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| Scout | AWARD | Req 1 | Req 2 | Req 3Complete any 5 | Req 4 | Req 5 | Req 6 | Req 7 | Req 8 | Req 9 | Req 10 | ||||||||||||||||||||||||||||||||||||
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Requirements
From the official BSA merit badge pamphlet — wording is paraphrased in this prototype. Confirm against the current pamphlet for sign-off.
1Family purchase, savings plan, and shopping strategy
1a Choose a major-expense item your family might want to purchase
1b Write a family savings plan for the item; discuss it with your counselor, family, and other family needs
1c Develop a shopping strategy: determine quality and comparison-shop at least two price sources
213-week budget
2a Prepare a 13-week budget of expected income, expenses, and savings
2b Compare expected income vs. expenses; plan to balance a deficit or use a surplus
2c Track actual income, expenses, and savings for the same 13 weeks; present results to your counselor
2d Compare budget to actual results; discuss with your counselor what you'd do differently
3Money concepts (do FIVE)
Note:Do any 5 of the following
3a Emotions you feel when you receive money
3b How the amount of money you carry affects your spending habits
3c Buyer's remorse: your thoughts on a purchase right away vs. three months later
3d How hunger affects your food shopping
3e An item you bought after seeing ads for it; did it work as advertised?
3f What happens when you put money into a savings account
3g Charitable giving: its purpose and your thoughts on it
3h What you can do to better manage your money
4Saving and investing concepts
4a Differences between saving and investing, and reasons for choosing one
4b Return on investment and risk, and how they're related
4c Simple interest vs. compound interest
4d Diversification in investing
4e Why it's important to save and invest for retirement
5Types of investments
5a Common stocks
5b Mutual funds
5c Life insurance
5d A certificate of deposit (CD)
5e A savings account
5f A U.S. savings bond
6Types of insurance
6a Automobile insurance
6b Health insurance
6c Homeowner's/renter's insurance
6d Whole life and term life insurance
7Loans, credit, and debt
7a What a loan and interest are, and how APR measures a loan's true cost
7b Different ways to borrow money
7c Charge vs. debit vs. credit cards: costs/pitfalls and why minimum payments are unwise
7d Credit reports and how personal responsibility affects yours
7e Ways to reduce or eliminate debt
8Time management
8a Write a to-do list for the coming week, ranked by importance
8b Make a seven-day schedule with set activities and planned times for your to-do tasks
8c Follow your one-week schedule; journal when tasks were actually completed vs. planned
8d Review your list/schedule/diary with your counselor; discuss what you'd do differently
9Project plan
9a Define the project and its goal
9b Develop a project timeline from start to completion
9c Describe your project
9d List needed resources and how each helps achieve your goal
9e Develop a budget for your project
10Career exploration
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