Unit 402: Managing personal finance

Unit information

Level: 1 

Credit value: 3 

GLH: 20

Unit aims

 The aim of this unit is to give the learner an understanding of how to manage personal finance.

Learning outcomes

The learner will:

1. understand sources of income and outgoings
2. know how to reduce expenditure
3. understand how to plan a personal budget
4. be able to recognise the products provided by financial institutions
5. understand the advantages and disadvantages of borrowing money
6. understand how to obtain help with managing own money.

Assessment

This unit will be assessed by a learner portfolio.