Exploring the Financial Budgeting Practices and Spending Habits of Senior High School Students

Enrolled at Top Achievers Private School: A Quantitative Research Study

Introduction

Student budgeting is the continual process of a student organizing their finances to ensure financial

stability for short-term, mid-term, and long-term financial goals. Budgeting provides students reassurance

that they are not spending more than they earn or living above their means (Goodwin University, n.d.).

Most students experience financial independence without the supervision of their parents during high

school year. They are generally not obligated to tell their parents/guardian how they manage their money

to develop their independence. However, it is still important to know how students manage their money.

Keeping track of students’ spending and saving behaviors may benefit both the student and parent or

guardian alike.

Senior high school is a critical time in a student's life. They are transitioning into adulthood and are faced

with new financial responsibilities. At this stage, students are confronted with numerous financial

responsibilities, including managing their allowances, budgeting for educational materials, transportation,

leisure activities, and even planning for future college expenses. One of the most significant financial

challenges they often encounter is keeping track of their expenses, leading to difficulties in controlling

their spending habits.

Saving money is a great start to a better financial future, the most important part is learning how to spend

money wisely. Students today live in a time where impulse buying is a fairly normal concept. However, it

is crucial to realize the differences between need and wants when purchasing an item (Morgan Murphy,

2018). When buying something that isn't necessary for basic survival, then it falls into the category of a

"want." Understanding the difference between these two categories helps avoid impulsive buying in most

cases. Budgeting is the best way to manage money. When budgeting money, people create a budget that

makes them aware of how much of their money is allotted for a certain item and also helps them control
their spending. It gives them the opportunity to be able to have both needs and wants and also save

money.

Furthermore, the financial decisions made during senior high school can have a lasting impact on a

student's future. Whether it's saving for higher education, making investments, or developing responsible

financial habits, the choices students make today can shape their financial well-being for years to come.

Understanding how students at Top Achievers Private School manage their finances will not only benefit

the individuals themselves but also provide valuable insights for educators and parents/guardians. This

research can help improve financial education and support, making sure that young adults are better

equipped to handle today's complex financial world.