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.
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