Money Wise Patch Program
Help your girls learn age appropriate money smarts. A trip to the bank or meeting with a financial advisor is a great way to help your girls get educated about personal finances. MakingFriends®.com has created a patch program for our Money Wise patch with age appropriate ideas for each level.
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This 2″ iron-on embroidered patch is part of our patch program.
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
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