Money Management Badge
Money Management is a skill that starts with a plan that develops into intelligent choices and becomes a
lifelong habit. A good money manager is hard working and resourceful, respectful of everyone’s resources
and responsibly cares for the property entrusted to him or her. Learn these basic principles, practice them and
become a good steward.
1. (T) “Stewardship” is a big word that refers to the concept that God owns everything and He allows us to be
managers. Talk about what makes a good manager. List the special things God has given us to take care of.
Bring a special toy or stuffed animal to a Troop or Unit meeting and, during the meeting, entrust your toy or
animal to another girl’s care. Share how it felt to take care of someone else’s possession. Talk about how we
need to care for the things God has given us.
2. (T) Explain the difference between things you need, things you want, and things that you should share.
Make a poster and list or draw things that belong in each group.
3. (T) Spending money wisely depends on the choices you make. Having a plan helps you decide between
good and bad choices. Plan to divide your money into three areas: spending, saving and giving. Make a bank
with three compartments, labeling them Spending, Saving and Giving. Using ten dimes or pictures of dimes,
divide them into the three areas. A suggested allocation is: Spending 50% or fifty cents, Saving 40% or forty
cents, Giving 10% or ten cents. If you receive an allowance, use these compartments to divide your earnings
each week.
4. (T) Find a picture of something you would like to purchase such as a game, CD or toy. Make a plan for how
you will pay for this item. Comparison shop at three different stores and check sale advertisements to locate
the best price for your item. Were you able to save money by comparison-shopping? Can you earn the
money or use some savings? Should you borrow from your savings or parents or continue to save? If you
borrow the money, what will happen if you need something later and are unable to get it because you are
paying back your debts?
5. Create and play a game of “Store” using empty grocery containers or small items such as pencils,
paperclips, hair ribbons, or snacks. Using play money or coins, take turns selling items or buying items from
the store. Add the cost of items, count money and give change correctly.
6. Read a book about money management and discuss what you learned with your Troop, Unit or family.
7. The best way to obtain money is to earn it. Discuss with your parents or guardian the possibility of
earning an allowance or earning money in exchange for doing chores. Remember that every family member
has duties and responsibilities for which they are not paid. Helping with dishes or keeping your room clean
may be your expected contribution to your family.
8. (E) If you did not earn this Badge as a Tenderheart, complete Requirements 2-4.
9. (E) With your parents’ help, open a savings account at their bank. Keep your passbook in a safe place.
Keep track of how much interest you are earning each month or quarter. Learn the difference between
simple interest and compound interest. Give an example of each type of interest and the end result.
Compare the difference in the result.
10. (E) You are valuable because Christ values you, not because of the stuff you have. Explore the Bible to
find verses that discuss your identity in Christ. Some verses include: Genesis 1:26-27, Matthew 10:29-31,
Psalm 139:13-16. Why is it dangerous to find your value in material things? Create a poster, PowerPoint
presentation or brochure to share your verses with a younger girl or Unit.
11. (E) Take a trip to the grocer or supermarket. Compare the price of three name brand food items to the
off brand, store brand or generic brand. Which is the better value? Compare the prices of different sizes of
five different items. Are the larger sizes cheaper, more expensive or the same cost per ounce? Find the cost
per ounce located on the shelf label. When would it not be economical to buy the larger size?
12. (E) Explain the importance of giving. Explore the Bible to see what it says about giving. Some verses
include: Matthew 6:1-4, Leviticus 27: 30-32, Psalm 24: 1-6, Mark 10:17-25, 2 Corinthians 9:6-8. Explain the
meaning of tithing. Why is it important to share our possessions with others? How can our giving help
complete God’s work through our churches, places of worship or other charities?
13. Explain the meaning of the phrase “You get what you pay for.” Using pairs of similar items such as shirts,
shoes or pants, compare quality and prices for three different non-food items. For example, compare a
cheap sweater and an expensive sweater. Which is the better value? Is quality always a better buy?
14. Prayerful planning is important to effective money management. Knowing where, when and how you
plan to spend your money will help you become a good steward of what God has given you to manage. Think
of one purchase for a short-term savings goal (something that can happen within the next month) and one
purchase for a long-term savings goal (something that might happen in 6 months). Make a prayerful plan to
achieve each and share your plan with your Unit or family.
15. Take a trip to a bank. Learn about savings accounts, checking accounts, loans and safe deposit boxes.
Learn about the responsibilities of a teller at the bank. What type of education is required to perform this
job?
16. (Pi/Pa) If you did not earn this Badge as an Explorer, complete Requirements 2, 10 and 12.
17. (Pi/Pa) Learn how to write a check, keep a checkbook, balance your checkbook and make deposits into a
checking account.
18. (PI/PA) In today’s culture, we are constantly encouraged to spend, spend, spend. Commercials tell us we
need the latest IPod, car and shoes. Explore the Bible and see what it says about materialism and
contentment. Some verses to consider: Matthew 6:19-34, Philippians 4:11-13. How can you apply what the
Bible says to your own life, in an effort to keep materialism in check. As you study, remember, it’s not wrong
to have nice things, as long as we are spending in ways that are honoring to God and remembering that our
worth comes from Christ, not stuff.
19. (Pi/Pa) Create a zero-based budget for yourself (income – expenses = zero).
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List all the ways you earn income, including allowance, chores, jobs, gifts, etc.
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List your expenses, including snacks, lunches, entertainment, clothes, saving,
tithing, etc. Include any donations or presents and deposits made into your
savings account.
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Keep track of your spending for a month. At the end of the month compare it to
your original budget. Explain any deviations from your original plan. Explain how
you would improve your saving and spending habits.
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For the next two months continue to keep track of your income and expenses.
Re-evaluate evaluate your budget and explain how you might improve upon it
and where you have been successful.
20. (PI/PA) Debt can be crippling to an individual, couple or family. Explain the consequences when
expenses exceed income. List possible causes of financial debt. What are some ways to stay out of financial
trouble? Credit card debt in particular has plagued many families and as you head off to college, or out on
your own you will inevitably be offered many credit cards. Explain the dangers of credit card debt and how
to avoid the use of credit cards. What is a typical interest rate for a credit card? How does this interest rate
make paying only a minimum balance on a credit card dangerous? List three or four ways someone can
change their habits and erase debt.
21. (Pi/Pa) Explain the following terms: savings account, checking account, certificate of deposit, stock,
shares in a mutual fund, charge card, credit card, debit card, ATM, U.S. savings bonds, traditional IRA, Roth
IRA.
22. Create a zero-based budget for a family (real or fictional).
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List possible sources of a family income, including jobs, interest on money,
retirement, pensions, etc.
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List sources of family expenses, including tithing, saving, housing, food, clothing,
utilities, insurance, donations, car loans, and taxes. Include extras such as cell
phones, entertainment, computers, cable TV, etc., and deposits to savings.
Have a parent or other trusted money manager review your budget and adjust it as necessary. Was it
difficult to balance the budget? What are some cost-saving measures a family can employ to stay within a
budget?
23. Do you have a big purchase on the horizon? Planning for big purchases is important in making sound
money management decisions and in being a good steward of God’s resources. Look at the next big purchase
you plan on making and analyze the following:
- What are your motives for purchasing? Do you just want to look good to your friends? Do you really
need it? Do you feel that this purchase would be honoring to God?
- Do you really understand what you are buying? Have you researched the item to make sure it is what
you want, or are you buying based on name brand or popularity alone?
- Did you seek wise counsel about your purchase? Have you talked with a trusted adult who is a wise
money manager? Do they think it is a wise purchase?
- Is there a better use for your money? Is this the best way to use the money that God has given you?
Based on these questions, do you plan to move forward with your purchase? Share your thoughts with your
Unit or family.
24. Choose one thing that you use frequently from each of the following five categories: food, clothing,
technology, entertainment, and transportation. Look up the company of each of the chosen items online and
check the cost of the stock in the Stock Reports section of the newspaper. Did you like the information given
for it? If you have a computer, create your portfolio, and check for the daily ups and downs of your stocks.
Have a contest. Each girl has $5000 to invest in any of the five stocks followed, but she may only be holding
three stocks at any period during the month. She may trade as often as she wishes, but must deduct $10 for
each Buy and Sell. Remember, this cost has to be considered in the cost of stocks and the profit made. At
the end of 30 days, whose portfolio has grown the most? Discuss the various types of stocks such as large
companies, small companies, bonds, etc. When one is very busy, and doesn’t have the time to follow the
stock market, one might consider mutual funds. Discuss how mutual funds differ from stocks.
25. If you have a job, discuss with your parents the possibility of opening an IRA and research your
investment options. Open an IRA.
26. What is meant by insurance? Name and explain six basic types of insurance and why you may need one
or more of them. Check with an insurance agent and learn about some unique types such as towing, renters,
flood or earthquake insurance and the costs involved.
27. Visit a stockbroker, insurance agent or financial consultant. Learn the difference between stock
purchases and mutual funds. How are trades made? How much money is needed to start an account? What
qualifications and education were necessary for their careers? What satisfactions do they gain from their
employment? Would they recommend their career to their children or relatives?
28. Prepare a resume for a potential job for which you would like to apply? What kind of qualities would an
employer be interested in from a potential employee? What qualities are associated with a “good work
ethic”? How would your dress and behavior affect an interview?
29. Complete a biblically-based money management course for teens, such as Dave Ramsey’s Generation
Change.
30. Create a skit or puppet show to assist an Explorer Unit in earning Requirement 12 of this Badge.