Old Hickory Council - Hanging Rock District

Troop 444: Personal Management Merit Badge


Personal Management



This Merit Badge is Required to earn the Eagle Scout Rank


  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
            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).
  3. Discuss with your merit badge counselor FIVE of the following concepts:
        A. The emotions you feel when you receive money.
        B. Your understanding of how the amount of money you have with you affects your spending habits.
        C. Your thoughts when you buy something new and your thoughts about the same item three months
              later. Explain the concept of buyer's remorse.
        D. How hunger affects you when shopping for food items (snacks, groceries).
        E. Your experience of an item you have purchased after seeing or hearing advertisements for it. Did the
              item work as well as advertised?
        F. Your understanding of what happens when you put money into a savings account.
        G. Charitable giving. Explain its purpose and your thoughts about it.
        H. What you can do to better manage your money.
  4. Explain the following to your merit badge counselor:
        A. The differences between saving and investing, including reasons for using one over the other.
        B. The concepts of return on investment and risk.
        C. The concepts of simple interest and compound interest and how these affected the results of your
              investment exercise.
  5. Select five publicly traded stocks from the business section of the newspaper. Explain to your merit badge counselor the importance of the following information for each stock:
        A. Current price
        B. How much the price changed from the previous day
        C. The 52-week high and the 52-week low prices
  6. Pretend you have $1,000 to save, invest, and help prepare yourself for the future. Explain to your merit badge counselor the advantages or disadvantages of saving or investing in each of the following:
        A. Common stocks
        B. Mutual funds
        C. Life insurance
        D. A certificate of deposit (CD)
        E. A savings account or U.S. savings bond
  7. Explain to your merit badge counselor the following:
        A. What a loan is, what interest is, and how the annual percentage rate (APR) measures the true cost
              of a loan.
        B. The different ways to borrow money.
        C. The differences between a charge card, debit card, and credit card. What are the costs and pitfalls of
              using these financial tools? Explain why it is unwise to make only the minimum payment on your
              credit card.
        D. Credit reports and how personal responsibility can affect your credit report.
        E. Ways to eliminate debt.
  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.
  9. Prepare a written project plan demonstrating the steps below, including the desired outcome. This is a project on paper, not a real-life project. Examples could include planning a camping trip, developing a community service project or a school or religious event, or creating an annual patrol plan with additional activities not already included in the troop annual plan. Discuss your completed project plan with your merit badge counselor.
        A. Define the project. What is your goal?
        B. Develop a timeline for your project that shows the steps you must take from beginning to
        C. Describe your project.
        D. Develop a list of resources. Identify how these resources will help you achieve your goal.
        E. If necessary, develop a budget for your project.
  10. Do the following:
        A. Choose a career you might want to enter after high school or college graduation.
        B. Research the limitations of your anticipated career and discuss with your merit badge counselor
              what you have learned about qualifications such as education, skills, and experience.

Personal Management Worksheets for use in working on these requirements

Boy Scout Oath

On my honor, I will do my best

To do my duty to God and my Country and to obey the Scout Law;

To help other people at all times;

To keep myself physically strong, mentally awake, and morally straight.

Boy Scout Law

A Scout Is...

A Scout tells the truth.
He keeps his promises.
Honesty is part of his code of conduct.
People can depend on him.
A Scout is true to his family, Scout leaders, friends, school, and nation.LOYAL
A Scout is concerned about other people. He does things willingly for others without pay or reward.HELPFUL
A Scout is a friend to all.
He is a brother to other Scouts.
He seeks to understand others.
He respects those with ideas and customs other than his own.
A Scout is polite to everyone regardless of age or position.
He knows good manners make it easier for people to get along together.
A Scout understands there is strength in being gentle.
He treats others as he wants to be treated.
He does not hurt or kill harmless things without reason.
A Scout follows the rules of his family, school, and troop.
He obeys the laws of his community and country.
If he thinks these rules and laws are unfair, he tries to have them changed in an orderly manner rather than disobey them.
A Scout looks for the bright side of things.
He cheerfully does tasks that come his way. He tries to make others happy.
A Scout works to pay his way and to help others.
He saves for unforeseen needs.
He protects and conserves natural resources.
He carefully uses time and property.
A Scout can face danger even if he is afraid.
He has the courage to stand for what he thinks is right even if others laugh at or threaten him.
A Scout keeps his body and mind fit and clean.
He goes around with those who believe in living by these same ideals.
He helps keep his home and community clean.
A Scout is reverent toward God.
He is faithful in his religious duties.
He respects the beliefs of others.