Budgeting Strategies and Its Impact to the Financial Decision-Making of Grade 12 ABM Students in Bestlink College of the Philippines School Year 2018-2019

Abstract

This study aims to identify how students manage their finances in a very effective way. Budgeting allowances is one of the problems of most students; some tend to manage their allowances and some do not. The essence of this research is to open the minds of the students about the vital role of having budgeting strategies in their daily financial management. This study also helps parents to assist the students in budgeting the allowances they give. This study was limited only in Bestlink College of the Philippines during the school year 2018-2019. A qualitative method was used in the study. Using a descriptive research design, it focused on the assessment of 50 ABM Grade 12 students. There were four budgeting strategies such as DIY (Do It Yourself), plan your weekly meals, use a piggy bank, and set aside your wants to need, making an impact on their financial decision making in terms of School Expense, Food, Savings, and Other Expense/Wants. Data were collected by distributing questionnaires to the target respondents using purposive sampling. The results of the study revealed that Budgeting strategies such as DIY (Do It Yourself), plan your weekly meals, use of a piggy bank, and set aside your wants to need has an impact on the financial decision-making of ABM Grade 12 Students in terms of the aforecited variables. (1) School Expenses–Budgeting strategies help the students decide whether to print their documents or to write it, also they think to use recyclable materials to make school projects. (2) Food –Budgeting strategies help the students to decide if they should bring their food or buy the cheapest food in the canteen. (3) Savings –Budgeting strategies help the students save their excess money and think about their priority rather than their wants. (4) Other Expenses/Wants –Budgeting strategies help the students buy their wants with the use of their savings. The results demonstrate the need for the teachers and School Administrators to monitor the expenses of the students in their academics. The school must conduct a seminar that will help the students know the significance of Budgeting Strategies in their daily financial decision making. Parents should be the first ones to teach their children how to properly manage their money.