06-30  MERSETA 
    Fundamental  20774   National Certificate: Insurance: Long Term: Risk Assessment  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2004-12-05  Was INSETA until Last Date for Achievement 
    Elective  48783   National Certificate: Financial Services  Level 2  NQF Level 02  Reregistered  2023-06-30  INSETA 
    Elective  49451   Further Education and Training Certificate: Plastics Manufacturing  Level 4  NQF Level 04  Reregistered  2023-06-30  MERSETA 
    Elective  48640   National Certificate: Financial Services Management  Level 4  Level TBA: Pre-2009 was L4  Reregistered  2023-06-30  INSETA 
    Elective  24396   National Certificate: Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2006-10-08  Was INSETA until Last Date for Achievement 
    Elective  21796   National Certificate: Short Term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Registered" 
    2005-06-12  Was INSETA until Last Date for Achievement 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. CKP Development Agency (Pty) Ltd. 
    2. College of Production Technology 
    3. DMP Training (PINETOWN) (TP) 
    4. Faisit (Pty) Ltd 
    5. Intec College 
    6. Invuya Institute of Learning (Pty) Ltd 
    7. Plastics Federation of South Africa (MAITLAND) (TP) 
    8. Plastics Federation of South Africa (MIDRAND) (TP) 
    9. Plastics Federation of South Africa (WESTMEAD) (TP) 
    10. Polyoak Business School (Pty) Ltd (DIEP RIVER) (TP) 
    11. PS Productive Services (WESTVILLE) (TP) 
    12. Sanlam Life Insurance Ltd 
    13. Sanlam Life Insurance Ltd. 
    14. Umfolozi FET College - Central Office 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.