FL10.5 Examine the role of personal budgets and their importance for financial planning.

This Outcome Looks At:

  • The intent of a personal budget.

  • Needs and wants and how they impact financial decisions.

  • Information that may be in a personal budget.

  • Key considerations when developing a budget.

  • The purpose of sales tax.

  • How personal goals impact a budget.

  • How to develop a plan to make a major purchase.

  • How budgeting decisions vary at different stages of life to reflect shifting personal goals.

  • Justifying a personal budget for a hypothetical scenario.