Personal Finances

Level 1

Accredited Certificate through Open Awards

Unit Support


Personal Finances Level 1



Assignment and Video-based eLearning


Unit Duration

2 session per week (3 Weeks Course)


Resources Links will be enabled after registeration

Introduction to Unit Content

Learning Outcome –

The learner will:

Assessment Criterion –

The learner can:    


Know what is meant by income and


1.1 State possible sources of personal income
1.2 State items of personal expenditure
1.3 Give examples of essential and non-essential

2 Know how to deal with living on a limited budget

2.1 Outline possible difficulties of coping on a limited
2.2 Give examples of ways to minimise the difficulties
of coping on a limited budget




Know how to undertake financial transactions



3.1 Give examples of financial transactions and their
3.2 Outline different methods of paying for goods or a
3.3 Outline different methods of paying money into an account

4 Know where to find key financial information on everyday documents

4.1 Outline the purpose of a receipt and identify key
items on it
4.2 Identify key items recorded on a payslip and state
what they can be used for
4.3 Identify key items on a financial statement
The intellectual property rights remain with Open Awards
4.4 State how the information in one document might
be checked for errors

5 Know what saving means

5.1 Outline the benefits of saving
5.2 Outline different ways to save money
5.3 State preferred method of saving in a given

6 Be able to produce a simple budget plan

6.1 State the purpose of a budget plan for the future
6.2 Outline personal spending and income over a
given period
6.3 State whether income or expenditure is higher


Contact Us

Medtia Chamber, 1st Floor, Oldham. OL1 1LP

07930 306933