sample budget personal management merit badge

Write a list of 'to do' tasks or activities that must be done in the coming week. Demonstrate to your merit badge counselor your understanding of time management. Requirement #8 – begin To Do Lists & Schedule 8. The 52-week high and the 52-week low prices HINT: Go to either… Wall Street Journal or Bring Day 2! How much the price changed from the previous day C. Explain to your merit badge counselor the importance of the following information for each stock: A. Select FIVE publicly traded stocks from the business section of the newspaper. Requirement #2Budgeting: The RIGHT Way Income Pay the Lord Pay Yourself Expenses Other Savings Personal Goals Tom Perry, “Becoming Self-Reliant,” Ensign, Nov. It is amazing to me that so many people work all of their lives for the grocer, the landlord, the power company, the automobile salesman, and the bank, and yet think so little of their own efforts that they pay themselves nothing.” L. That leaves you a balance of your income to budget for taxes, food, clothing, shelter, transportation, etc. Tom Perry affirmed this when he said: “After paying your tithing of 10 percent to the Lord, you pay yourself a predetermined amount directly into savings. Requirement #2Budgeting: The OLD Way Income Expenses Available for Savings Personal GoalsĮlder L. Expenses: money going out for things that do not change from month to month (fixed expenses), as well as money going out for things that can change (variable expenses). Income: money coming in from work, savings, gifts, parents. What is in a budget? All cash inflows (income) and outflows (expenses). While it is easy to understand, it takes discipline to follow. Requirement #213 Week Budget – cont’d What is a budget? A budget is probably the single most important process for achieving your personal goals. If income exceeds expenses, state how you would use the excess money (new goal, savings). If expenses exceed income, determine steps to balance your budget. Compare expected income with expected expenses. Track your actual income, expenses, and savings for 13 consecutive weeks. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Requirement #213 Week Budget – Start today! 2. Can you buy the item used? Should you wait for a sale? (Provide prices from at least two different price sources.) Call around study ads. Find out where you can buy the item for the best price. Determine the quality of the item or service (using consumer publications or rating systems). Develop a written shopping strategy for the purchase identified in requirement 1a. Requirement #1 – begin Shopping Strategy continued… Bring Day 2! C. Discuss how other family needs must be considered in this plan. Discuss the plan with your merit badge counselor 2. Write a plan that tells how your family would save money for the purchase identified in requirement 1a. Choose an item that your family might want to purchase that is considered a major expense. Requirement #1 – beginShopping Strategy 1. 7:ĝiscuss “Debt” – Begin day 2, pass off day 2 6:ĝiscuss “$1,000” – Begin day 2, pass off day 2 4:ĝiscuss “Investing” – Begin day 2, pass off day 2 3:ĝiscuss “Feelings on $$” – Begin day 2, pass off day 2 10:Ĝareer Research – Begin today, pass off day 2 Day 2 (pass off everything but Req. 9: Written Project – Begin today, pass off day 2 8: To Do List & Schedule – Begin today, pass off day 2 5:ĕ Stocks – Begin today, pass off day 2 1: Shopping Strategy – Begin today, pass off day 2

Your timeline to success When will you work on each requirement? Day 1 (begin & do homework for each): Objective of this presentation: To help you pass of as many requirementsas you can during the next 2 weeks! Personal ManagementMerit Badge BSA Advancement ID#: 11Source: Boy Scout Requirements, #33215 Revised Oct.

Sample budget personal management merit badge