The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!
From the Wiki University
What evidence can you provide to prove your understanding of each of the following citeria?
Identify and discuss budgeting as a financial tool
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Identify and consider role of budgeting in lives of different groups and importance of budgeting appropriately to meet expenses at different stages of life Completed |
Evidence:
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Discuss importance of setting financial goals Completed |
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Identify and discuss obstacles that might prevent financial goals being achieved, and types of behaviours and skills required for successful budgeting Completed |
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Prepare to develop a personal budget
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Record all income and expenses for a six-month period to assist in estimating expenditure requirements Completed |
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Obtain or develop budget spreadsheet to record income and expenditure for relevant period of time Completed |
Evidence:
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Identify and list all sources of income, regular fixed expenses and variable expenses for specified period in personal budget using budget spreadsheet Completed |
Evidence:
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Develop a personal budget
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Subtract total expenses recorded from total income to determine surplus or deficit budget for specified period Completed |
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Explore reasons for deficit budget if relevant and investigate ways to reduce expenses or increase income Completed |
Evidence:
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Explore allocation of surplus funds towards saving and meeting identified financial goals Completed |
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Implement and monitor the personal budget
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Follow budget according to plan for a period of time Completed |
Evidence:
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Record actual expenses and income for period during which budget is implemented Completed |
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Compare budgeted expenses and income with actual amounts and modify budget where necessary Completed |
Evidence:
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Discuss handy hints for managing personal budget Completed |
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Conduct ongoing review of budget to ensure it remains relevant and to ensure updates are incorporated if necessary Completed |
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