• What is a Loan
• What is Interest
• APR measures true cost of loan
• Different Ways to borrow money
  • Typical Compound Loan
  • Credit Card
    • Minimum payment
  • Debit Card
  • The pitfalls of these types of loans
  • Credit Reporting Agencies
    • How your spending character can affect your credit score
    • Ways to eliminate credit
• The Credit Game

Requirement #2 - Home Activity

• What is a Budget?
• Income & Expenses
• Savings

Parents are asked to either print out the budget ledger from the Personal Merit Badge worksheet or simply use a blank checkbook pocket ledger.

Requirement 2 Options and Instructions:

The Personal Merit Badge worksheet requires each scout to simply log every income and expense during a 13 week period.  This is basically the same as logging debits and credits to a checkbook account; but, the scouts should log in all money recieved and all money spent over the course of 13 weeks.  A blank checkbook pocket ledger is a good tool because it should always be handy when money is recieved or spent.  Most of use have a few of these at home. You may even have a checkbook holder. 

First, complete a simple budget in on the first page of the pocket ledger. 

Second. Use the remaining pages to write in all money recieved and money spent during the next 13 weeks (income: allowance, school money for fees, lunch, fundraiser contributions etc; expenses: school lunch, snacks, scout trip fees, charitable contributions at church).  It is that easy.  Have a parent sign off on your ledger and hand it to you Merit Badge Counselor after completing the 13 weeks.