Herefordshire College of Technology
Authors V. Allos & J. Jones 2011
Edexcel Entry Level Award
Personal and Social Development
Unit 20: Managing Own Money
Unit code: F/502/0462
QCF level: Entry 3
Credit Value: 2
Introduction
Learners who complete this unit will be introduced to the basic elements of managing their personal finances, encouraging them to prepare a personal budget and to carry out transactions capably. The unit will help learners develop basic knowledge and understanding of personal financial management which will help them to take effective decisions regarding the use and management of their money, including exploring different ways to save surplus money.
In this unit you will develop the skills to carry out different financial transactions with competence. Successful completion of the unit will also contribute to your overall personal and social development.
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Hand in date:
Herefordshire College of Technology | 1
Unit 20
Managing Own Money
Assessment: To complete this unit you will need to achieve the assessment criteria indicated in the tasks below.
Understand how to plan a personal budget
Task 1.1: Identify your source(s) of income.
Task 1.2: Identify the key items of expenditure
Participate in a group discussion to:
- Outline the many and varied sources of income
- Identify the main items of expenditure that you need to budget for each week.
Complete the attached worksheet and file in your portfolio.
Herefordshire College of Technology | 1
Unit 20
Managing Own Money
Tasks 1.1: Identify your sources of income
Tasks 1.2: Identify the key items of your expenditure
Expenses:
Unit 20
Managing Own Money
Understand how to plan a personal budget
Task 1.3: Prepare a straightforward weekly budget plan.
Decide how much money you have each week (for example £200) and consider what you need to do with that money.
Use the attached sheet as a simple way of showing how your weekly income is large enough to match your weekly expenditure.
Make sure that you consider at least 6 items you need to budget for in a typical week. Use the attached budget plan sheet.
Check your calculations, produce your final weekly budget plan and place it in your portfolio.
Unit 20
Managing Own Money
Understand how to plan a personal budget
Task 1.3: Prepare a straightforward weekly budget plan.
Income
(The amount of money you have.) / Expenditure
( The name and cost of the item) / Balance
(The amount of money left in the budget)
Item
Amount / £
1. / £
2. / £
3. / £
4. / £
5. / £
6.
Total spent this week £ / £
Herefordshire College of Technology | 1
Unit 20
Managing Own Money
Understand how to plan a personal budget
Task 1.4: Identify an appropriate way to save surplus money.
- Participate in a group discussion to:
Identify at least three different ways of saving surplus money. Collect leaflets or information from the Internet showing three different and realistic savings options.
Make a list of the savings options and file this in your portfolio with any other information that you have collected..
Unit 20
Managing Own Money
Know how to carry out transactions
Task 2.1: Identify two different ways of paying for items.
Produce a poster showing how you can pay for something in two different ways.
File a copy in your portfolio.
Task 2.2: Demonstrate paying for an item.
Demonstrate, paying for an item with cash.
(Use the blank template to include a photograph of you carrying out the payment and state:
- what you were purchasing
- how much money you gave
- how much change was given and
- was it correct?
Unit 20
Managing Own Money
Know how to carry out transactions
Task 2.2: Demonstrate paying for an item.
OBSERVATION RECORD
Learner name:Qualification:
Unit number & title:
Description of activity undertaken
Assessment & grading criteria
How the activity meets the requirements of the grading criteria
Learner signature: / Date:
Assessor signature: / Date:
Assessor name:
Unit 20
Managing Own Money
Know how to carry out transactions
Task 2.3: Use appropriate calculations when making purchases.
Complete the attached shopping list:
Item £
Granary Loaf0.70
Fresh Milk0.80
Mature Cheese1.95
Mixed Salad1.00
Carvery Ham1.80
Flora Light Spread1.40
Cherry Tomatoes0.90
Total Cost £
£10 note handed over £
Change given £
Place your completed work in your portfolio.
Edexcel Entry Level 3 Award in
Personal and Social Development
Unit 20 - Managing Money
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