1. 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?
2. 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.
- 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).
8. Demonstrate to your merit badge counselor your understanding of time management by doing the following:
- a. Write a “to do” list of tasks or activities, such as homework assignments, chores, and personal projects, that must be done in the coming week. List these in order of importance to you.
- b. Make a seven-day calendar or schedule. Put in your set activities, such as school classes, sports practices or games, jobs or chores, and/or Scout or church or club meetings, then plan when you will do all the tasks from your “to do” list between your set activities.
- c. Follow the one-week schedule you planned. Keep a daily diary or journal during each of the seven days of this week’s activities, writing down when you completed each of the tasks on your “to do” list compared to when you scheduled them.
- d. Review your “to do” list, one-week schedule, and diary/journal to understand when your schedule worked and when it did not work. With your merit badge counselor, discuss and understand what you learned from this requirement and what you might do differently the next time.