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:

Use a personal budget to manage own money

SAQA US ID	UNIT STANDARD TITLE
10718	Use a personal budget to manage own money
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 2	NQF Level 02	3
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
119913	Use a personal budget to manage own money	Level 2	NQF Level 02	3

PURPOSE OF THE UNIT STANDARD

This unit standard provides a broad introduction to constructing and managing a personal budget. It is one of a series of unit standards on financial literacy intended to empower learners to manage their own finances responsibly. The focus is knowledge, skills, values and attitudes in relation to the learner`s own context.

The qualifying learner is capable of

Tracking and categorizing own current expenses.

Compiling a plan to get the most for one`s money.

Using a personal budget to manage own money.

Implementing a savings plan as part of one`s budget.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

There is open access to this unit standard. Learners should

Hold a GETC or equivalent qualification. Or

Be competent in communication and mathematical literacy NQF level 1.

UNIT STANDARD RANGE

The typical scope of this unit standard is

Ways of controlling own money affairs include budgeting, saving costs, and investigating additional sources of income.

Monthly income is based on own salary, part time income, combined income of other members of the household, sideline businesses, rent from lodgers, provision of transport to non-family members, etc.

Fixed payments include rent, home and car loan repayments, installment sale repayments, rates and taxes, transport to work or school, lease agreements, school fees, TV and car licenses, medical aid and union contributions.

Variable expenses include transport, groceries, meat, electricity and water, telephone, repairs and maintenance, medical expenses, bank charges, interest on loans and store accounts.

Discretionary expenses include all items not included in fixed or variable categories.

Commonly recognised categories of expenditure include the total of all items listed under fixed, variable and discretionary expenses.

Structure for budget includes rows indicating items within fixed and variable income and expenditure, totals and subtotals of income and expenditure, and columns indicating predicted and actual costs.

Commonly used sets for summarizing expenses include transport, rent, school fees, loan repayments, saving policies, insurance policies, rates and taxes, water and electricity, TV license, groceries, medical expenses, savings for the unforeseen, etc.

Short-term needs include those needed within the next six months.

Medium term needs include those needed between six months and 5 years

Long-term needs include those needed beyond 5 years.

Impulse buying includes sales, Internet purchases, promotional items, mail order purchases, party plans, special offers and personal selling.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Record and analyse current spending patterns.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The difference between needs (essential goods and services) and wants (discretionary goods and services) is explored in relation to own situation.

ASSESSMENT CRITERION 2

2. The difference between fixed and variable costs is explained and examples given from own experience.

ASSESSMENT CRITERION 3

3. The results of a record kept of own variable expenses over a three-month period is presented, and the monthly amount of each item is calculated as an average.

ASSESSMENT CRITERION 4

4. Own expenditure is categorised into commonly recognised sets.

ASSESSMENT CRITERION 5

5. An analysis is made of own spending as to which items are fixed essential, variable essential and discretionary.

ASSESSMENT CRITERION 6

6. The results of a record kept of own discretionary expenses over a three month period is presented and the percentage calculated of total expenditure that is discretionary.

ASSESSMENT CRITERION 7

7. Discretionary expenses and their percentage of total monthly expenses are discussed with a view to distinguishing between reasonable and unreasonable spending amounts and possible alternative uses of these amounts.

ASSESSMENT CRITERION 8

8. The concept of opportunity cost is explained in terms of what you gain or loose as a result of making a financial choice.

SPECIFIC OUTCOME 2

Take control of own finances and get the most for one's money.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Practical ways in which a person can take control of his/her money affairs are listed in terms of a budget, saving costs and additional sources of income.

ASSESSMENT CRITERION 2

2. The concept of discretionary payments is explained and used to show how one can make additional money available for fixed and variable costs.

ASSESSMENT CRITERION 3

3. Evidence is provided of a comparison between one's estimated and actual costs of at least three items of monthly expenditure.

ASSESSMENT CRITERION 4

4. The implications of variance between estimated and actual costs are discussed with reference to own experience.

ASSESSMENT CRITERION 5

5. The concept of variance is explained with reference to the difference between own estimated and actual costs.

ASSESSMENT CRITERION 6

6. The dangers of impulse buying are illustrated for authentic situations.

ASSESSMENT CRITERION 7

7. The difference between short, medium and long-term planning is discussed with reference to own circumstances.

ASSESSMENT CRITERION 8

8. A list is made of steps to be taken if you have a complaint about a product, service or violation of consumer rights.

ASSESSMENT CRITERION 9

9. The concept and the consequences of being listed by a credit bureau are explained and an indication is given of how a person can avoid or rectify being listed.

ASSESSMENT CRITERION 10

10. The likelihood of winning or making money easily on games of chance is explored and the chance of winning is estimated based on current known payouts.

ASSESSMENT CRITERION 11

11. A list is compiled of the kind of people who can offer advice on making financial decisions.

ASSESSMENT CRITERION 12

12. The consequences of taking financial advice from an unqualified or incorrectly informed person are described with reference to case studies.

ASSESSMENT CRITERION 13

13. The rights of the consumer are named and explained as they apply in the South African context.

SPECIFIC OUTCOME 3

Recognise the need to save as part of personal financial management.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The fact that financial needs change over time is discussed and examples given from own experience.

ASSESSMENT CRITERION 2

2. The need to plan for future financial needs is recognised, and examples given of own likely short, medium and long-term financial needs.

ASSESSMENT CRITERION 3

3. Own essential medium term needs are prioritised, and a savings plan is developed to meet the two most important of these needs.

ASSESSMENT CRITERION 4

4. Provision is made in own budget for short, medium and long-term needs.

ASSESSMENT CRITERION 5

5. An analysis is made to determine how spending can be reduced in order to free money for savings.

SPECIFIC OUTCOME 4

Compile a personal budget for the next three months, to manage own money.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The need to plan and manage expenses is discussed with regards to meeting current and possible future responsibilities.

ASSESSMENT CRITERION 2

2. The monthly income for a household is calculated based on total income from all the economic activities of the household.

ASSESSMENT CRITERION 3

3. The total of all deductions, including tax, is calculated and deducted from the income.

ASSESSMENT CRITERION 4

4. Monthly fixed payments are calculated for own budget.

ASSESSMENT CRITERION 5

5. Items of income, and fixed, variable and discretionary payments are summarised in categories in own personal budget.

ASSESSMENT CRITERION 6

6. Daily, weekly and annual income and expenses are converted to monthly expenses in order to complete a budget.

ASSESSMENT CRITERION 7

7. A decision is made and an action plan drawn up to balance own income and expenditure by reducing expenditure or increasing income.

ASSESSMENT CRITERION 8

8. A household budget for the next three months is compiled using the standard format.

ASSESSMENT CRITERION 9

9. Actual expenses for one month are compared to the budget for the same month, and the reasons are explained for any variance.

ASSESSMENT CRITERION 10

10. Possible unexpected occurrences are listed and their financial consequences discussed, with reference to own circumstances.

ASSESSMENT CRITERION 11

11. A reasonable amount of saving for unexpected events is included in one's own budget.

ASSESSMENT CRITERION 12

12. Unexpected changes to one's income or expenditure are considered and decisions are made about how to adapt the budget to accommodate such changes.

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 and solve problems and make decisions relating to the use of his/her own budget.

UNIT STANDARD CCFO ORGANISING

The learner is able to organise and manage him/herself by undertaking personal financial planning and constructing and using a personal budget.

UNIT STANDARD CCFO COLLECTING

The learner is able to collect, organise and critically evaluate information by investigating own past expenses and planning to be able to balance one`s own accounts and save for future needs.

The learner is able to collect, organise and critically evaluate information relating to budgeting.

UNIT STANDARD CCFO COMMUNICATING

The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and written presentations when explaining the parts of a standard budget.

UNIT STANDARD CCFO DEMONSTRATING

The learner is able to demonstrate an understanding of the world as a set of related systems by recognising how the use or lack of use of a budget impacts on his/her own life and those family members for whom one is responsible.

UNIT STANDARD CCFO CONTRIBUTING

The learner is able to participate as a responsible citizen in the life of local, national and global communities by beginning to understand how to avoid the debt spiral.

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 119913, which is "Use a personal budget to manage own money", Level 2, 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	49402	National Certificate in Steel Tube and Pipe Manufacturing (Seamless Hot-Finished OR Welded OR Cold-Formed)	Level 2	NQF Level 02	Passed the End Date - Status was "Reregistered"	2012-06-30	MERSETA
Fundamental	48783	National Certificate: Financial Services	Level 2	NQF Level 02	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Fundamental	14657	National Certificate: Insurance Administration	Level 2	NQF Level 02	Passed the End Date - Status was "Registered"	2004-04-18	INSETA
Fundamental	49450	National Certificate: Plastics Manufacturing	Level 2	NQF Level 02	Passed the End Date - Status was "Reregistered"	2023-06-30	MERSETA
Elective	49605	National Certificate: Environmental Practice	Level 2	NQF Level 02	Passed the End Date - Status was "Reregistered"	2023-06-30	LG SETA
Elective	48494	National Certificate: Financial Services Management	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2012-06-30	INSETA
Elective	49451	Further Education and Training Certificate: Plastics Manufacturing	Level 4	NQF Level 04	Passed the End Date - Status was "Reregistered"	2023-06-30	MERSETA

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.	A4 Consultancy CC
2.	Academy (Pty) Ltd
3.	African Divas
4.	Alpha Business Consultants
5.	Amabamba Recruitment
6.	Amangile Academy (Pty) Ltd
7.	AVAX SA 481 CC. T/A Mandisa Development Services
8.	Azitjhewi Construction
9.	Bantubanye Skills
10.	Bettes - Types Trading and Projects
11.	Bikologix Projects
12.	Bizzy Fire Control CC.
13.	BO Support Services CC
14.	Boikgantsho Consulting & Events
15.	Boiponahatso Enterprise
16.	Boni Africa Events & Development
17.	Buena Vista Learning Academy
18.	Coceka Consulting
19.	Colgene Group
20.	Cre8ive Organisational Development
21.	CTC College(PTY) LTD.
22.	Daily Double Traiding 281
23.	Dean Institute Of Learning (Pty) Ltd
24.	Ditirelo Skills Development Services
25.	ECO PARTNERS
26.	Edutraining Business College
27.	Elective Training Institute Enterprise CC
28.	Environmental Leadership Academy
29.	Essential Skills
30.	Fire Protection Association of Southern Africa
31.	GAEGOLELWE CONSULTANCY (PTY) LTD
32.	General Economic Analysis
33.	Glere Skills and Consultants
34.	GLOBAL LINKS CORPORATE TRAINING (PTY) LTD
35.	Goitsikitso Enterprise Trading
36.	Green Prints Consulting and Projects
37.	Growth Management Consulting
38.	Hercuscope
39.	Hlombe and Associates
40.	HS GLOBAL SKILLS BUSINESS SOLUTIONS
41.	Icando
42.	Independent Development Trust
43.	Integrated Waste and Recycling Services(IWARS)
44.	IQ Skills Academy (PTY) LTD.
45.	Jobafrik Consulting
46.	Jomash Construction
47.	Josmap Training Institute
48.	JPM & Associates
49.	Kay Beez Development Projects
50.	Kernel Management and Consulting (PTY) LTD.
51.	Kgakishe Trading and Projects (PTY) LTD
52.	Kokilesedi Trading
53.	Kwazulu Skills Academy
54.	KWEM Management Solutions
55.	Lapa La Afrika Farming and Projects
56.	Lesias Educational Services
57.	Lip Holding (pty) LTD
58.	Lorpen Investments
59.	M.I.C. Training and Development
60.	Mafusega Projects
61.	Mahayi HRD Services cc
62.	Makavila Suppliers CC.
63.	Mangalani Business Enterprises
64.	Masheshafike (Pty) Ltd
65.	MashMP Holdings
66.	Mashphe Logistics Services
67.	Mazasa Management Consulting CC.
68.	Mbinga Holdings (Pty) Ltd
69.	Mcebo Technologies
70.	Mementos Training Pty Ltd
71.	Mestel Training Solutions (Pty) Ltd
72.	Mgwezane Training and Events Management CC.
73.	Miczo's Enterprise
74.	Mimoisa Business Solutions CC
75.	Misol Projects cc
76.	MML Consulting CC.
77.	Mod-Mosh Projects and Consulting (PTY) LTD
78.	Mohlaje Solutions (Pty) Ltd
79.	Moseki Consulting Engineering Training & Development (PTY) LTD
80.	Mphela Education Training and Development
81.	Multiple Productive Management Solutions
82.	Nettcon SA
83.	NKQUBELA CONSULTING
84.	Nokusho M Consulting and Trading
85.	Nonunu Projects
86.	Nsuku Management Consultants
87.	Nyankwavi Investment CC.
88.	PBM Solutions
89.	Pebetse Training and Consulting
90.	PFIM Trading (Pty) Ltd
91.	Philani Solutions
92.	Pioneer Business Consulting
93.	PMA Holdings (PTY ) LTD.
94.	POTCH - UTC (PTY) LTD
95.	Power Rush Trading 170 CC.
96.	Powernexus
97.	Puseletso Trading and Projects
98.	Rebone Safety and Environmental Consultants
99.	Reflections Development Institute
100.	RLSTP Training & Development (PTY) LTD.
101.	RMCII Solutions (Pty) Ltd
102.	Senelo Trading CC
103.	Siljeur Training Academy
104.	Simmek Holdings
105.	Simtho Investments (PTY) LTD
106.	SJM Squared Construction
107.	SmartMatta (Pty) Ltd
108.	South African Institute of Learning (SAIL)
109.	South African ABET Development Agency SAADA
110.	South African Governance and Business College
111.	Thando Consulting Services
112.	The Crimson CO CC.
113.	The Green Affairs Consulting
114.	The Petit Pois Chef's Academy
115.	Thembeni Skills Development Trading and Projects
116.	Thubelihle Graduate Institute
117.	TLD Consulting
118.	Tlotlangthuto Training & Consulting
119.	Township Fire and Rescure (Pty) Ltd
120.	Training at Work (Pty) Ltd
121.	Tshisimani Holdings (PTY) Ltd.
122.	Twin Peak Technologies
123.	Ukhamba Quality Skills
124.	UNIVERSITY OF BUSINESS EXCELLENCE(PTY)LTD
125.	University of Venda
126.	Uweso Consulting (Pty) Ltd
127.	Venus Maintenance and Supply Services
128.	Vista Chem Consulting
129.	X Foundation
130.	Ya Hina Management Consulting and projects
131.	ZJ Africa Learn (pty)Ltd