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.