Personal Management — Merit Badge

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Requirements

From the official BSA merit badge pamphlet — wording is paraphrased here. Confirm against the current pamphlet for sign-off.

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For the whole badge

Choose a major-expense item your family might want to purchase

Write a family savings plan for the item; discuss it with your counselor, family, and other family needs

Develop a shopping strategy: determine quality and comparison-shop at least two price sources

Prepare a 13-week budget of expected income, expenses, and savings

Compare expected income vs. expenses; plan to balance a deficit or use a surplus

Track actual income, expenses, and savings for the same 13 weeks; present results to your counselor

Compare budget to actual results; discuss with your counselor what you'd do differently

(Do any 5 of the following)

Emotions you feel when you receive money

How the amount of money you carry affects your spending habits

Buyer's remorse: your thoughts on a purchase right away vs. three months later

How hunger affects your food shopping

An item you bought after seeing ads for it; did it work as advertised?

What happens when you put money into a savings account

Charitable giving: its purpose and your thoughts on it

What you can do to better manage your money

Differences between saving and investing, and reasons for choosing one

Return on investment and risk, and how they're related

Simple interest vs. compound interest

Diversification in investing

Why it's important to save and invest for retirement

Common stocks

Mutual funds

Life insurance

A certificate of deposit (CD)

A savings account

A U.S. savings bond

Automobile insurance

Health insurance

Homeowner's/renter's insurance

Whole life and term life insurance

What a loan and interest are, and how APR measures a loan's true cost

Different ways to borrow money

Charge vs. debit vs. credit cards: costs/pitfalls and why minimum payments are unwise

Credit reports and how personal responsibility affects yours

Ways to reduce or eliminate debt

Write a to-do list for the coming week, ranked by importance

Make a seven-day schedule with set activities and planned times for your to-do tasks

Follow your one-week schedule; journal when tasks were actually completed vs. planned

Review your list/schedule/diary with your counselor; discuss what you'd do differently

Define the project and its goal

Develop a project timeline from start to completion

Describe your project

List needed resources and how each helps achieve your goal

Develop a budget for your project

10a

Choose a post-graduation career; discuss its qualifications, education, skills, and experience

10b

Explain the career's costs (tuition, supplies, room/board) and how you'd cover them

Scout Troop 79

Personal ManagementEagle