![]() ![]() (h) What you can do to better manage your money.Ĥ. Explain the following to your merit badge counselor: Explain its purpose and your thoughts about it. (f) Your understanding of what happens when you put money into a savings account. (e) Your experience of an item you have purchased after seeing or hearing advertisements for it. (d) How hunger affects you when shopping for food items (snacks, groceries). (c) Your thoughts when you buy something new and your thoughts about the same item three months later. (b) Your understanding of how the amount of money you have with you affects your spending habits. (a) The emotions you feel when you receive money. With your merit badge counselor, discuss what you might do differently the next time.ģ. Discuss with your merit badge counselor FIVE of the following concepts: ![]() (d) Compare your budget with your actual income and expenses to understand when your budget worked and when it did not work. (You may use the forms provided in this pamphlet, devise your own, or use a computer-generated version.) When complete, present the records showing the results to your merit badge counselor. (c) Track and record your actual income, expenses, and savings for 13 consecutive weeks (the same 13-week period for which you budgeted). (2) If income exceeds budget expenses, state how you would use the excess money (new goal, savings). (1) If expenses exceed budget income, determine steps to balance your budget. (b) Compare expected income with expected expenses. ![]() (a) Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings for a period of 13 consecutive weeks. 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. (1) Determine the quality of the item or service (using consumer publications or rating systems). (c) Develop a written shopping strategy for the purchase identified in requirement 1a. (3) Discuss how other family needs must be considered in this plan. (1) Discuss the plan with your merit badge counselor. (b) Write a plan that tells how your family would save money for the purchase identified in requirement 1a. (a) Choose an item that your family might want to purchase that is considered a major expense. ![]()
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