Management of Personal Finances of Teachers at Mainit Elementary School: Basis for Proposed Effective Ways to Manage Personal Finances
Keywords:
financial literacy, management, salary, budgetAbstract
INTRODUCTION
Salaries and allowances play an important role in our daily life. It is the amount of money that is being used to address specific needs. To meet its goals, management of money, which is an individual's personal finance requires a clear understanding and wise decisions. Personal financial management is a daunting and continuous task that can cause even the most economically savvy individual to become confused or short-sighted. It simply means gaining an understanding of your financial situation to make themost of your assets in day-to-day life and in planning for your future (Batten, 2015).
METHODS
The descriptive method was used to achieve the objectives of this study which is to understand the management of personal finances of Teachers at Mainit Elementary School whose salaries are being taken from an ATM. The data used in the study were gathered from 7 teachers. Moreover, semi-structured questions were used in the interview of the respondents.
RESULTS
The monthly salaries of the respondents differ from one another. The teachers dividing their salaries into education, food, monthly payments, health, and personal needs. Some of the respondents make a list of their expenses to properly allocate their money. In that way, they will be sure that they have a sufficient amount for a specific need. The respondents said that they budget their salary by being disciplined. It means knowing how to budget their money properly by preventing themselves from temptations that may lead to overspending.
DISCUSSIONS
The respondents stated that they budget their salaries by prioritizing their needs over their wants. This reason enables them to be assured that they can allocate their money properly. But there are advantages and disadvantages to getting salaries on ATM. The proposed effective ways to manage personal finances are by having a seminar on financial management and being a financial literate.
