Transcription of Personal Management Merit Badge Packet
1 Updated July 2nd, 2014 Personal Management Merit Badge Packet Name: Troop: Instructions: Please complete this Packet before arriving at camp. Turn in this Packet to your Personal Management instructor on the first day of class. Requirement 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. 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).
2 Updated July 2nd, 2014 Worksheet 1 Expected Income List all anticipated income for the upcoming 3 months. This could include money from allowance, pay from a job, gifts, etc. Source of Income (job, gift, allowance, etc.) How often? (How often will you receive this income: daily, weekly, monthly, one time?) Amount Total (add the column on the right) $ _____ Updated July 2nd, 2014 Worksheet 2 Expected Expenses List all anticipated expenses for the upcoming 3 months. This could include purchases such as car payments, video games, and fast food. Purchase How often? (How often will you make this purchase?)
3 Amount Total (add the column on the right) $ _____ Updated July 2nd, 2014 Worksheet 3 Expected Savings List all anticipated savings for the upcoming 3 months. This could include savings money for major high school events, car, and college Reason for saving (car, college, major high school events) Amount Total (add the column on the right) $ _____ Updated July 2nd, 2014 Worksheet 4 Actual Income and Expenses Record ALL of your actual expenses and any income received during these 13 weeks. Attached additional pages if needed. Starting Balance: Week # Date Item Income Expense Balance Ending Balance: Updated July 2nd, 2014 Worksheet 5: Income v.
4 Expenses Expected Actual Difference Income Expenses Saving
