- Fill in your name in the "SCOUT'S NAME" field.
- In the "Budgeted Amounts" section, estimate your weekly and monthly income from each source (Allowance, Gifts, Wages, Other) and calculate the total for each month and overall.
- Estimate your weekly and monthly expenses, including "Savings-pay yourself 1st," and calculate the total expenses for each month and overall.
- Calculate "Income - Expenses" to determine your budgeted surplus or deficit.
- Track your actual income and expenses weekly for 13 consecutive weeks, recording them in the "Actual Amounts" columns.
- After 13 weeks, calculate the totals for actual income and expenses, then compute "Tot. Actual - Tot. Budget" and "Act.-Budget" to compare your projections with reality.
- For part (b), compare your expected income with expected expenses by reviewing the "Income Totals" and "Expense Totals" from your budgeted amounts.
- If expenses exceed income, determine steps to balance your budget, such as reducing discretionary spending, increasing income sources, or adjusting savings goals.
Parent Tip: Review the logic above to help your child master the concept of boy scout personal management worksheet.
