Parents, we’ve started the Personal Management merit badge – required for Eagle – and I need your help.
Particularly, I need your help on Requirement Two:
Do the following:
a. 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.
b. Compare expected income with expected expenses. If expenses exceed income, determine steps to balance your budget. If income exceeds expenses, state how you would use the excess money (new goal, savings).
Those boys who went to Scouts on Tuesday Aug. 4 got a booklet that has a budget chart and a chart they can use to track their expenses and income for the required thirteen weeks. I’ve got paper copies of the booklet and you can also find it at this link. (Click on the link that says “A FREE workbook for Personal Management is available here!”)
This 13-week tracking requirement always trips the boys up. Please remind them to make a note on their sheet every time they get money or spend money. I will check in with them every Tuesday as a reminder as well.
It would also be helpful if you could take on Requirement One with your Scouts:
Do the following:
a. Choose an item that your family might want to purchase that is considered a major expense.
b. 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.
c. 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?
I’d much rather see the plan discussed with the family and balanced against other family needs before the Scouts discuss the plan with me.