Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Track and record your actual income, expenses, and savings for 13 consecutive weeks. (You may use the forms provided in the pamphlet, devise your own, or use a computer generated version.) When complete, present the records showing the results to your merit badge counselor.
Compare expected income with expected expenses.
If expenses exceed income, determine steps to balance your budget.
If income exceeds expenses, state how you would use the excess money (new goal, savings).