Module Outline

Information current as of
12/09/2026 6:33 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Handle personal finances

Handle personal finances

Module
National Code
NOWFIN103
State Code
BD299
DTWD Status
Approved
State Implementation and Classification
Approved Date
03/07/2026
Field of Education
Nominal Hours
30
Description
This unit describes the performance outcomes, skills and knowledge required to compare prices, calculate quantities and costs, and to gather information to prepare a simple balanced budget as well as better understand interest rates and other matters relating to personal financial management.

The unit of competency is applied by individuals who manage their own personal finances.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.
General notes
No information
No information
Elements and Performance Criteria
Determine prices for a specified budget
  • 1.1 Select items for inclusion in the budget
  • 1.2 Compare available prices of the selected items
  • 1.3 Determine quantities required and cost
Prepare a simple budget
  • 2.1 Analyse information to establish income and expenditure
  • 2.2 Develop a balanced budget
  • 2.3 Use strategies to check accuracy
Evaluate interest rates
  • 3.1 Compare the concepts of simple and compound interest
  • 3.2 Identify the effects of interest rates on savings and borrowings
Investigate financial literacy issues
  • 4.1 Identify the use of insurance as a means of protection against financial loss or liability
  • 4.2 Identify the benefits of superannuation and saving for retirement
  • 4.3 Explain taxation and the effect on income
Replaces
State Code National Code Title Type
AZ075 NOWFIN102 Handle personal finances Module