Financial Maths: Plan and manage personal and household finances

• Describe financial concepts related to personal finances, methods of financing and financial control.
• Draw up a projected personal and household monthly budget.
• Record actual income and expenditure over a period (one month, six months or twelve months) and compare to the projected budget.
• Identify and explain variances between actual and projected figures.
• Provide possible corrective methods of financial control.

By the end of this unit you will be able to:

• Draw up an income/expenditure sheet describing plans for projected income and expenditure.
• Do calculations using computational tools efficiently and correctly and verify solutions in terms of the context.
• Draw up a personal and/or household budget.
• Record actual income and expenditure over a period and compare to the projected budget.
• Identify, discuss and explain variances and methods for financial control.