"Exploring Strategies and Challenges

in Weekly Allowance Budgeting

among 1st year and 2nd year College
Students at Caraga State University -
Cabadbaran Campus"
 Background of the Study

Effective budgeting skills are crucial for college students to

manage their finances responsibly and avoid financial stress. As
college students pursue higher education, they face the dual
demands of academic and financial responsibilities. Budgeting
their weekly allowance becomes a crucial task as it enables them
to develop essential financial management skills and ensure a
stable financial future.
 Scope of the Study

The research study titled "Exploring Strategies and Challenges in

Weekly Allowance Budgeting among 1st year and 2nd year

College Students at Caraga State University - Cabadbaran

Campus" aims to understand the strategies employed and
challenges faced by college students in budgeting their weekly
allowances. The study focuses on 1st year and 2nd year students
at Caraga State University - Cabadbaran Campus.
 Statement of the Problem
1. What is the level of weekly allowance budgeting among college
student in terms of;
1.1 Weekly Allowance Management
1.2 Weekly Expenses
2. What are the common strategies used by college students in
budgeting their weekly allowance and what are the main
challenges they encounter?
2.1 Common Strategies
2.2 Main Challenges
3. Is there a significant difference in the level of strategies and
challenges in weekly allowance budgeting between first-year and
second-year students at Caraga State University - Cabadbaran
Campus?
Table 1: Amount of weekly allowances of the 1st and 2nd year college students.

1st 2nd
Weekly Allowance Year Year
(Total of 25 respondents) (Total of 25 respondents)

0-250 14 6

251-500 7 10

501-above 4 9
Figure 1. The frequency of the weekly allowances of the 1st and 2nd year college
students.
1. Descriptive Statistics of Weekly Allowances for First Year
and Second Year College Students.

Descriptive Statistics
FIRST YEAR SECOND YEAR

Mode 125.000 375.000

Median 125.000 375.000

Mean 295.000 450.000

Std. Deviation 230.714 250.000

Variance 53229.167 62500.000

Range 625.000 625.000

Minimum 125.000 125.000

Maximum 750.000 750.000

 Table 2. Weekly allowance budgeting plan of 1st year and 2nd year
students.
1st Year 2nd Year
Weekly Allowance Budgeting Plan
(Total of 25 respondents) (Total of 25 respondents)

A.
No budgeting plan 2 3

B. Basic
10 7
plan with minimal tracking

C. Moderate
plan with some categorization and 7 8
tracking

D. Detailed
plan with categorization, tracking, and 1 1
periodic review

E. Comprehensive
plan with detailed tracking, budget 5 6
adjustments, and financial goals
Figure 2. The frequency of weekly allowances budgeting plan of 1st
year and 2nd year students.
Table 3. Weekly expenses of 1st year and 2nd year students.

Weekly Expenses 1st Year 2nd Year

( Select at least 3 ) (Total of 25 respondent) (Total of 25 respondents)

A. College
17 17
fee and educational expenses

B. Accommodation 10 9

C. Food 21 21

D. Transportation 21 20

E. Leisure
12 7
Activities
Figure 3. The frequency of weekly expenses among 1st year and
2nd year students.
 Table 4. Common strategies on budgeting weekly allowance
among 1st and 2nd Year college students.

1ST Year 2nd Year

Common Strategies
(Total of 25 respondents) (Total of 25 respondents)

A. Creating
4 12
a detailed budget and tracking expenses

B. Setting
spending limits for different categories (e.g., food, transportation, 21 23
entertainment )

C. Saving
15 12
a portion of the allowance for future purposes or emergencies

D. Seeking
3 1
part-time employment or additional sources of income

E. Seeking
1 4
financial assistance or scholarships

F. Borrowing
1 0
money (e.g., loans, credit cards, etc. )
Figure 4. The frequency of common strategies on budgeting weekly allowance among
1st and 2nd Year college students.
 1. State the and hypothesis.

: There is no significant difference between the common strategies in the 1st and 2nd year.

: There is a significant difference between the common strategies in the 1st and 2nd year.

Indicator Year Level Mean T-value P-value Decision Remarks

Budgeting 1st Year 7.500

Strategies
-0.235 0.819 Failed to Not
Reject H_0 Significant
Table 5. Average ratings of the main challenges on budgeting weekly allowance among 1st
and 2nd year college students.

Challenges 1St Year 2nd Year

2.52
A. Difficulty in prioritizing expenses 3.04

B. Insufficient income to cover expenses 2.60 2.68

C. Lack of financial knowledge or education 2.16 2.52

D. Unexpected or emergency expenses 3.08 3.16

E. Temptation to overspend 2.92 2.60

F. Balancing academic workload with part-time employment 2.56 2.68

G. Inadequate support or resources for financial management 2.48 2.88

 State the and hypothesis.

: There is no significant difference between the common strategies in the 1st and 2nd year.

: There is a significant difference between the common strategies in the 1st and 2nd year.

1. Complete Presentation of the Result of the Challenge A“Difficulty in prioritizing

Expenses”.

Indicator Year Level Mean T-value P-value Decision Remarks

Budgeting 1st Year
Challenges 2.520 -0.712 0.480 Failed to Not
Reject H_0 Significant
( Letter A ) 2nd Year 2.720