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. Amabamba Recruitment 
    3. AVAX SA 481 CC. T/A Mandisa Development Services 
    4. Buena Vista Learning Academy 
    5. Bull's Business and Skills Training Institute 
    6. CKP Development Agency (Pty) Ltd 
    7. Dee's Training (PTY) LTD 
    8. Edutraining Business College 
    9. Faisit (Pty) Ltd 
    10. Faranang Marketing 
    11. Fire Protection Association of Southern Africa 
    12. Growth Management Consulting 
    13. HDPSA 
    14. IQ Skills Academy (PTY) LTD. 
    15. Jobafrik Consulting 
    16. Josmap Training Institute 
    17. Kay Beez Development Projects 
    18. Limadi Industrial Projects 
    19. Mamuhle Academy 
    20. Mazasa Management Consulting CC. 
    21. Mcebo Technologies 
    22. Mementos Training Pty Ltd 
    23. Ndwamato Training Solutions (Pty) Ltd 
    24. Networx for Career Development 
    25. Nkinane Trading Enterprise 
    26. NKQUBELA CONSULTING 
    27. Nokusho M Consulting and Trading 
    28. OMNI HR CONSULTING PTY LTD 
    29. Pebetse Training and Consulting 
    30. Petra Institute of Development 
    31. PFIM Trading (Pty) Ltd 
    32. PMA Holdings (PTY ) LTD. 
    33. Reflections Development Institute 
    34. RLSTP Training & Development (PTY) LTD. 
    35. Simmek Holdings 
    36. Thando Consulting Services 
    37. TLD Consulting 
    38. Tovani Traiding 299 
    39. UNIVERSITY OF BUSINESS EXCELLENCE(PTY)LTD 
    40. University of Venda 
    41. Wildlife and Enviroment Society of South Africa 


    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.