Personal Management

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Resources include the Personal Management merit badge worksheet in PDF format Adobe Acrobat PDF and Word format Microsoft Word DOC document, links, and cross-references to related badges and awards.
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Personal Management merit badge
Image:Personal Management.jpg
Status: Eagle-required
Created: 1972
Replaced: Personal Finances
BSA Advancement ID: 011
Requirements revision: 2019
Latest pamphlet revision: 2015



Personal Management merit badge requirements

  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 1a.
    (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 ratings systems).
  2. Do the following:
    (a) Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings for a period of 13 consecutive weeks.
    (b) Compare expected income with expected expenses.
    (1) If expenses exceed budget income, determine steps to balance your budget.
    (2) If income exceeds budget expenses, state how you would use the excess money (new goal, savings).
    (c) Track and record your actual income, expenses, and savings for 13 consecutive weeks (the same 13-week period for which you budgeted). (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.
    (d) Compare your budget with your actual income and expenses to understand when your budget worked and when it did not work. With your merit badge counselor, discuss what you might do differently the next time.
    (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.
    (d) How hunger affects you when shopping for food items (snacks, groceries).
    (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 and how they are related.
    (c) The concepts of simple interest and compound interest.
    (d) The concept of diversification in investing.
    (e) Why it is important to save and invest for retirement.
  5. Explain to your merit badge counselor what the following investments are and how each works:
    (a) Common stocks
    (b) Mutual funds
    (c) Life insurance
    (d) A certificate of deposit (CD)
    (e) A savings account
    (f) A U.S. savings bond
  6. Explain to your counselor why people might purchase the following types of insurance and how they work:
    (a) Automobile
    (b) Health
    (c) Homeowner’s/renter’s
    (d) Whole life and term life
  7. Explain to your merit badge counselor the following:
    (b) The different ways to borrow money.
    (d) Credit reports and how personal responsibility can affect your credit report.
    (e) Ways to reduce or eliminate debt.
    (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 place of worship or club meetings, then plan when you will do all the tasks from your “to do” list between your set activities.
    (d) With your merit badge counselor, review your “to do” list, one-week schedule, and diary/journal to understand when your schedule worked and when it did not work. Discuss what you might do differently the next time.
    (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 completion.
    (c) Describe your project.
    (d) Develop a list of resources. Identify how these resources will help you achieve your goal.
    (e) 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. Discuss with your counselor the needed qualifications, education, skills, and experience.
    (b) Explain to your counselor what the associated costs might be to pursue this career, such as tuition, school or training supplies, and room and board. Explain how you could prepare for these costs and how you might make up for any shortfall.


by an administrator.


Worksheet A FREE workbook for Personal Management is available here! (PDF or Word) with the maps, charts, links, diagrams, and checklists you need! Or click here to print just the Personal Management requirements. has PDF and Word versions of workbooks for Scouts BSA ranks and merit badges, Cub Scouting ranks and adventures, and STEM Nova awards.

Personal Management merit badge is required for the Eagle Scout rank.
The Personal Management merit badge is an option for the Designed to Crunch STEM Nova Award.
  2. Personal Management is a popular merit badge.

Requirement resources

2a. See the Sample Budget Plan included in the workbook (PDF Adobe Acrobat PDF or Word Microsoft Word DOC document)
How to Set Up a Personal Budget
See the Income Tracking Log included in the workbook (PDF Adobe Acrobat PDF or Word Microsoft Word DOC document)
3c. Buyers Remorse
4a. Savings vs. Investment
4b. Return on Investment   Risk
4c. Simple & Compound Interest
5. Stocks: Most Actives   Yahoo Finance   MSN MoneyCentral
6&7 Stocks, Funds, Insurance, CD's, bonds, budgeting, and much more
The Motley Fool - Nortwest Mutual Foundation
7c. When are Charge Cards Better than Credit Cards? A very good and concise discussion of the two.
8 Time Management   SMART Goals

Related awards

Personal development-related awards
Profession-related awards

See also

Scouts BSA portal
Venturing portal
Sea Scout portal
General Merit Badge information

External links

Personal tools