RESULTS AND DISCUSSION

This chapter presents, analyzes results

and interprets the data gathered to
answer the problems of the study
more specifically on comparing the
budgeting strategies of grade 11 and
grade 12 Accountancy, Business and
Management students.

Budgeting strategies and budgeting

awareness

With the help of the respondents, the

researchers were able to come up with
the sufficient data that they will be
using in order to identify the
budgeting strategies, the budgeting
awareness and to identify difference of
the grade 11 and grade 12 ABM
students when it comes to budgeting
their allowance. The table on the next
page shows the difference of the
grade 11 and grade 12 ABM students
in budgeting strategies and budgeting
awareness.

Generally, the results show that

majority of both grade 11 and grade
12 students over-estimate purchases
as their budgeting strategies and the
budgeting awareness of grade 11
students is that they think of savings
while the budgeting awareness of
grade 12 is that budgeting serves as a
practice to their future.
The table shows that indicator 6 has
the highest rank in the first category
(budgeting strategies) for both grade
11 and grade 12 ABM students. This
implies that both the grade11 and
grade 12 students over-estimate
purchases to ensure that they have
enough money. On the other hand, for
the grade 12 students the indicator 8
has the highest rank for their
budgeting awareness. This implies
that the grade 11 students think of
savings as their budget awareness,
while for the grade 12 students,
budgeting serves as a practice for
them in the future.
The results show that the common
budgeting strategies for both grade 11
and grade 12 ABM students which gets
the highest rank is that the students
do overestimate purchases. The
Federal Student Aid (2019), stated
that it is better to overestimate the
expenses and then underspend and
ends up with a surplus. This tells that
it is important to overestimate
expenses so that we can avoid
overspending on unnecessary things.
It will help students to still have an
amount of money to save. In this way,
it will help students to practice on
overestimating so that they can love
to it and make it as a good practice to
have a better savings. When
estimating for the whole money, it is
better to overestimate budget for
something since expenses are not
stable and has a chance of changes
from time to time. It will be a big help
for the students to overestimate since
it is better to have more excess
money rather than having shortage in
expenses. This is a good practice
especially nowadays that things are
not stable on its prices. And also, it
disciplines everyone in a way that the
students can control the things that
they are buying by simply spending
more on their wants in life.
The results also show that students
think of saving. According to Segal and
Welch (2019), thinking about savings
is not enough; the person should have
the intention to do what the person
needs to do on his/her money. Even if
the person think of saving, it is still not
enough unless he/she will take proper
action to save his/her money rather
than only thinking about savings.
Nothing will happen If the person keep
on thinking about savings yet he/she
will not put into action. It is just like
making a written budget plan without
taking it into action. The plan to
budget will not be fulfilled if a person
always spends and does not think
twice before spending instead of
budgeting and saving it for the future.
In addition, extending ones budget out
into the future also allows him/her to
forecast how much money he/she will
be able to save for the things he/she
wants (myMoneyCoach, 2019). At an
early age, students will undergo
temptations into handling money so it
will be a tough decision for them to
budget their money. And so it is better
to set aside money for the future use
in able for emergency cases. Spending
on the things that are only needed is
the most recommended way in saving.
Budgeting might need different
processes but it surely helps. It will
show the students the things which
are needed to spend money on and
not on the things that are only trend.

Difference of the budgeting strategies

of the ABM Students

The table on the next page

represents the comparison of the
grade 11 and grade 12 ABM students
in their budgeting strategies and their
money expenditures in ranking.
Generally, the results show that most
of the grade 11 ABM students think of
savings and the students also
compare prices before buying. While
the grade 12 ABM students agreed
that budgeting will help them in their
future and the students also compare
prices before buying.
The table shows that the indicator 1
(budgeting strategies) and the
indicator 5 (money expenditures) have
the highest rank for the grade 11
students. This implies that out of the
184 grade 11 ABM respondents, 175
respondents think of saving and 166
students compare prices before
buying. For the grade 12 students, the
indicator 8 (budgeting strategies) and
the indicator 5 (money expenditures)
have the highest rank for the grade 12
students. This implies that out of the
234 grade 12 ABM students, 218
students serve budgeting as a practice
for them in the future and 211
students compare prices before
buying.
On the other hand, indicator 4 (under
budgeting strategies) and 2 (under
money expenditures) have the lowest
rank for the grade 11 students. This
implies that out of the 184 grade 11
students, 142 respondents do not
make a written budgeting plan and
150 respondents spend their money
on things that ae o trend. While the
indicator 5 (under budgeting
strategies) and indicator 8 (under
money expenditures) has the lowest
rank for the grade 12 students. This
implies that out of the 234
respondents in grade 12, 193 students
do not record their expenses and 178
students do not matter to them if all of
their things are branded.
Moukendi (2019), states that financial
literacy is critical for students to
increase their knowledge of why and
how they can live a financially stable
life while still in school. He further
added that when students become
aware of their finances, they will think
about successful ways to save for their
future. Since, students know that
budgeting can serve as a practice for
them in the future, it is a big help for
students for saving early as a student
will not only worry less on money but
rather, they are preparing themselves
to their adult lives. As a student, this is
a nice mindset since it really helps and
serves as a preparation in the future
for the students. When speaking about
the future, the students should also
think ahead of everything before
taking an action and saving is one of
the actions needed to be taken as a
student. Saving as a practice may
influence a lot as well so in case of
emergency, there is somewhere to get
money instead of leading into debt.
The results show that thinking of
savings is the lightest budgeting
strategy of the grade 11 students.
According to Segal and Welch (2019),
thinking about savings is not enough,
the person should have the intention
to do what the person needs to do on
his/her money. They further added
that, a goal without a plan is just a
wish. Student should not always think
of savings without the intention of
doing so. Thinking of saving is a goal
for they will make action plans to
come up with the goal that has been
set.
The results also show that the grade
11 students compare prices before
buying a certain item. According to
Laja (2013), people usually only look
at the most obvious things like the
price and key features. It is very
important to compare the prices and
features of a product so that no
money will be put to waste in case the
person do not compare prices. Thus,
comparing prices will help students to
have a surplus which will then be put
to their savings. In that way, it will
help students to learn on buying
cheaper ones rather than pricey ones
just to show off that they can afford
buying those things.
The results of the grade 12 students
show that budgeting serves as a
practice for them in the future.
According to Sagdullas (2016), it is a
good idea to teach kids budgeting
skills as early as when they are high
school and teach them to handle their
finances well. So that, at a young age,
students can be trained and they will
learn to budget their money and in
that way it will help them have a
better savings in the future. Also, at a
young age, they are prepared for their
future finances since they know the
importance of budgeting and how
budgeting gives benefit to them.
The results also show that the grade
12 students compare prices before
buying something. Furthermore, Laja
(2013), stated that consumers
compare prices form one store to
another when buying similar things
but In a cheaper price, he further
stated that it is important to be aware
on buying the things he/she really
likes. Thus, students should know how
to canvass so that they will not be
scammed by the prices of other
retailer stores. It is important to
canvass so that it will help you find the
cheaper prices the sellers are selling.
Comparing prices is not bias, rather it
is just being a wise consumer so that
you won't regret buying the higher
price than a cheaper price. Comparing
prices is a budgeting strategy since
he/she compares the prices 2 or more
things. It is considered as a budgeting
strategy because it helps the student
to be aware of the prices so that the
students would know how to budget
their money by buying products with a
cheaper price.
On the other hand, the results having
the lowest rank on the data is that
students do not a write a written
budget and recording the expenses
contains the lowest rank among the
data collected. Caldwell (2019), stated
that it is important to track how one
person spend his/her money and it will
help students to create financial
awareness. She further added that if
one person does not know where
his/her money goes then he/she will
not know what habits to change in
order to have a better savings. When
spending, people need to have the
knowledge how to budget money
wisely. When people only spend and
spend, people will not be disciplined
and will not be able to know which is
right and wrong when it comes to
spending money. Everyone should be
used to recording their expenses in
their daily living in able for them to
trace and learn how to fit in all the student. And with that attitude, the
expenses with a certain amount of students will be used to measure the
money. It may be need a lot of time in proper money needed for a span of
listing, but it will surely serve as a help time.
not only to others but to everyone too.
It is important to learn how to manage
money wisely as young as students Overall, budgeting serves as a
are because they will be bringing this practice to students since it is very
routine up to their adulthood. Without critical for the students to increase
proper management of money, their knowledge on financial literacy,
students will be used to overspending it will help students to be aware of
the amount of money they have their finances and think of successful
without thinking of the future and may ways to have a better savings in the
be leading them to debt. future (Moukendi, 2019). Even if
According to McWhirter (2016), recording expenses has the lowest
determining the expenses is a rank, students should be aware that it
valuable step to students which will is important to record the expenses
help them to have a fixed and variable for these will help the students the
expense each month. She further students to track where their money
added that these fixed expenses are goes and where they spend their
the transportation, books or handouts money, it is a way to help the students
needed by the students, while the to create financial awareness
variable expenses are the groceries or (Caldwell, 2019).
foods, clothes and dining out. Seeing
the results of the study, it had the
least rank overall. Doing a written
budget plan serves as a big help to
everyone since it helps in organizing
or recording the things that people
have to do in a day or certain period of
time. In that way, the students will
know if they are spending the tight
way and will teach them how to
budget money better. There are lots of
alternative ways in how to make a
budgeting plan which may be used by
the students such as making lists of
the things to buy or do instead writing
up every plan they have to do. But by
simply listing up the things needed in
a particular time, written budget plan
is a big help because it will show the
weekly or monthly budget of a