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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
119913  Use a personal budget to manage own money 
ORIGINATOR
SGB Insurance and Investment 
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 "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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 replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
10718  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:
  • Recording and analysing current spending patterns.
  • Investigating ways of controlling own finances.
  • Recognising the need to save as part of personal financial management.
  • Compiling a personal budget. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in:
  • Communication at NQF Level 1 or equivalent.
  • Mathematical Literacy at NQF Level 1 or equivalent. 
    		•

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

    ASSESSMENT CRITERION 2 
    The difference between fixed and variable costs is explained with examples from own experience. 

    ASSESSMENT CRITERION 3 
    Own expenditure is categorised into commonly recognised sets and the monthly amount of each item is calculated as an average. 

    ASSESSMENT CRITERION 4 
    Own spending is analysed in terms of fixed essential, variable essential and discretionary expenses. 

    ASSESSMENT CRITERION 5 
    Discretionary expenses as a percentage of total monthly expenses are discussed with reference to possible ways of controlling costs. 

    ASSESSMENT CRITERION 6 
    The concept of opportunity cost is explained in terms of gain or loss as a result of making a financial choice. 

    ASSESSMENT CRITERION 7 
    The concept of opportunity cost is explained in terms of gain or loss as a result of making a financial choice. 

    SPECIFIC OUTCOME 2 
    Investigate ways of controlling of own finances. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Practical ways in which a person can take control of his/her money affairs are listed with reference to budgeting, saving costs and possible additional sources of income. 

    ASSESSMENT CRITERION 2 
    The estimated and actual costs of monthly expenditure are compared for at least three items. 

    ASSESSMENT CRITERION 3 
    The dangers of impulse buying are illustrated for authentic situations. 

    ASSESSMENT CRITERION 4 
    The difference between short, medium and long-term financial planning is discussed with reference to own circumstances. 

    ASSESSMENT CRITERION 5 
    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 6 
    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 7 
    The consequences of taking financial advice from an unqualified or incorrectly informed person are described with reference to two case studies. 

    SPECIFIC OUTCOME 3 
    Recognise the need to save as part of personal financial management. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Changing financial needs over time are discussed and examples given from own experience. 

    ASSESSMENT CRITERION 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 
    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 
    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. 

    ASSESSMENT CRITERIA     

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

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

    ASSESSMENT CRITERION 3 
    The monthly expenditure for a household is calculated based on deductions, fixed payments and discretionary payments. 

    ASSESSMENT CRITERION 4 
    A household budget for the next three months is compiled using a standard format. 

    ASSESSMENT CRITERION 5 
    Actual expenses for one month are compared to the budget for the same month, and the reasons are explained for any variance. 

    ASSESSMENT CRITERION 6 
    Possible unexpected occurrences are listed and their financial consequences discussed, with reference to own circumstances. 

    ASSESSMENT CRITERION 7 
    Unexpected changes to an individual'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 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 
    		•

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems and make decisions relating to 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 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 when explaining 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 personal budgeting impacts on his/her own life situation. 

    UNIT STANDARD CCFO CONTRIBUTING 
    The learner is able to participate as a responsible citizen in the life of local, national and global communities by identifying careful budgeting as a means of avoiding the debt spiral. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 10718, "Use a personal budget to manage own money", Level 2, 3 credits.

    Portfolio Assessment
  • Evidence that the assessment criteria have been demonstrated competently should be included in a portfolio of evidence that will be assessed formatively on completion of each task and summatively on completion of the portfolio for the unit standard. 
    		•

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  57900   National Certificate: Printing and Manufacture of Packaging  Level 2  NQF Level 02  Passed the End Date -
    Status was "Reregistered"     		 2015-06-30  FPMSETA 
    Elective  71751   General Education and Training Certificate: Adult Basic Education and Training  Level 1  NQF Level 01  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 
    Elective  73249   General Education and Training Certificate: Adult Basic Education and Training: Academic Curriculum  Level 1  NQF Level 01  Reregistered  2028-06-30  UMALUSI 
    Elective  20183   National Certificate: Banking  Level 2  NQF Level 02  Passed the End Date -
    Status was "Reregistered"     		 2015-06-30  BANKSETA 
    Elective  64909   National Certificate: Small Scale Mining  Level 2  NQF Level 02  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  MQA 
    Elective  49772   National Certificate: Archaeology  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered"     		 2012-06-30  CATHSSETA 
    Elective  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  58308   National Certificate: Informal Small Business Practice  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  W&RSETA 


    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. BOLAND COLLEGE 
    2. College of Cape Town - Athlone Campus 
    3. FALSE BAY TECHNICAL VOCATIONAL EDUCATION & TRAINING COLLEGE 
    4. Matibidi Raphela Investments (Pty) LTD 
    5. Nedbank Ltd 
    6. Northlink College 
    7. Oreahile Consulting Services 
    8. Professional Development and Training Institute (Pty) Ltd 
    9. SEOPOSENGOE TRAINING CONSULTANCY CC 
    10. South Cape Public FET College - George Campus 
    11. South West Gauteng Tvet College 
    12. Southern African Institute of Learning (SAIL) 
    13. Tembe Service Providers 
    14. The East London Institute for Leadership Advancement & Development 
    15. Visual Excellence Trading 508 (Pty) Ltd 
    16. WEST COAST COLLEGE FET 


    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.