Professional Documents
Culture Documents
In partial fulfillment
of the requirements for the degree
Bachelor of Science in Financial Management
BENEDICT P. CREENCIA
REGINE S. DADOR
ANGELHYNNE JHOYCE A. DE LARA
JIRO E. GAMMAD
JEREMIE S. MASAMOC
JEANMAR C. PERIDA
August 2024
2
Benedict P. Creencia
Regine S. Dador
Angelhynne Joyce A. De Lara
Jiro E. Gammad
Jeremie S. Masamoc
Jeanmar C. Perida
INTRODUCTION
A fresh start, after more than 2 years of the pandemic and distance learning
new beginnings, and a few adjustments encourage students to abide (Hew, Jia,
Before the school year starts, many looks for places to stay, especially those
who live far from the University. Many students tend to look for dormitories and
apartments to serve as temporary replacement for their homes and serve as a mirror
of their home environment. These must cater to the needs of students and their
parents while also meeting the demands of their social lives (Hill, as cited by Dizaj &
3
Khanghahi, 2021).
spending patterns. Recent studies have highlighted the financial struggles faced by
financial stability and overall well-being (Perman, 2019). With this independent setup,
students are now tasked to live on their own, manage their own time as well as their
finances, especially their budgeting behavior. Parallel to the study of Phung (2023),
the phrase "budgeting behavior" pertains to the way individuals or organizations plan,
manage, and control their finances and allocate their resources to meet their financial
activity that shows a consumer's financial capacity. The students' spending habits are
uncontrollable elements can all play a role in these parameters (Saumya et al.,
when the pandemic upsets the economy and popular priorities, many students start
to pay more attention on their spending. Priorities for student spending have
significantly shifted since the outbreak, as evidenced by the fact that they now
allocate their funds differently than they did before the pandemic (Gu, et al, 2021).
On the other hand, the term “expense priorities” as stated by Caldwell, 2022
are mainly the most important expenses which receive relatively the highest cost
from all other expenses being considered. However, priorities may change over time
Ruha (2023), student expense priorities often include more money spent on food,
spend money on clothing, music, movies, and video games. While many college
students spend money on these similar goods, their spending for this group of
slightly. Clothing and entertainment are significant costs for this generation of people.
Food, on the other hand, is one of the most expensive expenses for college students
(Garcia-Santillan, 2019). Even when meals are given in the dorms, many college
students spend money on snacks, beer, and other beverages. Meeting with friends in
coffee shops, bars, and restaurants on a frequent basis tends to raise college
For many students, living on campus plays a significant role in the college
place to live while attending school, ranging from on-campus dorms to off-campus
flats. According to the statistics of Gitnux (2023), college students typically live in
apartments, boarding houses, and dorms. 60% of college students live off-campus in
However, the specific context of dormitory living among college students has
budgeting behavior becomes all the more relevant considering the unique demands
Thus, this study endeavors to shed light on the budgeting behavior and
expense priorities of college students staying in dormitories and identify its significant
This research aims to explore the budgeting behavior and expense priorities
terms of?
a. Age
b. Sex
c. School
d. Course
a. Age
b. Sex
c. School
6
d. Course
e. Estimated Allowance
Theoretical Framework
studied type of commitment), and how budgeting is affected by the level of self-
notion. Hence, this also shows that good-specific budgets are not free, and they are
only employed by consumers who are weakly biased and ex-ante unclear about their
intratemporal trade-offs between goods. Those with strong biases or who do not
(Galperti, 2016).
budgeting plans which reveals that because of the current bias, the doer tends to
perspective. The planner would wish to keep these deviations from the ideal
consuming various commodities, more commitment tools are usually beneficial. The
planner can limit total consumption expenditures, whereas individual budgets can
has four basis which includes the allocations, preferences and information,
commitment plans and timing (Galperti, 2016). Thus, this theory will be used in this
study since it focuses about the personal budgeting of individuals. In addition, this
theory will serve as a guide for the researcher in formulating the research instrument
budgeting can be found in several academic papers, including "A Theory of Personal
Budgeting" by Galperti. This theory explains the link between budgeting and self-
control problems in consumption-saving decisions, and shows that the use of good-
specific budgets depends on the combination of a demand for commitment and the
between goods. The theory also explains the mechanism that makes budgets useful
in several academic papers, including those cited above. These papers analyze the
link between budgeting and self-control problems, and show that personal budgets
consumer behavior. The theory revolves around the idea that individuals and
In line with this, another article from Galperti, S. (2017) stated that this theory
provides insights into the subtle forces that underlie a widely observed phenomenon.
demand differently from satiation and income effects and significantly increases
household wealth. The idea is consistent with empirical data, such as the fact that
budgets are frequently established for items that are typically not considered to be
alluring, part of the expense priorities and that only persons with minimal present bias
and empirical foundations of the theory of personal budgeting can be used to provide
budgeting can be used to explain why students may use budgets to manage self-
control problems related to their expense priorities, and how these budgets may differ
based on demographic factors such as school, course and estimated allowance. The
empirical findings on personal budgeting can also be used to support or refute the
hypotheses of the study, depending on whether they align with the results of the
study.
Conceptual Framework
budgeting behavior and expense priorities of college students who are staying in
dormitories in selected areas of Cavite. The study uses a Proposed Original Model
(POM) as a visual illustration in order to help interpret the variables. This model is a
self-made for the researchers to better analyze the study. As shown in Figure 1,
the name of the school, course, and the estimated monthly allowance will serve as
the potential predictors of the budgeting behavior and expense priorities that will then
On the other hand, those two criteria will be explored more for the
Socio -demographic
profile of students
staying in dormitories
a. School Expense Budgeting
b. Course
Priorities Behavior
c. Estimated
monthly
allowance
Hypotheses
The purpose of this study is to give knowledge and information about the
budgeting behavior and expense priorities of the selected students. The findings of
this study will greatly benefit the following individuals and organizations.
Local business owners will benefit from the result by knowing how students
staying in dormitories behave with their budgeting and what their expense priorities
are. They can use the result of this study as information to add to their decision
making for them to know what must be done and what must not. They can also use
this study to determine how many students have the majority of their expenses used
for a certain percent of their budget. In addition, local business owners can determine
what type of products or services the majority of the students spend with their budget
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so that they can decide what to sell. Local business owners include the retail store,
laundromats, eatery, school supplies stores, dormitory owners, and other related
businesses.
The study findings can help policy makers and advocacy groups about the
literacy and well-being among students. Additionally, the study can shed light on
students have the necessary resources and support for successful budgeting and
expense management.
The government can use the study results to determine how much student
assistance they should provide that is acceptable to help the students with their
boarding needs.
This will also be helpful to parents, guardians and students in order to help
them decide the amount of allowance they should provide to their children intending
to stay in dormitories.
School organization can use the result of this study to determine what product
they can consider adding to their selling products since they are already selling
school supplies to students to help them provide what they need within close range
The research locale of this study will be conducted in selected areas of Cavite
which includes Cavite State University - Indang, Lyceum of the Philippines University
University - Dasmariñas Cavite in the first semester of the school year 2023-2024.
This study will explore the budgeting behavior and expense priorities of
college students staying in dormitories among the top 6 colleges in selected areas of
Cavite for A.Y. 2023 – 2024. This study will only focus on the relationship of students’
budgeting behavior and expense priorities and the significant difference of their
their demographic profile to their expense priorities. This study limits only to 399
college students who are staying in dormitories in the selected areas of Cavite.
Definition of Terms
This provides the list of the terms that were operationally defined based on
observable characteristics of the words and how they were used in the study.
Allowance refers to the money that the college students receive from
Budgeting behavior refers to the actions and decisions that individuals make
Cost of living refers to the finances needed to live in a certain area and
Expense priorities refers to the expenses that the students have to deal with
Necessities refers to the items that are used or consumed in a daily basis.
These are things that is essential to live including food, water, shelter, and other
basic needs.
the prevalence of expense priorities and how it affects college students’ budgeting
behavior. It then examines the relationship between budgeting behavior and expense
and saving. A big body of numerous works of literature have examined the variables
that determine whether or not budgets are successful in accomplishing this purpose,
Zhang & Sussman (2018). Budgets are frequently more effective when they are not
only flexible (Cheema & Soman, 2006), but not very rigid (Heath and Soll, 1996).
Sometimes Budgets can aid in monetary savings (Soman & Cheema, 2011) and set
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(Larson & Hamilton, 2012; Sussman) can be ineffective 2016; & O'Brien).
Stretching one's allowance becomes much more difficult for students living
away from home. You live on an allowance as a student. It might be difficult when
you find yourself spending your last money on school supplies (Bartolome, 2011, as
As they modified their budgets throughout the month, typically making more
difficult modifications at the end of the month, students prioritized continuing their
education and retaining secure housing. Students who work full or part time typically
don't have time to plan, shop for, prepare, and clean up after meals. Impulsive
(Webster, Cornett, Fletcher, 2020). Additionally, Low food secure students frequently
purchased cheap, nutritionally inferior food at the end of the month, such as cereal
and ramen noodles. To make sure their dependents could eat on a regular basis,
Although it is well known that people have the option to choose a budget for
their own consumption, it cannot be disputed that their budget is ultimately decided
by trial and error (Elgeka, H. W. S., Ma, J., Secapramana, L. V. H., & Yudiarso, A.,
2018). Being realistic is crucial when creating a budget since it enables people to
Future spending and saving should receive more consideration (Elgeka et al., 2018).
factors have all been considered while examining the significance of time in
budgeting. According to Sheehan and Van Ittersum (2018), persons that budget for
their food shopping make different purchases in a different order during a trip to the
supermarket.
People have many needs and desires but have not been supported by strong
economic capabilities because most of them do not have income, the majority of
students only rely on pocket money that comes from parental gifts to finance their
expenses and needs (Adiputra, 2021). Under these conditions, students' ability to
manage personal finances is very much needed, so that they can manage and
manage between the income earned and the budgeted expenses. Based on
priorities is carried out by students. With the habit of students always making a
budget, dividing money for personal use and lectures and making a list of expenses
this will provide many benefits for students such as (1) Students will know how much
an expense affects their pocket money, (2) Help them to adjust pocket money owed
with needs that need to be met. (3) Students learn to determine the priority scale,
manage pocket money more realistically, (5) Students learn to make some
success, and the number of students is rising steadily. However, even though it can
also has a very high price. This can be difficult because the amount that students
must spend on their daily expenses to subsist increases along with the cost of living
(How Students Prioritise Their Money at University, 2017). College students spend a
lot of money on essentials like rent, course materials, groceries, and transportation,
plus extra expenditures like food, clothes, entertainment, and going out.
Understanding where they can spend less money will help them budget and save.
In addition, it was also stated that University fees are the greatest and most
important expense for students, but these are typically taken care of before a student
even begins their study, whether they are paid in whole or with student loans.
According to Natwest's Annual Student Living Index, rent is the greatest expense for
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little money left over to "play with," which forces companies to compete with one
another for the remaining funds due to the high cost of university tuition, housing, and
food.
In line with this, according to Sorooshian and Teck (2013), in previous years,
academic supplies, clothing and other study-related products are what the students
purchased. Students' requirements have certainly expanded in the current era, when
laptops or desktop computers are required for assignments, mobile phones, and
vehicles are required in addition to the essential necessities that a student should
female students value clothes, purses, and shoes because they want to appear great
coming to class. Despite being reared during a period of major transition, they have
Aside from that, one study conducted by the National Center for Education
Statistics (NCES) in 2019 found that the top three expenses for college students
were tuition and fees, room and board, and textbooks and supplies (NCES, 2019).
This study also found that the average amount spent on tuition and fees was $9,716,
room and board was $10,800, and textbooks and supplies were $1,250. The study
concluded that college students prioritize their expenses based on the cost of tuition
and fees, followed by room and board and textbooks and supplies.
Study (NPSAS) in 2018 found that the top four expenses for college students were
tuition and fees, room and board, textbooks and supplies, and transportation
(NPSAS, 2018). The survey found that the average amount spent on tuition and fees
was $9,970, room and board was $10,800, textbooks and supplies were $1,250, and
transportation was $1,400. The survey concluded that college students prioritize their
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expenses based on the cost of tuition and fees, followed by room and board,
2017 found that the top five expenses for college students were tuition and fees,
room and board, textbooks and supplies, transportation, and food (ACE, 2017). The
study found that the average amount spent on tuition and fees was $9,970, room and
board was $10,800, textbooks and supplies was $1,250, transportation was $1,400,
and food was $2,000. The study concluded that college students prioritize their
expenses based on the cost of tuition and fees, followed by room and board,
found that the top priority for students was food, rent, followed by transportation,
entertainment, and clothing. The study also found that students with higher incomes
and/or allowances were more likely to prioritize entertainment expenses. Overall, the
literature suggests that food is the top priority for college students living in
students with higher incomes are more likely to prioritize entertainment expenses.
the top priority for students living in dorms is their monthly rent, which accounts for an
average of 60% of their living expenses. This is followed by food and groceries
(ACUHO) found that the cost of living in a dormitory can vary greatly depending on
factors such as location, amenities, and the type of meal plan offered. Students
attending colleges and universities in urban areas tend to pay higher fees for
This study has also shown that students living in dorms often prioritize saving
money by seeking out roommates or sharing living spaces. This allows them to
reduce their individual living expenses while also benefiting from the social
dormitories largely revolve around essential living expenses such as rent, food, and
location and amenities, but most students prioritize saving money by sharing living
and creating a budget, college students can manage their finances and ensure they
difficulties, but the family support, which is generally responsive, alleviates the
consequences of any urgent financial requirement. The implications are greater while
both technically and emotionally challenging (Webster, Cornett, & Fletcher, 2020).
The study of Kamis, Samad, & Pheng (2021) revealed that only two aspects
of money attitude, which is the power-prestige and anxiety, had a discernible impact
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students' spending patterns. Being frugal with one's money will result in enhanced
funding available to cater requirements for a degree or lowered student loans and
related financial concerns during school (Sorooshian & Seng Teck, 2013).
Based on the works of Chinh Ngo (2023), there are five types of income and
expenses of college students. First is total income, this sum includes any monies you
brought to school, such as gifts from family members and financial aid such as loans
and grants, as well as any reimbursements you receive from the financial aid office
and any wages you earn. Second is monthly income, regular income you receive
from a job or other sources each month. Third is fixed expenses, Items that cost the
same amount each month. Fourth is variable expenses, these are demands or needs
with monthly price fluctuations. Last is emergency fund, it is a reserve set up to pay
for unforeseen costs, such as medical expenses. Many students store emergency
student's budgeting behavior and expense priorities is the type of school they attend.
study by Robb, C. A., & Chy, S. (2023), students from famous private universities
was discovered that students who attend state-funded universities had a tendency to
budget their money more wisely, giving precedence to things like tuition, housing,
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and textbooks. The cost of attendance at community colleges is lower than that of
universities, with annual tuition as low as $3,500 as opposed to up to $35,000 for out-
On the other hand, the study of Bonggaoen, Daodaoen, Dumlao & Progreso
(2019) reveals that student’s strand/course and the amount allowance has a
significant effect on their budgeting. This means that there are big differences in how
each strand of Grade 12 Senior High Students manages their budget and how much
each strand affects how much they spend. This might be the result of variances in
their profiles, such as how much money they typically spend each week and which
strand they fit into. The study concludes that ABM and TVL strand allocate their
they often indulge in luxury and leisure. HUMSS students Rarely practice conserving
money and rarely budget for transportation, luxury, and recreation. While frequently
including the other factors in their personal budgeting practices, STEM students
rarely budget their allowance in transportation, luxury and leisure, projects and
books. They also rarely practice conserving their allowances. It was also rare for TVL
ICT students to practice budgeting for transport. In all of the variables, only TVL
According to Cruse, Gault, & Gault (2018), students who chose challenging majors
to books and other academic supplies. Students who studied the arts and
humanities, on the other hand, gave priority to costs associated with artistic
independence is frequently made easier by a budget. A budget can also help you
reach other financial objectives, such as living within your budget, saving for
retirement, creating an emergency fund, and tracking the way you spend money.
21
a study by Stewart & Maisonville (2019), stated that schools, and allowance have a
different schools may have varying costs of living, depending on the location and the
overall expenses associated with the institution. For example, students studying in
urban areas may have higher living costs compared to those in rural areas.
techniques, carefully allocating funds to cover necessary needs. Students with higher
allowances, however, tended to spend more freely but had more trouble properly
activities, and presentations. Additionally, they put a high priority on their travel costs
to and from school and home. They frequently pointed out that personal expenses
had fallen to the bottom of their list of priorities, even eating. It also demonstrates that
students who are saving money have a tendency to do so for further educational
costs. In order to increase their desire to save money, they are also setting goals for
themselves.
pandemic's disruption of the economy and their overall priorities in daily life. Priorities
for college students have shifted significantly since the pandemic, as seen by the fact
that they now allocate money in other places than they did before. Thus, there is a
significant difference between how students manage their allowances and any cash
aid they receive from their schools before and during the pandemic Catherine,
Lastly, the estimated allowance can vary greatly depending on factors like
METHODOLOGY
This chapter explains the research methods that will be used and the manner
in which the study will be conducted. This chapter includes the research design,
Research Design
tries to describe the association between two or more variables without offering any
between several variables and give a picture of the current situation. Collecting
investigation could look at the connections between expense priorities and budgeting
behavior, also the relationship of the variables if grouped based on their demographic
profile.
Sources of Data
The data that will be used in the study will come from primary and secondary
sources. Primary data will be obtained from students of universities and colleges who
other hand, secondary data will be obtained from several sources including published
books, articles, online books, and online theses from the internet.
The participants of this study are the college students staying in dormitories in
public and private colleges/universities. Students in the selected areas will be chosen
to be the participants of the study because these are the top colleges having large
number of populations. The participants are purposely selected and are set to have
selected areas of Cavite which are selected by using the Slovin’s formula and will
answer all the questions presented in the survey questionnaire. The population frame
of each college in Cavite came from their website in which we only get their total
population of students.
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Sampling Technique
behavior and expense priorities and the relation of each variable to the demographic
sampling will be used in order to get the six colleges in Cavite in which we only
include the colleges that has a large number of students population and has a
sampling specifically snowball sampling technique will be used to gather data from
each sample size. It jallows the researcher to use their expertise to select a sample
Slovin’s formula will be used in this study to determine the sampling size
given the total population of the participants. This formula is used when the
population is too vast to sample every member directly. Slovin's formula calculates
addition, the stratified random sampling technique using proportional allocation will
be used in the study to determine the sample size in each selected colleges of
Cavite. Thus, this formula will be used to calculate the total number of respondents.
25
n = N / (1 + Ne2)
Where:
n = Number of samples,
Determining the total sample size of college students in selected areas of Cavite
n=
43,148 = 396
¿¿
Where:
n = Number of samples,
n 396
N 1= x N 1= x 9,219=¿ 85 students in Cavite State University
N 43,148
n 396
N 2= x N 2= x 6,040=¿ 55 students in Lyceum of the Philippines
N 43,148
n 396
N 3= x N 3= x 6,560=¿60 students in Polytechnic University of the
N 43,148
Philippines
n 396
N4= x N 4= x 6,480=¿ 59 students in Emilio Aguinaldo College
N 43,148
n 396
N 5= x N 5= x 7,320=¿ 67 students in Olivarez College Tagaytay
N 43,148
n 396
N 6= x N 6= x 7,529=¿ 69 students in De La Salle University
N 43,148
Dasmariñas
26
Data to be Gathered
The data to be gathered will include the demographic profile and the
the necessary data, a structured likert scale questionnaire will be used in this study.
The survey questionnaire is divided into three parts which are the demographic
profile, budgeting behavior and expense priorities of the participants, The research
researcher finds it difficult to find a suitable set or questions to assess and measure
the variables in the study as well as the main objectives of the study, however the
last part of the questionnaire is modified from the study of Mazen Alqadi (2014)
questionnaire will be validated by a professional in order to get the data that will be
The first part includes the demographic profile of the respondents in terms of
name of school, course and estimated monthly allowance. The second part includes
the expense priorities of students in which they are task to label what expenses are
The last part of the questionnaire is composed of the statements that will
describe the budgeting behavior of college students. It will use a five-point likert scale
chi-square test will be utilized to examine whether the budgeting behavior has a
profile.
A chi-square test is a categorical data statistical test. It's used to see if the data is
considerably different from what is expected (Turney, 2023). The formula for this t-
Where:
The data that will be collected will be statistically treated using frequency,
mean and percentage as well as Pearson correlation coefficient and chi-square. The
following statistical procedures will be used to interpret the data gathered from the
school they are attending, course, and their monthly allowance, frequency and
used.
students when grouped according to their demographic profile and the significant
difference in the expense priorities of the students when grouped according to their
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APPENDICES
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