Personal Management Badge

Complete Req 1 prior to the first MB class on Monday, September 22nd at 12:15 p.m.:

REQ 1

1. Do the following:
2. Choose an item that your family might want to purchase that is considered a major expense.
3. Write a plan that tells how your family would save money for the purchase identified in requirement 1a.
   1. Discuss the plan with your merit badge counselor
   2. Discuss the plan with your family
   3. Discuss how other family needs must be considered in this plan.
4. Develop a written shopping strategy for the purchase identified in requirement 1a.
   1. Determine the quality of the item or service (using consumer publications or rating systems).
   2. Comparison shop for the item. Find out where you can buy the item for the best price. (Provide prices from at least two different price sources.) Call around; study ads. Look for a sale or discount coupon. Consider alternatives. Can you buy the item used? Should you wait for a sale?
5. Do the following:
6. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Track your actual income, expenses, and savings for 13 consecutive weeks. (You may use the forms provided in this pamphlet, devise your own, or use a computer generated version.) When complete, present the results to your merit badge counselor.
7. Compare expected income with expected expenses.
   1. If expenses exceed income, determine steps to balance your budget.
   2. If income exceeds expenses, state how you would use the excess money (new goal, savings).

 

and begin (if you haven't already):

1. Do the following:
2. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Track your actual income, expenses, and savings for 13 consecutive weeks. (You may use the forms provided in this pamphlet, devise your own, or use a computer generated version.) When complete, present the results to your merit badge counselor.
3. Compare expected income with expected expenses.
   1. If expenses exceed income, determine steps to balance your budget.
   2. If income exceeds expenses, state how you would use the excess money (new goal, savings).