Manage basic personal finance.

1. Manage basic personal finance.

2. P&P2FM29 Balancing my books P&P2FM28 The economy and my money US:9268 Manage basic personal finance Notional Hours 8 8 4 8 5 3 3 2 40 TF213.69 Understanding what the economy is and how it impacts on me TF213.70 Understanding what savings are TF213.71 Understanding why I must manage my own finances TF213.72 Understanding banking TF213.73 Understanding my payslip - What it means TF213.74 Planning my savings TF213.75 Developing a personal budget TF213.76 Managing my budget Total Notional Hours

3. US:9268 Manage basic personal finance Critical Cross-field Outcomes TF213.69 Understanding what the economy is and how it impacts on me Identify and solve problems Work effectively with others Be able to use a basic pre developed checklist and given current economic information to do a basic analysis of the current state of the economy Communicate effectively Organise and manage myself and my activities Understand the basics of the concept of sustainable development Understand what NEPAD stands for and how it impacts on the economy Collect, analyse, organise and critically evaluate information Understand the implications of not paying tax Use science and technology effectively and critically Demonstrate an understanding of the world as a set of related systems Understand how tax works and how it benefits the individual Understand what the economy is and what the basic principles are that apply in our economy Use mathematics Learner and societal development

4. Notional Hours 8 Assignment Description WHAT An individual and group exercise of applying understanding of the basic economic fundamentals during a series of personal financial case studies WHY To ensure that the learners can link the aspects of business dynamics to personal financial welfare HOW • Individually study the concepts • In a group conduct the various case study exercises • Provide individual and group feedback • Jointly complete the economic checklist • Develop an individual action plan for learning more about personal finance Topic Specification TF213.69 Understanding what the economy is and how it impacts on me • Learning Outcomes • On completion of this topic the learner will be able to: • Demonstrate understanding of what the economy is and what the basic principles are that apply in our economy; • Demonstrate understanding of how tax works and how it benefits the individual; • Demonstrate understanding of the implications of not paying tax; • Demonstrate understanding of the basics of the concept of sustainable development; • Demonstrate understanding of what NEPAD stands for and how it impacts on the economy; and • Use a basic pre developed checklist and given current economic information to do a basic analysis of the current state of the economy • Assessment Criteria : (The assessor will observe and confirm) • Process • Understanding of the link between personal finances and the success of the business • SHEQ • Understanding how the SHEQ principles also apply to your personal financial welfare

5. US:9268 Manage basic personal finance Critical Cross-field Outcomes TF213.70 Understanding what savings are Identify and solve problems Work effectively with others Be able to use an investment checklist to identify good short, medium and long term investments . Communicate effectively Organise and manage myself and my activities Understand the basic types of investment that we get and the benefits and pitfalls of each . Collect, analyse, organise and critically evaluate information Understand the value of saving Use science and technology effectively and critically Understand the various types of debt that we get Understand how debt works and what the short, medium and long term implications of debts is Demonstrate an understanding of the world as a set of related systems Understand what inflation is and how it impacts on the economy and the individual Use mathematics Learner and societal development

6. Notional Hours 8 Assignment Description WHAT An individual and group exercise of applying understanding of the concepts of savings, debt and inflation during a series of personal financial case studies WHY To ensure that the learners can link the aspects of business dynamics to personal financial welfare HOW • Individually study the concepts; • In a group conduct the various case study exercises; • Provide individual and group feedback; • Individually complete the investment checklist and discuss the pros and cons of the investments during a group session; and • Participate in an investment “game” with structured learning and feedback. Topic Specification TF213.70 Understanding what savings are • Learning Outcomes • On completion of this topic the learner will be able to: • Demonstrate understanding of what inflation is and how it impacts on the economy and the individual; • Demonstrate understanding of how debt works and what the short, medium and long term implications of debts is; • Demonstrate understanding of the various types of debt that we get; • Demonstrate understanding of the value of saving; • Demonstrate understanding of the basic types of investment that we get and the benefits and pitfalls of each; and • Use an investment checklist to identify good short, medium and long term investments . • Assessment Criteria : (The assessor will observe and confirm) • Learners ability to identify good and bad investments and clearly state the critical need for investment and saving.

7. US:9268 Manage basic personal finance TF213.71 Understanding why I must manage my own finances Critical Cross-field Outcomes Identify and solve problems Be able to develop a good budgeting checklist and complete this based on current budgeting practices Work effectively with others Understand the potential drain of addictive behaviour and gambling on budgeting. Communicate effectively Understand the need for a balanced healthy life style and how this must be budged for. Organise and manage myself and my activities Collect, analyse, organise and critically evaluate information Understand the dynamics of medical cost and the emerging future of medical aid organisations. Understand the changing life style needs of the elderly and how this impacts on budgets. Understand the changing cost of education and how this impacts on budgets. Use science and technology effectively and critically Be able to calculate the compound interest on savings and debt over time Demonstrate an understanding of the world as a set of related systems Understand how time impacts on savings and the cost of debt. Understand the concept of short interval control Use mathematics Learner and societal development

8. Notional Hours 4 Topic Specification TF213.71 Understanding why I must manage my own finances Assignment Description • Learning Outcomes • On completion of this topic the learner will be able to: • Demonstrate understanding of the concept of short interval control; • Demonstrateunderstanding of how time impacts on savings and the cost of debt; • Calculate the compound interest on savings and debt over time; • Demonstrateunderstanding of the dynamics of medical cost and the emerging future of medical aid organisations; • Demonstrateunderstanding of the changing life style needs of the elderly and how this impacts on budgets; • Demonstrateunderstanding of the changing cost of education and how this impacts on budgets; • Demonstrateunderstanding of the need for a balanced healthy life style and how this must be budged for; • Demonstrateunderstanding of the potential drain of addictive behaviour and gambling on budgeting; and • Develop a good budgeting checklist and complete this based on current budgeting practices. WHAT An individual and group exercise of applying understanding of the budgeting and budget control in a series of personal financial case studies WHY To ensure that the learners can link the aspects of business dynamics to personal financial welfare HOW • Individually study the concepts; • In a group conduct the various case study exercises and debate the various concepts; • Provide individual and group feedback; • Develop an individual action plan for learning more about personal finance; and • Individually develop a budgeting checklist and present it to the group for feedback and comments. • Assessment Criteria : (The assessor will observe and confirm) • Understanding of the long term importance of budgeting for personal finance; and • Understanding that the same budgeting principles apply to businesses.

9. US:9268 Manage basic personal finance Critical Cross-field Outcomes Identify and solve problems TF213.72 Understanding banking Work effectively with others Be able to develop a checklist of criteria for the ideal banking service to meet the individual learners needs. Communicate effectively Organise and manage myself and my activities Understand the long term benefits of having and responsibly operating a bank account Understand the security issues and potential pitfalls of operating various banking services Collect, analyse, organise and critically evaluate information Use science and technology effectively and critically Be able to complete application forms for opening a bank account Be able to access banking services electronically Be able to operate an ATM Demonstrate an understanding of the world as a set of related systems Understand the difference between the various bank accounts Understand the basic services that banks provide Use mathematics Understand the basic history of banking and how banks are evolving Learner and societal development

10. Notional Hours 8 Assignment Description WHAT An individual and group exercise of studying the banking history and collecting information regarding banking services that are then discussed in a group where a checklist is developed. To ensure that learners develop a clear understanding of the relevant issues related to banking so that they can make informed decisions when accessing these services. WHY HOW • Individually study the banking history; • In a group discuss banking services and develop a set of questions that need to be answered; • In small groups visit banking institutions to collect relevant information and application forms for different services; • Individually interview people who have had bank accounts for a long time to learn from their experiences; • Jointly develop the checklist for selecting banking services; and • Individually access electronic banking. Topic Specification TF213.72 Understanding banking • Learning Outcomes • On completion of this topic the learner will be able to: • Demonstrate understanding of the basic history of banking and how banks are evolving; • Demonstrateunderstanding of the difference between the various bank accounts; • Demonstrateunderstanding of the basic services that banks provide; • Operate an ATM; • Complete application forms for opening a bank account; • Access banking services electronically; • Demonstrateunderstanding of the long term benefits of having and responsibly operating a bank account; • Demonstrateunderstanding of the security issues and potential pitfalls of operating various banking services; and • Develop a checklist of criteria for the ideal banking service to meet the individual learners needs. • Assessment Criteria : (The assessor will observe and confirm) • The ability of learners to make informed choices regarding the available banking services

11. US:9268 Manage basic personal finance Critical Cross-field Outcomes TF213.73 Understanding my payslip - What it means Identify and solve problems Work effectively with others Communicate effectively Be able to read and interpret your own pay slip Organise and manage myself and my activities Collect, analyse, organise and critically evaluate information Understand the details of your personal employment contract Use science and technology effectively and critically Understand the fundamental requirements of the basic conditions of employment legislation Understand the fundamental agreements reached in your company regarding basic conditions of service Demonstrate an understanding of the world as a set of related systems Understand the purpose and legal requirements regarding payslips Use mathematics Learner and societal development

12. Notional Hours 5 Assignment Description WHAT A group exercise of attending lectures and work sessions on the legislation and agreements and an individual exercise of working through the specific employment contract and studying pay slips. To ensure that the learners understands the dynamics of conditions of employment and how this is recorded and reflected in pay slips. WHY HOW • Learners attend the joint lectures and work sessions and work through the case exercises; • Individuals obtain and study their personal work contracts and discuss this with their organised labour representative; and • Individual learners study their pay slips and work out various scenarios regarding deductions and overtime. Topic Specification TF213.73 Understanding my payslip - What it means • Learning Outcomes • On completion of this topic the learner will be able to: • Demonstrate understanding of the purpose and legal requirements regarding payslips; • Demonstrateunderstanding of the fundamental requirements of the basic conditions of employment legislation; • Demonstrateunderstanding of the fundamental agreements reached in your company regarding basic conditions of service; • Demonstrateunderstanding of the details of your personal employment contract; and • Read and interpret your own pay slip. • Assessment Criteria : (The assessor will observe and confirm) • Learners understanding of their basic conditions of service and how these are reflected in their pay slips; and • Learners ability to use the pay slip as a means of managing and controlling the fair implementation of their contracts of service.

13. US:9268 Manage basic personal finance Critical Cross-field Outcomes TF213.74 Planning my savings Identify and solve problems Work effectively with others Be able to advise other learners on developing realistic savings plans Communicate effectively Organise and manage myself and my activities Be able to develop a dynamic and relevant savings plan to suit the specific needs of the individual learner Collect, analyse, organise and critically evaluate information Be able to calculate the impact of compound interest on specific savings over time Use science and technology effectively and critically Be able to use the investment checklist previously developed to select appropriate investments Demonstrate an understanding of the world as a set of related systems Understand the importance of early planning of savings and investment Use mathematics Learner and societal development

14. Notional Hours 3 Assignment Description WHAT A group exercise of discussing savings and the need to start early and individual exercise of using the previously developed checklist to develop an individulised savings plan. To ensure that the learners start developing a dynamic and realistic savings strategy. WHY HOW • Learners attend the group session and modify their checklists; • Learners individually use the checklists and a pre developed pro forma planning document to start developing a savings strategy and plan; and • Learners present and discuss their plans for comments and positive review. Topic Specification TF213.74 Planning my savings • Learning Outcomes • On completion of this topic the learner will be able to: • Demonstrate understanding of the importance of early planning of savings and investment; • Use the investment checklist previously developed to select appropriate investments; • Calculate the impact of compound interest on specific savings over time; • Develop a dynamic and relevant savings plan to suit the specific needs of the individual learner; and • Advise other learners on developing realistic savings plans. • Assessment Criteria : (The assessor will observe and confirm) • Learners ability to develop realistic and relevant savings plans that will help them to achieve the personal financial targets that they have set; and • Learners ability to link these savings plans to realistic career aspirations.

15. US:9268 Manage basic personal finance Critical Cross-field Outcomes Identify and solve problems TF213.75 Developing a personal budget Work effectively with others Be able to use a pre developed spreadsheet to plan a basic personal budget based on the requirements and needs developed with key stakeholders. (Include the savings strategy) Communicate effectively Organise and manage myself and my activities Collect, analyse, organise and critically evaluate information Be able to use good process questions when discussing budget requirements with key stakeholders Use science and technology effectively and critically Understand the importance of involving relevant stake holders in the personal budgeting process Demonstrate an understanding of the world as a set of related systems Understand the key principles associated with proper budgeting Use mathematics Learner and societal development

16. Notional Hours 3 Assignment Description WHAT An individual exercise of working through study material, having discussions with key personal stakeholders and developing realistic budgets for presentation using pre prepared spreadsheets. To ensure that the learners can practically apply the personal budgeting principles. WHY HOW • Learners individually work through the study material; • Learners conduct discussion sessions with key personal stakeholders; • Learners develop their budgets and prepare for presentation; • Learners present their budgets in small group sessions and receive comments ideas and suggestions to improve. Topic Specification TF213.75 Developing a personal budget • Learning Outcomes • On completion of this topic the learner will be able to: • Demonstrate understanding of the key principles associated with proper budgeting; • Demonstrate understanding of the importance of involving relevant stake holders in the personal budgeting process; • Use good process questions when discussing budget requirements with key stakeholders; and • Use a pre developed spreadsheet to plan a basic personal budget based on the requirements and needs developed with key stakeholders. • Assessment Criteria : (The assessor will observe and confirm) • Learners ability to use all the skills previously learnt to develop a budget that is realistic and related to the individuals personal career and life expectations.

17. US:9268 Manage basic personal finance Critical Cross-field Outcomes Identify and solve problems TF213.76 Managing my budget Work effectively with others Be able to identify the need for corrective action to ensure that budget targets are met. Communicate effectively Organise and manage myself and my activities Be able to develop a basic personal budget management process and system Collect, analyse, organise and critically evaluate information Use science and technology effectively and critically Understand the value of visual management Demonstrate an understanding of the world as a set of related systems Understand the need to involve key family stakeholders in the management process Understand the basic principles of control and budget management Use mathematics Learner and societal development

18. Notional Hours 2 Assignment Description WHAT An individual exercise of working through study material, having discussions with key personal stakeholders and developing realistic budgets controls for presentation using pre prepared spreadsheets. To ensure that the learners can practically apply the personal budget control principles. WHY HOW • Learners individually work through the study material; • Learners conduct discussion sessions with key personal stakeholders; • Learners develop their budget controls and prepare for presentation; • Learners present their budgets controls in small group sessions and receive comments ideas and suggestions to improve. Topic Specification TF213.76 Managing my budget • Learning Outcomes • On completion of this topic the learner will be able to: • Demonstrate understanding of the basic principles of control and budget management; • Demonstrate understanding of the need to involve key family stakeholders in the management process; • Demonstrate understanding of the value of visual management; • Develop a basic personal budget management process and system; and • Identify the need for corrective action to ensure that budget targets are met . • Assessment Criteria : (The assessor will observe and confirm) • Learners understanding of the budget control principles and their ability to apply these principles to personal budgets and relate them to the controls that are used in the workplace to control business budgets.