With more than 130 merit badges currently available, Scouts may choose to learn about a variety of subjects such as finances, sports, crafts, science, trades, and business. In fact, millions of Scouts have found their future careers by earning merit badges as a Scout. With so many options to choose from in a Scout's journey, we've made it simple to identify those badges that help Scouts gain a better understanding of how to manage money, budget for trips, track spending, and become a person of thrift as they grow into young adults.
The Scout’s merit badge counselor can provide assistance as he plans the assigned projects and activities to meet requirements. Coaching in terms of establishing goals, periodic helpful evaluation on his progress, and encouragement – are ways a merit badge counselor can serve as a valuable resource.
The Scout Discover® Prepaid Card gives cardholders access to tips, resources, and guidance on earning those merit badges with requirements directly associated with learning how to be fiscally responsible.
Personal Management Merit Badge
Personal management is about mapping a plan for your life. It involves setting short-range and long-range goals and investigating different ways to reach those goals. Education, training, and experience all help make these goals become a reality. While you do not need to have a Scouts Discover prepaid card to complete any of the requirements to earn this merit badge, the program and card can assist a Scout in completing several of the requirements. Below are some details and tools available to Scouts.
A full list of the requirements to earn the Personal Management Merit Badge can be found online here.
Please click on a requirement below for more details.
Merit Badge Requirement 3F
As a part of the Scout Discover Prepaid Card program, we provide financial calculators that the Scout can use to help give them a better understanding of this topic. Below are three calculators that can help in gaining an understanding of the concept of return for putting money into a savings account, in a fun way.
Once a Scout has a card, the following calculators are available for both parents and Scouts, as part of the program:
- Should I Pay Down My Debt or Invest?
- How Much Should I Be Saving for My Child’s College?
- Will I Be Able to Pay Back My Student Loans?
- Should I Live At Home, On Campus, or Off Campus?
- When Should I Begin to Save for My Child’s College?
- How Long until My Loan is Paid Off?
- Do I Have Too Much Debt?
- How Much Home Can I Afford?
- Should I Rent or Buy a Home?
- How Much Vehicle Can I Afford?
- What is My Estimated Credit Score?
Merit Badge Requirement 5
is a fun activity a Scout can do on their own or with a parent to learn more about stocks and investing terminology.
Merit Badge Requirements 6 and 7
As a part of the Scout Discover Prepaid Card program, we provide articles and resources that a Scout can use to help give them a better understanding of various financial topics, including:
- Budgeting and financial management
- Saving and investing
- Identity theft
- Hot topics and trends
To help with requirement 7d, below are three articles that can help gain an understanding of the concept of managing credit in a responsible way.
A Scout may also want to reference our glossary of financial terms
as it will help explain the meaning of words associated with requirements 6, 7a, 7b, 7c.
Requirement 7E requires a Scout to explain to their counselor ways to reduce or eliminate debt. Here
is an article that covers this topic.
Merit Badge Requirement 10
As a part of the Scout Discover Prepaid Card program, we have a specific financial calculator that the Scout can use to help give them a better understanding of the importance of a college education: