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QUALITATIVE INQUIRY ON MONEY SAVING AND BUDGETING PRACTICES

AMONG COLLEGE STUDENTS UNDER SCHOLARSHIP PROGRAM

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 QUALITATIVE INQUIRY ON MONEY SAVING AND BUDGETING PRACTICES
AMONG COLLEGE STUDENTS UNDER SCHOLARSHIP PROGRAM
Prof. Jenifer L. Cheung, Prof. Aida Deonaldo and Prof. Homer Guerrero
Columban College, Inc . Olongapo City Zambales. Philippines,
===================================================================================================
Abstract-
The purpose of this research is to rationally
understand how a student spends his/her money
without proper budgeting. There are countless ways on
how to budget money; it is basically depends on the
person. For instance, most students usually rely on
their parents since they cannot provide their own
needs. Therefore, the researchers want to know the
most effective way on how to budget money and know
the hindrances that they usually encounter in saving.
The design is a case study of qualitative research with
narrative analysis. In particular, the researchers had an
in-depth interview with 15 students from the College of
Business and Accountancy. As a result, the researchers
found that students who are in a romantic relationship
tend to spend their money to buy unnecessary things
for their partner. Moreover, economic inflation affects
students' budgeting because of the rising cost of living,
foods, and transportation. Furthermore, the students
tend to spend their allowances only for necessities and
set aside the things they want in which is important for
their financial stability. The students spend their money
with their own methods of saving. Some of them
indicated that to spend their money effectively, they
should learn how to prioritize their needs than on their
wants as a student. In addition to that, the students are
spending less on their foods to budget their expenses
because other than spending their money on foods,
they also spend on transportation and educational fees.
To sum up, the participants have proper knowledge
about budgeting.
Keywords: money saving, budgeting,
management, qualitative case research
INTRODUCTION
The economy is currently rising and so its demand,
so every day people are more likely to spend more on
what they want than on what they need. According to
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Save the Student Organization (2019), the organization
conducted studies on some schools and interviewed
students about their money-saving or budgeting skills.
And the results revealed that almost 1 out of 5 students
did not know how to budget on their own, in which
they ended up being broke or poor. And due to the lack
of money-saving or budgeting skills, they ended up
stealing, volunteering to get free meal and eating from
garbage cans. According to Om Paramapoonya another
factor that can affect your budgeting is having a
relationship, in a relationship can make a person
feelings get the best of him sometimes spending large
amount of money to make the person happy and it can
be that both of that person can have the same spending
habits in which they tend to buy more when the two
person are dating.
Here in the Philippines, some students are
experiencing some of these factors due to low economic
status of their family, and the approval on December
19, 2017 by President Rodrigo Duterte the Republic
Act No. 10963 or the Tax Reform for Acceleration and
Inclusion, it is approved to decrease the consumption of
people who are into smoking and alcohol, but that is
not the whole story, it also increases the price of
medicinal preparations, some flavorings, and all other
ingredients, except for water distilled spirits from the
chief ingredient, shall be subject to the same tax. Some
studies show that having a relationship can also affect a
students’ budgeting plan such as saving.
According to Noberto M. Villanueva inflation have a
positive and negative effects of the economy first are
financial the positive due to the implementation of TRAIN LAW it
resulted to; a).Better Savings Account Rates. Investor
might invest in a high interest savings for future
expenses; because of the increasing inflation it can get a
boost in interest rates b) Offsets Negative Effects of
Deflation. The opposite of inflation is deflation, which
results in lower prices on many things, like grocery
items. Deflation might sound good on the surface
1
because it increases the value of your money. In reality,
however, deflation leads to sluggish sales for the
grocers and retailers, which in turn impacts the share
price of these companies, part of our overall stock
market and economy.
c) Higher Wages. As inflation pushes the price of goods
and services higher, it’s also positively correlated with
higher wages. A tight job market might lead to wage
growth, which is seen as one of the causes of inflation.
d) Cost-of-Living Adjustments. Recipients of Social
Security and Supplemental Security Income could see
an increase in their monthly payments when the
Consumer Price Index, one of the inflation measures,
goes up. This is called a cost-of-living adjustment, and it
means you’ll have a few more Pesos to cover your
monthly budget.
3. Negative Effects of Inflation
a) Higher Costs of Goods. With inflation, prices of
almost everything start to rise and unless salaries are
adjusted at least as much as the inflation rate, it would
be hard to pay for the increased costs of items on the
same income. b) Borrowing Money Is More Expensive.
When inflation rises, the BSP might take it as a cue to
increase rates for banks. These increased rates are then
passed on to individual and business borrowers. The
bottom line is that higher inflation means higher
interest rates on the money you borrow — and less
money in your pocket. c) Adjustable-Rate Mortgage
Rates Might Go Up. Borrowers who have an adjustable-
rate mortgage might find that an uncomfortable effect
of inflation is a higher interest rate when their
mortgage is “adjusted.” This is because ARMs are
usually priced according to the 10-year Treasury bill.
The rates for these long-term T-bills usually rise and
fall with short-term rates set by the BSP. And that
higher rate means higher ARM mortgage payments, too.
d) Hoarding is Imminent. People have a tendency to
hoard goods especially during periods of
hyperinflation. This is because the monetary value of
goods might be more tomorrow than it is today, so
consumers wants to buy up as much as they can afford
According to studies of Lewis Mandell (2009)
financial literacy refers to the ability of a person to
make financial decision on their own best interest in
both short and long-term. Financial literacy is useful for
students to further gain more knowledge on saving and
budgeting their daily allowance, it can also help
students to save money for future expenses and needs.
recent study it showed that few of the employers are
motivated to provide effective and disinterested
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financial education at the workplace due to the lack of
financial education when the employers are in schools.
Some of the people fell that financial education should
become a part of the education in schools. Association
of State Board of Education and reiterate by the recent
report of the President’s Council on Financial Education
(2008) recommend the mandate of financial education
in schools for students from kindergarten to Grade 12,
implemented to teach high school students who are in
the verge of adulthood can make good financial
management and can make important financial
decision such as choice of credit cards, auto insurance
or student loans.
A study conducted by researchers from the
University of Arizona, University of Minnesota,
University of Alabama, and University of Wisconsin,
Maddison, shows that having a romantic partner
influences the college students in their financial
behavior. The study is published under the journal
“Family Relations”, and it talks about the unique impact
of college students’ parents and their romantic partner
on how they spend, save and budget their money. The
researchers targeted college students whose in a
committed relationships, and they found out that the
students’ financial behaviors were strongly influenced
from both of their parents and romantic partners.
A lead study author and former UA faculty member
and now an associate professor of family social science
at the University of Minnesota, Joyce Serido (2015),
stated and suggested “How about offering education for
couples or for parents and their kids, involving more
couples and families in discussion about finances?”, in
order to help the young adults improve their financial
decision-making. The researchers focused on students
whose in their fourth year of college and those are in a
committed relationship. The students were asked to
state their estimation on how often their parents and
romantic partners influenced them in these behaviors:
tracking monthly expenses, spending money within the
given budget, paying full credit card balances every
month, saving money for the future and learning on
how to manage money regularly. And then they were
asked to also state their own attitudes from very
unfavorable to very favorable towards the same
behaviors.
Findings from APLUS study publication (2008), they
claimed that more and more young adults still rely on
financial support and guidance from their parents. And
when it comes to students’ romantic partner, they are
more likely to have a powerful influence because they
2
are spending more time together than their parents,
said in a study from co-author and associate professor
in the UA’s John and Doris Norton School of Family and
Consumer Sciences in the College of Agriculture and
Life Sciences, Melissa Curran. Curran and Serido stated
that the college students are in their “melding stage”,
wherein their parents and new social influencers as
their romantic partner have the same effect on their
financial behavior.
According to Ilya Azer and Siti Aishah Mohamad
(n.d.), every year, thousands of university and college
students will be graduated and start their new chapter
by working and earning income. It is also clear that
these graduates will earn higher than average income
and have a productive life compared to high school
graduates. For that reason, the ability to manage
personal finances has become increasingly important in
today's world because both university and college have
to prepare their students with good financial
management to be practiced in their future lives. Being
financially literate would benefit the individual with
prolific abilities and attitudes such as a grasp of money
management concept, knowledge of financial
institutions and attitudes which enable effectively and
responsible management of financial affairs.
Financially educated society tends to make better
financial decisions. Nevertheless, individuals are
seldom having perfect financial knowledge. Behavioral
economics also admit that individuals are not always
rational and emotions can affect decision making. In the
financial planning context, lack of rational economic
judgment may lead to excessive debt, high risk of
investing inadequate savings for. Youths tend to rely on
their informal social network and making unrealistic
spending and consequently often end up in debt.
College students became a worthwhile consumer
market segment as the number of students enrolled in
tertiary education tripled since 1999. As the standard
of living improved significantly and thus stimulated
changing lifestyles, these students are permitted
greater freedom to make their shopping and
consumption decisions. These days, youngsters tend to
value money as compared to previous generations. The
older generations were not excessively concerned with
material possessions and not money-oriented as
younger generations nowadays. Poor financial planning
will be faced by those who perceive money as a
measure to obtain their immediate wants. While people
who had valued and understand on the real value and
how hard it is to earn money, they are the ones who
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had save for their needs and wants through their labor
and saving habits, they will achieve and aim higher
because of their very own habits, this will obstruct their
bankrupt chances thereby be endowed with
benefits of an early financial saving.
A book about Investment Management and Personal
Finance by Nenita D. Mejorada (1979),the authors
explained how oneself should be contented on what he
or she had this is what she called social climbing. Here
are some tips she gave, first is a student should save
every month; it is more efficient for a student to save
for future spending. Next is students should avoid debt,
debt is easy to go into but is expensive because of the
interest charge. Some debts should be acquired when
needed but some should be avoided. The third is
shopping before buying, this will be beneficial for
students who are really on a budget. Through shopping
he/she can study the quantity and quality of the
product to avoid him/her on a buying spree. Next is
students should take care of what they owned it is a
part of saving tons of cash on buying new and
inexpensive things instead of repairing or reusing your
old stuff ,doing this can reduce students' cash outlays
for repairs and replacements. Be wise and smart while
spending your money a student should always have
financial plans to know what he/she needs more than
on what he/she wants.
Here are some characteristics and habits for personal
finance. Passion for Life: be optimistic and resilient. Do
not dwell too much on losses, frustrations, and past
mistakes. Patience and long-term vision: expect failures
from time to time. Opportunities are everywhere, and it
depends on us if we can discern their existence and
take advantage of it. The long-term vision of an
individual includes adopting safety nets. Take-Time to
make a good decision: students with a piece of
knowledge about budgeting and spending will have a
mindset on buying on what an individual needs or what
an individual wants, making a good decision can make
you more efficient about the things you want to spend
on. Goals for Student Achievement Should Drive the
Budget Process Clear goals for student achievement
should guide how resources are allocated. Tracking
progress or making tough budget decisions to prioritize
programs and strategies is impossible without specific
goals. Decisions should be driven by Data Making
decisions that will impact the future of children can
raise emotions, leading to “gut” decisions – decisions
that do not optimize student achievement for the
available money.
3
 According to Bank of America (2018), some
stereotypes, millennials are said to be dependent,
selfish, greedy, and does not stick to plans. But it turns
out that millennials are better than the past generations
in terms of managing money. The millennial stage is
from the age of 23 to 37, and they are more likely to set
their savings goals and majority of them meets their
goal. Some of them may feel that they are financially
secure but they still tend to ask for raises and still be
stressed in worrying about their money. But according
to some, millennials still overspend their money despite
of having good habits and majority believes that they
are still bad at managing their own money. Another
stereotype about them is that they are job-hoppers, it
shows that majority of them can hold more than eight
jobs in their lifetime but quarter of them have been laid
off (47% of millennials anticipates second source of
income or job and 23% expects eight or more jobs in
their working life). The older generations said that
finances are not really a factor in raising their children,
while millennial parents said the opposite. Older
millennials are said to be already saving for their
children's education and they are very aware of the
costs for raising children. According to Andre Plepler,
millennials deserve more credit because of their
awareness when it comes to money and their lives.
Despite of all the stereotypes about millennials, they
still manage to show improvements over a year in
2015. It shows that 67% of the millennials have savings
goal sticked to every month; 73% have budgets sticked
to every month; 47% have $15,000 or more in their
savings; and 16% have $100,000 or more in their
savings. Moreover, 64% of millennials said that their
generation is not good at managing their money; 73%
said that their generation overspends on unnecessary
things; 75% said that millennials overspends than
other generations.
Millennials still be stressing over their finances
although they have strong money habits. Their main
concern is that they do not have enough saved money,
and it is their top source of financial worry. While it is
said that millennials are more likely to ask for raises
than the older generation, only half of millennials (46
percent) have asked for raise in the past two years
versus Gen X (36 percent) and Baby Boomers (39
percent). 80 percent of millennials who asked for raise
in the past two years received one. Some millennials
are still unsettled with their careers and around 34% of
them wants to switch careers but are afraid that it is
too late. 69% of millennials wishes that they have a job
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with better work and life balance; 44% wishes that they
should have chosen the career they are passionate
about; 40% are pessimistic about the job they are really
into; and 56% said that passion is more important the
amount of salary. Millennials couples are more likely to
separate the expenses than the older generation
because they believed that finances are a major factor
in starting a family. It is not surprising that millennials
are trying to save their money. In a survey conducted
on Thumb, 38% of Millennials aging 13-24 years old
say that they budget their money while 40% wish they
knew more about budgeting. It is said that females wish
to have knowledge on personal finance than males. In
today's education system, personal finance is not
mandatory so young people should use tools to acquire
knowledge. As of today, most Millennials are still living
with their parents and have their parents to support
their needs. Over the years, it is said that there are only
few who talks to professionals about their finance,
while more would rather talk to their parents and
friends. And almost half (49%) of Millennials need
online services to manage their finance. Millennials
prefer to keep their money in cash than the adults. Most
millennials use cash in purchasing while the rest use
credit card or debit card. But those who use cards have
concerns for their information safety because of recent
data breaches of some well-known banks.
Millennials plan to move out of their parents’ house
at 28 and start saving unlike the boomers who starts
saving at 32 that wished they could have started earlier.
28% of the Millennials see investment as a long term
financial success that of baby boomers. Millennials tend
to balance paying off debt and saving for the future
because of recession. Millennials see investing as a
pathway for success and saving is a good way to do it.
This study examines the personal finances of
Millennials using data from the 2012 National Financial
Capability Study (NFCS). The NFCS is a survey that
benchmarks Americans’ financial capability, providing
information on both. The analysis relied on a
subsample of over 5,500 respondents aged 23-35. The
data is indicative not only of Millennials’ financial
characteristics but also of the factors that threaten their
economic aspirations and security the Millennials Have
also Inadequate Financial Knowledge. Among the
overall population, Millennials are the age group with
the lowest level of financial literacy. Only 24%
demonstrated basic financial literacy, only 8%
demonstrated high financial literacy when tested about
basic concepts around numeracy and mortgage,
4
Millennials scored better. However, when it came to
more complicated issues like bond concepts, inflation
and risk diversification, Millennials fell flat. Lack of
financial knowledge may jeopardize Millennials’
financial success. The research also shows that Many
Millennials are not satisfied with their current financial
condition. On a scale from 1 to 10, many reported very
low levels of satisfaction. 34% are unsatisfied with their
current financial situation (1-3) , 18% were not at all
satisfied. Millennials also worry about student loans.
Student debt is common across demographic
characteristics. Millennials are heavily leveraged on
their educational investment, and many student-loan
borrowers are troubled by this debt. Millennials face a
spectrum of financial challenges and fear that they have
little maneuvering room in case of an emergency.
Nearly 50% don’t believe they could come up with
$2,000 if an unexpected need arose within the next
month. Nearly 30% are overdrawing on their checking
accounts.
According to William J. Bernstein (2014) the article
about on how millenials can get rich, William give some
advice on how students in the 21st century save money.
First the person or students have to overcome some
hurdles that will come to them in order to save money.
The first hurdles, people tend to spend too much money
to keep up with the trends and to show it to their
friends to prove that they are rich or so that they can be
accepted in a group, but deciding on spending on foods
that is expensive or changing an old phone for a new
one would not be helpful if a person are into saving.
Second hurdle as a person who are into saving if a
person put himself into investing a person should
understand first the business or on what types of
strategies will a person use to gain money in the
business he/she is going to invest from. Third hurdle a
person should learn from his past to be more efficient
on what to save and on what to buy because seeing a
persons’ past can change his/her perspective on buying
new products, it can be that a person experience being
scam by the product a person had already used and
instead of helping him save it just make the person sick,
broke and illiterate because of buying that product.
Next hurdle is all about debt, a person who is generous
and just keep on lending money can make a person
empty handed and that what makes him broke at the
end that is why a person should first have a knowledge
about financing so that a person have a knowledge of
lending money and budgeting at the same time. And the
last hurdle is all about taking risk if a person is into
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financing he/she should not be afraid on taking risk, in
order for he/she to be more knowledgeable so that
he/she can be brave to face incoming problems that
regards on budgeting.
According to Chinkee Tan (2018) gave tips on how to
properly save money and budget. The use of S.M.A.R.T
method to establish you goal first is the S for specific
identifying on what you really need to buy instead on
what a person want can really help him establish a
good financial decision. Next is M for measurable
measuring the value of the things that you want to buy
can gave you proper mindset on buying an expensive
new phone or buying a midrange phone in which you
can save thousands of pesos. A for attainability using
your ideas on making a plan on how are you going to
achieve something that you want to gain or buy. R for
relevant, it answer the question on what will it benefit
to you if you bought that expensive phone or not. And
last is the letter T for time-bound this is a deadline in
which a person’s method to know how many days does
a person need to achieve his/her goals interaction of
what they already know and believe and the ideas,
events, and activities with which they come in contact
(Cannella & Reiff, 1994; Richardson, 1997). Knowledge
is acquired through involvement with content instead
of imitation or repetition (Kroll & LaBoskey, 1996).
Learning activities in constructivist settings are
characterized by active engagement, inquiry, problem
solving, and collaboration with others. Rather than a
dispenser of knowledge, the teacher is a guide,
facilitator, and co-explorer who encourages learners to
question, challenge, and formulate their own ideas,
opinions, and conclusions. "Correct" answers and single
interpretations are de-emphasized. As an approach to
teaching, constructivism may be examined as much for
what it is NOT as for what it is. It challenges what
Oldfather, Bonds, and Bray (1994) characterize as the
default mode in education--an empiricist/reductionist
approach to teaching and learning. They cite Freire who
considers this approach to be a "banking" model--the
teacher fills students with deposits of information
considered by the teacher to be true knowledge, and
the students store these deposits, intact, until needed.
Cannella & Reiff (1994) label these traditional models
didactic, memory-oriented transmission models.
Constructivists generally maintain that when
information is acquired through transmission models, it
5
is not always well integrated with prior knowledge and to save especially on the process of where the person
is often accessed and articulated only for formal should begin with.
academic occasions such as exams (Richardson, 1997). According to Caleb Silver (2016) due to the rise of
Constructivist approaches, in contrast, are regarded as prices in the country some are being push to budget
producing greater internalization and deeper while some are still buying excessive products that they
understanding than traditional methods. do not need, the rise of prices decreases the purchasing
While there are commonly accepted attributes of power of a person because of increase in price.
constructivism, there are also different interpretations
of it. Vadeboncoeur (1997) identifies three significant
strands within these interpretations--Piagetian, FIGURE 1. Conceptual Framework
sociocultural, and emancipatory constructivism--
strands differentiated primarily by (1) the subject of
study, (2) views about how cognitive forms develop,
and (3) "the liberatory power of the pedagogical
approaches derived" (p. 22). In general, two broad
interpretations can be found among contemporary
educators--psychological constructivism, most notably
articulated by Piaget, and social constructivism,
associated with Vygotsky. Two major issues shape
these interpretations: (1) education for individual
development versus education for social
transformation and (2) the degree of influence that
social context has on individual cognitive development
(Richardson, 1997; Vadeboncoeur, 1997).

Framework of the Study

This study is based primarily in the hindrances of the

students who budget their daily allowance and how
they spend their savings, do they spend it on what they
want instead of what they need or and why does
student lack the knowledge of budgeting.
According to the UNIVERSITY of NEBRASKA (1869)
student tend to be pressured by peers and sometimes
the urge to buy food that is so expensive, but once a
student have the knowledge of financing it can help the
student to know what to spend on. The problems that a
student encounters are the lack of financial literacy,
some students still lack the knowledge about financing
and they do not know how to spend their hard-earned
money.
According to Paul Sisolak (2017) insufficient
financial management can be very difficult for a person

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6
 Next is credulous being ready on the outcome can
greatly impact the way of your budgeting Steven Bragg
(2018) stated that due to being comfortable about what
will be the outcome if you budget is not a good idea
because once the outcome does not go with your plan
you will blame yourself and that is not a good
budgeting behavior .and last is being in a relationship
can greatly impact on the way on how a student budget.
According to Om Paramapoonya when in a
relationship you should be prepared for the outcome of
the event, when you are both dating you tend to buy
her/him lots of stuff to please the girl/boy but once you
have that mindset you will never focus on you
budgeting again, when a couple have the same attitude
in spending they may be a great impact to each other,
they always buy stuff and eat and never thinking of how
much they are spending on each other.
RESEARCH QUESTIONS
This qualitative study answered the following
questions:
1. What are hindrances that prevents student
from budgeting or saving?
2. How do students spend their money?
3. How does financial management affect
students budgeting?
4. How do senior high school students earn
money or save money
METHODOLOGY
A. Research Design
A case study is a research that is used on social
sciences and it also investigate real life phenomenon
that is experienced by a researchers through context. A
case study can be an intensive systematic investigation
regarding, a person or a group of person.
According to John Wiley & Sons (2015) a case-study
is an approach typically used for idiographic research
which means the research only focuses on typical
circumstances and distinctive outcomes as a subjective
phenomenon, Another application of case studies is for
nomothetic research aimed at building new theory,
typically through the analysis of multiple cases and
large sets of data within each case. The main types of
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case studies are unique, revelatory, critical instance,
longitudinal, and comparative
B. Participants
The Researchers focused on CBA students. The
Researchers included fifteen (15) participants - 3
Accountancy, 5 Business Administration, 4 Hospitality
and 3 Tourism students who were selected using the
purposive sampling they were selected using the
criteria: (1) daily allowance between 150-200 above
(2) male or female (3) students who are availing
scholarship program during the conduct of the study.
C. Data Gathering Procedure
The researchers conducted the interview and focus
group discussion as well as observation. The
researchers had a one on one conversation/interview
with the participants to prevent his/her identity to be
revealed, and the researchers gave follow up question
to further gain more information for the basis of the
article/research. Once the questions are done the
researchers chose the participants from other sections.
RESULTS and DISCUSSION
1. Hindrances that Prevent Participants from Saving
and Budgeting
A. Spending on school related fees and activities
Majority of the students said that they are
responsible for paying class funds, materials, project
fees and etc. Since they have limited allowance, they
sometimes tend to get their money ran out. According
to Angel Cruz (2018) some of the students tend to
handle school expenses but there are a limit to that and
it some students could not handle the price of school
activities and tuition fees.
‘’The hindrances students may encounter while
budgeting is the fees we have to pay as a student and
the projects or materials we have to buy, since not
every student have a parent who gave money for
everything we need, sometimes it’s on us.’’
(Participant 1)
7
 ‘’The hindrances students may encounter while
budgeting is also the things that we should pay in our “I am handling my money well but due to the fact that I
school like projects.’’ am in a relationship I can hardly budget my money.’’
(Participant 2) (Participant 6)

According to NBC Universal, students spent an

average 602$ per year, (30$ per month/300 pesos) on
course materials in bookstores. Some libraries also 2. Spending Practices of the Participants
charge printing fees per page.

B. Urge to treat someone or buying food A. Educational Purposes

Food are own personal needs and students appear to Majority of the students who participated in the
spend their money the most in this. Participant 4 and interview stated that as a student, they usually spend
Participant 3 said that they tend to buy food for their money on necessary things and for educational
themselves and for their friend when they have free purposes only. In that way, they would not have to ask
time and when they are influenced to buy. their parents for extra money to pay their school
According to Randy Lindel cravings are hard to deal expenses instead uses their excess money. According to
with when it comes to saving and budgeting because Sharon Simpson "Prioritizing your spending or cutting
sometimes a student can be easily persuaded or easily back may sound painful at first, but making wiser
give in when it comes to cravings and treats. choices now can save you thousands of dollars and
unnecessary stress in the long-run" Simpson, Sharon.
“I mostly tend to be easily tempted by street foods and (2019). What Do You Really Need for College? Needs
whenever I am with my friends I tend to treat them” Versus Wants.
(Participant 3)
Participant 1
“I am influenced by many people for example if they “I only spend my money on the things that I need for
persuade me to treat them I will treat them.” example are school supplies”
(Participant 4)
Participant 2
“I only spend on the things that is necessary for school
and save excess money for future school expenses”

C. Being in a relationship Participant 3

Majority of our participants are Male. Some are in a ”I spend my money based on what I need that can help
relationship. Participant said that usually a relationship me in my daily lives as a student”
and school expense hinders his own way of budgeting.
While participant also said that being in a relationship B. Needs of a Student
can be troublesome because he always bought what her
girlfriend wants and treat her to a restaurant or fast Most of the students who participated the interview
food. It also hinders them and sometimes they cannot answered that they spend their money for what they
save and budget money only need such as foods, transportation and other
According Anisha Joshi save that humans need to find school expenses. These basic requirements must be
happiness in a peer, due to that being in a relationship fulfilled because it is necessary for a student to survive.
can really affect your budgeting mainly to students who According to Key Differences, "Needs represent
are more likely to be in a relationship. necessities you must have, in order to live. Needs are
those items, that are required for life and does not
“sometimes being in a relationship can be troublesome change with time"
for a student like me because I always bought what my
girlfriend want and what she need and sometimes I Participant 1
treat her to a fast food restaurant” (Participant 5) “Needs, because due to the poor society that we have
today pushes me to buy the things that I need than on I
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8
 want”
Participant 2 thankful because with the help of their parents about
“Of course I usually spend my money on the stuff that I
needed than on the stuff that I want, in todays’ era we
should be more aware of the fact that it is hard to earn
money, and beside when you are old enough and have a
job that is the right time to buy all the stuff that you
want, because it was your hard earned money and not
from your parents”
Participant 3 can be helpful because I can save much money easily”
“ I usually spend on the stuff that I need, because our
house is farther from the school and I budget my
allowance for the whole week so that is why I spend on
what I need”
C. Wants of a Student
Some of the students who participated the interview
stated that they tend to spend their money on the
things they want. According to Douglas Hawks "Wants
are desires of a person wish to have, so as to add
comforts in their lives.
According to Courtney Jespersen (2017) "Wants are
expenses that help you live more comfortably. They’re
the things you buy for fun or leisure. You could live
without them, but you enjoy your life more when you
have them. For instance, food is a need, but mochas and
lattes are likely more of a want."
Participant 1
“No, I love to keep my money for things that I buy later
on”
Participant 2
“Just in that situation if I have extra money I cannot
remove the urges to buy new stuff such as basketball
shoes, usually all the things that I need is given by my
parents
3. Financial Management Affecting Budgeting
A. Learning budget from a parents
Some of the participants said that they get the
knowledge from their parents as they watched on how
they budget their daily allowance in school and for their
everyday expenses, some of the participants even use
their mothers’ method of budgeting and become helpful
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to them especially when budgeting for their expenses
on their school, fare, lunch etc. the participant became
budgeting they know how to spend their money wisely.
According to Anna Atkinson (N.D) teaching kids from
ages 5-10 can be very helpful to develop their thinking
and skills related to budgeting and financing in which
can be helpful to them in the future.
“I acquired knowledge from my parents, because they
taught me on how to properly spend my money. Yes it
(Participant 1)
"From my mother, she always give me tips on how to
save money because my father would not give me
money for nonsenses things that I want and it help me a
big time because doing it myself is impossible but with
the help of mother i am able to save money”
(Participant 2)
“I get my strategy of budgeting through my mother
because I always watched her count and split our
money and she also helps us out in budgeting”
(Participant 3)
B. Learning based on past experience
Due to the everyday expenses the participants gained
knowledge about budgeting on their own and every day
they take risk and focus on budgeting without the aid of
a guardian or a parents, they learned it just by watching
other people budget and they just became obsessed
with saving and –budgeting money due to the rise of
expenses. According to Tris thorp our suffering is cause
by how we perceive and interpret events such as
budgeting and saving our money
“They just told me every day but actually I figure out
budgeting on my own because I just think what if I do
not save my money and there is an expense how will I
pay. Yes it will help me due to the fact if you are
knowledgeable enough to budget you will always focus
on the things that you need than on what you want”
(Participant 5)
“None, because I just figure out budgeting on my own”
(Participant 6)
9
 “None, because since birth I already know how to I am from Castillejos Zambales then I only need to
handle money and due to the fact that my tita is always spend 50 pesos for transportation.”
handling money I become more focused on the methods (Participant 6)
of her budgeting method”
(Participant 7) “First, I take a part of my daily allowance for my
transportation fare, then for my lunch and recess and
C. Learning through social media the rest will be for my savings for the day”
Due to the influence of netizen some of the (Participant 12)
participant becomes anxious about money saving
because of the ipon-challenge and due to that event “I do not eat during our break time to save money. And
they tend to save up large amount of money and during our lunch, I only buy a low budget meal”
learned budgeting due to the help of netizens. (Participant 1)
According Ashford University using social media as a
learning tool can be beneficial and can easily be “I budget my money by separating my money for lunch
attained by some students because social media is and also for recess, but sometimes if I am not hungry I
accessible to all. will not eat on time of recess to save money.”
(Participant 9)
“I get my information through internet, friends and
magazine and yes it helps me a lot about budgeting my B. Prioritizing what is needed since their many
money” temptations around, it is important to focus on what is
(Participant 1) needed than on what a student wants. Some
participants stated that they disregard their “wants” to
“I got information from my parents and social media. be able to budget their allowance wisely. An example of
Yes it will help me a lot from receiving information the needs as a student is the school expenses. It is
from my parents because they always taught me how to unavoidable to have additional school expenses to pay
manage expenses. Social Medias also helped me for, so some participants stated that they pay for those
because I learned other information on how to budget expenses immediately so that they will not have a debt
my money” to pay for in school.
(Participant 2) Jhonson, Holly (2017).Separating needs, wants, and
what you really want
4. Participants Way of Earning and Saving Money
“I only spend my money when I need it for example
1.) Budgeting of students expenses for group projects or other school expenses”
(Participant 3)
A. Setting aside money for transportation fare and food
“I budget my money by prioritizing spending on what i
Since the participants are living far from school, it had only need. I put most of my spending money on my
been a routine for them to set aside a part of their daily expenses and for my fair on going to school to going
allowance allocated for their transportation fare going home and for my school projects and needs”
to school and going home. In this way, they will not be (Participant 5)
tempted to spend it on other things. On the other hand,
students spend most of their day in school they tend to “I only buy the things that I need, and then I save up
take their meals in school. money to buy what I want in the future.”
InCharge (n.d). How to save money on: (Participant 2)
transportation: financing, gas and insurance
C. Keeping Excess Money Some participants shared
“I budget my money in terms of having separated their strategy in saving money. Whenever they have
money for transportation and certain school expenses excess money from their daily allowance, they will save
in a day for example; 100 pesos for transportation since it for future expenses. They said that it helps them to
have money for their own so that they would not need

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10
to ask money from their parents for miscellaneous The students spend their money with their own
expenses. methods of saving. Some of them indicated that to
Pocket smart (n.d). The importance of Saving Money spend their money effectively, they should learn how to
prioritize their needs than on their wants as a student.
“Most of my expenses go to food, then for school needs In addition to that, the students are spending less on
and transportation fare. Sometimes, when I have excess their foods to budget their expenses because other than
I keep it. spending their money on foods, they also spend on
(Participant 14) transportation and educational fees. To sum up, the
participants have proper knowledge about budgeting.
“For the whole day, I only spend around 50-60 pesos
per day for my lunch from my daily allowance of 300 Instead of buying food in school cafeteria and fast
pesos. The rest will be for my savings food chain, students can make their own food which
(Participant 13)
can also teach them creative and valuable skill about
CONCLUSIONS AND RECOMMENDATIONS cooking. It is less cost that can really keep their budget
low.
Saving money is indeed a difficult task for a student Discounts will not only help the students to save
that has no any source of income. The participants gave money but also trains them to be financially smart. It is
their own ways on how they budget their money. Most a trait that will be extremely useful after they graduate
of the students stated that they save up efficiently; they from college. Presenting a valid school ID can get a
tend to not use their money on unnecessary things and discount on various products and services like
spend less on certain things. Also, the participants said transportation. With recent signing of Republic Act
that in order to avoid spending their money
11314, also known as the Student Fare Discount Act, it
undisciplined, they leave their excess money in their
home to save up for future expenses. Furthermore, is the mandatory 20% discount where students enjoy
their own process of saving money is said to be learned lower fare in public transportation.
from their parents because according to the students, it
is somehow helpful for them to know how to spend Student should also have a strict budget plan so they
their money wisely. will be able to monitor the flow of their money. Making
a list of all the things they spend including items like
Sacrificing is a major struggle when it comes to
rent, utilities, food, transportation, and other expenses
financial management. Students also experience
struggles when they are likely to save up money. The would help to monitor their budget plan. Emma
students’ financial management is also prone to Knowles (2018) stated that
hindrances that they may undergo. Based on the "It might not be the most exciting job, but keeping track
findings of the researchers, the hindrances that a of your finances is the best way to make sure you don't
student must overcome are paying school related fees; overspend and land yourself in trouble." Making a
being in a relationship; and having the urge to treat
budget plan is a life advantage for a student so they will
someone or buying food.
be able to see if they are indeed saving money.
Financial management affects the budgeting of the According to Miriam Caldwell (2019), budgeting is one
participants by means of their decision making whether of the simplest and most effective way in managing
to spend wisely or spend on unnecessary things. And, ones finance. There are some restrictions that one must
financial management contains positive impact to the understand to learn how to save money properly and a
students because it develops their perspective on lot of discipline must be possessed.
particular things. Likewise, the students will start to
think carefully if buying their wants will be more
efficient.

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11
 Matter Education Literacy among Undergraduates in
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