personal management merit badge budget sample

#PERSONAL MANAGEMENT MERIT BADGE BUDGET SAMPLE FULL#
#PERSONAL MANAGEMENT MERIT BADGE BUDGET SAMPLE PLUS#

#PERSONAL MANAGEMENT MERIT BADGE BUDGET SAMPLE FULL#

savings bonds are considered one of the safest investments because they are backed by the full faith and credit of the U.S. Department of the Treasury to help pay for the U.S. savings bonds are debt securities issued by the U.S. savings bondī-an investment program funded by shareholders that trades in diversified holdings and is professionally managed.Ĭ-insurance that pays out a sum of money either on the death of the insured person or after a set period.ĭ-a certificate issued by a bank to a person depositing money for a specified length of time.Į-a bank account that earns interest/U.S. Explain to your merit badge counselor the advantages or disadvantages of saving or investing in each of the following:Ī. Pretend you have $1,000 to save, invest, and help prepare yourself for the future. How much the price changed high and the 52-week low prices. Importance of the following information for each stock:Ī. Explain to your merit badge counselor the Select five publicly traded stocks from the business section of the newspaper.

#PERSONAL MANAGEMENT MERIT BADGE BUDGET SAMPLE PLUS#

Simple interest is calculated on principal only, Compound interest is calculated on total of principal plus the interest earned. RoI = (gain from investment – cost of investment)/cost of investmentĮxplain the concepts of simple interest and compound interest and how these affected the results of your investment exercise: Risk - Possibility of your investment losing the money you put in. Saving has a guaranteed low return with loss of money possible if you go over the insurance amount of $250,000 per account named depositor, per insured bank.(as of 6/7/09) Investing has a risk of losing you money but chance of a higher return.Įxplain the concepts of return on investment and risk: The concepts of simple interest and compound interest and how these affected the results of your investment exercise.Įxplain the differences between saving and investing, including reasons for using one over the other: The concepts of return on investment and risk. The difference between saving and investing, including reasons for using one over the other.ī. What you can do to better manage your money.Įxplain the following to your merit badge counselor: A.Explain its purpose and your thoughts about it. Your understanding of what happens when you put money into a savings account.Your experience of an item you have purchased after seeing or hearing advertisements for it.How hunger affects you when shopping for food items (snacks, groceries).Your thoughts when you buy something new and your thoughts about the same item three months later.Your understanding of how the amount of money you have with you affects your spending habits.The emotions you feel when you receive money.

If income exceeds expenses, state how you would use the excess money (new goal, savings).ĭiscuss with your merit badge counselor FIVE of the following concepts:.

If expenses exceed income, determine steps to balance your budget.

Compare expected income with expected expenses.

(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. Track your actual income, expenses, and savings for 13 consecutive weeks.

Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings.

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.

Discuss how other family needs must be considered in this plan.

Discuss the plan with your merit badge counselor.

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.

Personal management merit badge budget sample