 Personal Management 
This Merit Badge requires 2 sessions to complete.
The Pathways to Eagle preparation work items for the Personal Management merit badge are: 1a, 1b, 1c, 2, 5, 6, 8a, 8b, 8c, 9, 10
- Items in RED - MUST be completed before the session starts to make it possible to complete the merit badge at Pathways to Eagle. Bring proof of completion (item, written work, note, photo, etc.)
- Items in GREEN - Can be completed before the session starts or done during merit badge session.
- Items in BLACK - MUST be ready to demonstrate your knowledge of these requirements during the merit badge session.
Scouts are strongly encouraged to use a Merit Badge worksheet to show that they have done the preparation work for the merit badge.
Download the workbook for the
Personal Management Merit Badge
in Adobe PDF format from the U.S. Scouting Service Project website.
Scouts MUST be able to discuss any items completed as preparation works or as written work.
Note: Some requirements contain items that fall into more that one category and are listed as the higher category.
| 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. |
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? |
| 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. |
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 you 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: |
| d. |
A certificate of deposit (CD) |
6. |
Explain to your counselor why people might
purchase the following types of insurance and how
they work: |
| d. |
Whole life and term life |
7. |
Explain to your merit badge counselor the
following: |
| a. |
What a loan it, 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 reduce or 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 place of worship 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. |
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. |
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 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. |
| 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 merit badge 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. |
|
The requirements listed on this web site are believed to be correct.
The official requirements can be found in the current edition of
"Boy Scout Requirements Book 2025"
Download the workbook for the
Personal Management Merit Badge
in Adobe PDF format from, The U.S. Scouting Service Project website.
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