Money Management: Students' Budgeting Behavior

Abstract

INTRODUCTION

Financial management is a discipline that everyone must have regardless of status. The purpose of this study was to explore how students manage their allowance. This study was made to identify their budgeting behavior and if they use what they have learned through their business finance. Budgeting is a task that everyone must do to be able to check and assess their spending and how they spend their money. Students in their early years have a limited income in the form of their allowances that was why student behavior on budgeting was a critical part to study.

METHODS

A thematic approach was used to gather data using validated interview questions that were given to the respondents. The thematic approach allowed the researcher to develop a deeper understanding and appreciation to the respondents. The questions are given thematically one t another to see the consistency of the respondent respond. The researcher recorded the interview to be able to store and review the respondent's response as is and follows the record were transcribed, analyzed and interpreted.

RESULTS

The study found students budgeting behavior and factors that affect their spending. Students a lot their allowance on different school expenses specifically on their schoolwork, project, paper works, activities, and handouts. They also give priority particularly on their transportation expenses going to school and home. They consistently mentioned personal expenses that become their least priority expenses even food was last on their priority. It also shows that students that saved money tend to save for future school expenses. They also set goals to save money for them to have more motivation for saving money.

DISCUSSIONS

The study shows students behavior on budgeting and applying the principles of financial management at their personal level knowing their priority and spending their allowance wisely. It also shows their awareness of the value of proper budgeting their allowance from the most important things they need to the least. The study explicit how students used financial management skill in their needs.