Practical Spending Scheme in Allowances and its Effects on the Financial Management of Grade 12 ABM Students in Bestlink College of the Philippines School Year 2018-2019

Abstract

Budgeting is important to the students' financial stability, ensuring the students to pay common expenses at school. Smart goals are specific enough to suggest action, knowing that having excess money is important to have something in an instant. Budgeting strategies will cover unusual expenses and changes that may happen while the students are at school. Budgeting affects the practical spending scheme of student allowances and other aspects of expenses whether in internal expenses or external expenses. A Quantitative method was used in the study. Using a descriptive research design, it focused on the assessment of 50 Grade 12 ABM students. There were four variables identified to be affected by budgeting, such as School Performance, Project Materials, Food, and Transportation. Data were collected by distributing questionnaires to the target respondents through purposive sampling. The results of the study revealed that Practical Spending Schemes in Allowances affects the Financial Management of Grade 12 ABM students in terms of the aforecited variables. (1) School Performance -Practical Spending Schemes help the students improve their performance at school and be active in different activities. (2) Project Material -Practical Spending Schemes help the students decide using recyclables rather than expensive materials just to present their projects. (3) Food –Practical Spending Schemes help the students eat healthy foods and know that having a packed lunch will help them have excess money. (4) Transportation -Practical Spending Schemes help the students be more comfortable at different transportation and be in time at their school hours. The results demonstrate the need for the Teachers and School Administrators to monitor the expenses of the project and other expenses in different activities in Bestlink College of the Philippines. They should also monitor the prices of food in the canteen so students can afford them. Students must also attend seminars that will help them know the significance of budgeting their allowances. Parents should know first the expenses of their children before giving a proper allowance for them to have an effective budgeting strategy.