Money Wise Patch Program®

Description

This 2″ iron-on embroidered patch is part of our patch program®®.

Print

Suggestions for how Scouts of all levels can earn the Money Wise Patch:

Learn basic money smarts.

• Show girls how many quarters, dime, nickels and pennies make $1.
• Teach them how to make change and count back to customer for cookie purchases.
• Show them how to make a plan for troop funds:
• Use some for business (badges, patches, registration, uniform, troop supplies)
• Use some for fun (trip or party)
• Use some for service (supplies for project or purchase items to donate)

Suggestions for how Junior* and Cadette* Girls can earn the Money Wise Patch:
Learn simple budgeting.

• Teach the girls how to set aside troop funds for short and long term goals.
• Use some for immediate fun (trip, party or local event)
• Save some for a big trip. Plan to include expenses for required chaperones.
• Ask the girls to set goals for savings.

Suggestions for how Senior* and Ambassador* Girls can earn the Money Wise Patch:
Learn money life skills.

• Learn how to open a bank account and write a check.
• Learn how to keep a ledger for checking and savings accounts. It is important to keep accurate records to make sure you have enough in account to cover checks and debits.
• Learn the difference between a debit and credit card and how each works. Teach strategies for keeping PIN #’s safe.
• Discuss which things are worth going into debt for (college, home, car). Discuss alternatives to minimize debt.
• Discuss which things should be seriously considered before charging (clothing, entertainment).
• Teach them about loans: principal and interest.
• Learn how to minimize debt by making payments toward the principal balance to reduce the amount of a loan.
• Making minimum credit card payments will keep you in debt much longer and interest continues to be added.

*MakingFriends®.com is not affiliated with, endorsed by or a licensee of Girl Scouts of the USA

Additional information