Budgeting

Req 2c — Tracking Your Money

2c.

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 the Personal Management merit badge pamphlet, devise your own, or use a computer-generated version.) When complete, present the records showing the results to your counselor.

The Real Test Begins

Building a budget was the plan. Tracking your money for 13 weeks is the test. This is where you find out what really happens when your plan meets real life — and that is the most valuable part of the entire merit badge.

Thirteen weeks is about three months. You will see patterns emerge that you never expected. Maybe you spend more in the first week of the month. Maybe your expenses spike around holidays. These are the kinds of insights that turn you into someone who truly understands money.

Choosing Your Tracking Method

The requirement gives you flexibility in how you track. Pick a method you will actually stick with for 13 weeks.

Paper tracker: A notebook or printed form where you write every transaction by hand. Simple, no technology needed, but easy to forget.

Spreadsheet: Google Sheets or Excel lets you create formulas that automatically total your income and expenses. Great if you are comfortable with computers.

App: Several free apps are designed for tracking income and expenses. Some connect to bank accounts, while others let you enter transactions manually.

The pamphlet forms: The Personal Management merit badge pamphlet includes tracking forms you can photocopy and use.

A Scout recording a purchase in a small notebook right after buying something at a store, with the receipt in hand

What to Track

Every time money comes in or goes out, record it. Every single time. Even small amounts.

For income, record:

Date
Source (allowance, birthday gift, lawn mowing job)
Amount

For expenses, record:

Date
What you bought (be specific — “snack at 7-Eleven” not just “food”)
Category (food, entertainment, transportation, etc.)
Amount

For savings, record:

Date
Amount transferred to savings
Running total in savings

Dealing with Common Challenges

Organizing Your Records

Keep your records organized by week so they match your budget from Requirement 2a. At the end of each week, total up your income, expenses, and savings for that week.

Weekly Tracking Summary

Complete this at the end of each week

Total income for the week: Sum of all money received
Total expenses for the week: Sum of all money spent
Total savings for the week: Amount set aside
Running totals: Cumulative income, expenses, and savings since week 1
Notes: Anything unusual that affected your spending this week

Staying Motivated Over 13 Weeks

Three months is a long time. Here are strategies to keep going:

Check in weekly: Spend five minutes each Sunday reviewing the week. This keeps you engaged without being overwhelming.
Celebrate milestones: At week 4, week 8, and week 12, look back at how far you have come.
Share your progress: Tell a parent or friend what you are learning. Teaching others reinforces your own habits.
Remember the goal: You are not just checking a box. You are building a skill that will benefit you for decades.

Presenting Your Records

At the end of 13 weeks, organize your records for your counselor. You do not need a fancy presentation — clear, accurate records are what matter. Make sure your counselor can see:

Weekly breakdowns of income, expenses, and savings
Grand totals for the entire 13-week period
Categories of spending (so you can analyze patterns in Requirement 2d)

FDIC Money Smart for Young People Free financial education program from the FDIC with guides and activities designed for young people learning to manage money.