Due to factors that can affect budgeting, there exists a difference on planning a

budget. The manner in which college students manage their money is based on several

factors such an age, personality traits, and knowledge (Buendicho, 2012).

One of the challenges that every student encounter is to manage the money their

parents provide them. Many students are having a hard time in terms of budgeting this

allowances. Money as one of the main necessity plays a significant role in every student

to survive college (Sagdullas, 2016).

In 2016, it was remarked by Reghunath in his book "As Study on Saving and

Spending Habit of Youth" The youth has turned to be more brand conscious and also

spend a considerable amount of their allowance on entertainment and gadgets. With the

increase in spending power of adults.

A budget is a functional statement prepared prior to a predetermined period of

time of the policy to be pursued during that period for the purpose of obtaining given

objectives (Shāh, 2014).

We sometimes temp to buy things which are not really important and temp to

hang out with friends which are not included in your budgetary allowance. "For most

students, college represents a cash course on how to manage money and organize a

budget. If a student have never paid for his or her living expenses, the experience can

often be frightening and over whelming. Stick to a budget while at college to enjoy life

without sacrificing comfort or taking away from the experience" (Frazier, 2006)
 People with good self-control are more likely to save money from every pay-

check, have better general financial behavior, feel less anxious about financial matters,

and feel more secure in the current and future financial position (Stromback et.al., 2017).

As explained by Dittmar and Garoarsdottir in their book. "The Relationship of

Materialism to Debt and Financial Well-Being: The Case of Iceland's Perceived

Prosperity" dated 2017 that people who indorse materialistic values have more financial

worries, worse money-management skills and greater tendency towards compulsive

buying and spending. It also further shows that amount of debt, including mortgage, can

be directly linked to materialism, controlling for income and money-management skills.

Based on Kelchen, Goldrick-Ra&Bosch in their book "The Cost of College Attendance:

Examining Variation and Consistency in Institutional Living Cost Allowances" dated

2017 that the discussions of college cost often focus on tuition and fees, but living cost

allowances for room, board, and other expenses account for more than half of the total

cost of attending college. The allowances, developed by colleges and universities, also

affect student eligibility for federal financial aid and the accuracy of accountability

systems. The results across multiple specifications indicated that nearly half of all

colleges provide living cost allowances at least 20% above or below estimated country

level living expenses.

In 2018, Marek et.al. stated in their book entitled " Personal Carbon Allowances:

Can Budget Label Do The Trick? That the participants in a computerized experiment

were asked to manage Personal Carbon Allowances (PCAs) and tokens simultaneously

and to spend their budget on either private or public transportation. They participated in
four treatments, which different with respect to the available budget. The findings

contribute to the academic and policy discussions on whether PCAs could provide an

effective instruments to tackle increasing level of pollution from transportation.

Affective credit attitude predicted to purchase of clothing, electronics, entertainment,

travel gasoline and food away from home. Females purchased clothing; males purchased

electronics, entertainment, and food away from home. Gender was more influencial in

predicting financial management practice than was affective credit attitude, with female

students employing a greater number of financial practice. A path analysis model showed

gender number differences in the relationship between financial practices, financial

stress, affective credit attitude, and the number of credit cards with a balance (Hayhoe

et.al, 2005)

In 2010, Norvilitis et.al started in their book "The Role of Parents in College Students'

Financial Behaviora and Attitudes" dated 2010 that parental hands on mentoring of

financial skills was most strongly related to lower levels of credit card debt and this

relationship was partially mediated by it leading to greater financial delay of gratification

and less impulsive credit card purchasing which in turn were related to less problematic

credit card use. What does a good money management plan include? According to Musk

& Winter (2011), it will include "regular generation of financial statements; budgeting;

control of spending; recording income and expenses: and tax, insurance, investment,

retirement and estate planning"