Personal-Budgeting Research Proper

Technological Institute of the Philippines – Manila College of Business Education Bachelor of Science in Accountancy

CHAPTER 1 The Problem and Its Background This chapter covers the introduction, bacground of the study, state!ent of the proble!, conceptual fra!e"or, scope and deli!itation, significance of the study and definitions of ter!s# Introduction $oing to college is an i!portant part of any person%s life# It is probably the first ti!e students get to e&perience independence# Being independent is both a privilege and responsibility# To be a responsible student isn%t so!ething that can be achieve overnight# It needs to be put in !ind and be an attitude# 'ne of these responsibilities is !anaging their allo"ance# 'ne of the challenges that every student encounter is to !anage the !oney their parents provide the!# Many students are having a hard ti!e in ter!s of budgeting their allo"ances# Money as one of the !ain necessity plays a significant role in every student to survive college# The !anner in "hich the students !anage their !oney depends on their daily needs( so!eho" it changes changes due to so!e factors# Students have their personal personal needs, and through through this study "e "ill no" ho" and "here they generally spend their !oney# !oney# The !ore no"ledge students have about their financial responsibility and status the less liely they are to be in debt )*orvilitis, et al#, +-.# According to study "o!en are !ore liely to report having a budget than !en )*orvilitis, et al#, +-.# Allo"ance is a necessity for every student# It is a !eans of survival# It can also help students be financially responsible# Being essential, it /ust is right to state that students shall be able to budget their allo"ance appropriately# The proble! is ho" to do it# 0oing so isn%t easy since students need to !anage their allo"ance bet"een their needs and "ants# Also so!e only have a li!ited a!ount of !oney# Proper budgeting is i!portant# If done responsibly, it can give both the students% needs and "ants# Page | 1


0ue to factors that can affect budgeting, there e&ists a difference on planning a budget# The !anner in "hich college students !anage their !oney is based on several factors such as age, personality traits, and no"ledge# This is the !ain focus of the study 1 the personal budgeting practices of students# To assess if the students possess financial !anage!ent sill# To To no" ho" they !anage their finances and the i!pact of the variables to their personal budgeting practices# Background of the Study This study focused on the students of College of Business Education in doing their budget daily# daily# It "ill include include all the progra!s progra!s na!ely na!ely Accountanc Accountancyy, 2inancial 2inancial Manage! Manage!ent, ent, Accounting Accounting Technology, echnology, 3u!an 4esource 0evelop!ent and Manage!ent, Manage!ent, 5ogistics Manage!ent and Mareting Manage!ent# Manage!ent# This study "ill also benefit the students as "ell as helping the! to i!prove their budget planning, !ae a reco!!endation based on the respondents "hat are the best thing to do in budgeting their allo"ances and also the things that they need to change in their budget planning# The !ain purpose of this study is to find ans"ers fro! the respondents as to ho" and "here they spend their !oney every day# Budget as the !ain sub/ect of this study "ill focus on the proper allocation of allo"ances of every student in order for the! to properly utili6e their daily, "eely or even !onthly allo"ances# 'f course budgeting "ill be different depending upon the student# Budgeting "ill be !ore crucial !ost especially if the student is living in a dor!itory "herein he hi!self is the !aster budget of his daily needs# Statement of the Problem The ob/ective of this study is to deter!ine the personal budgeting practices of Business Students of the College of Business Education# It ai!ed to ans"er the follo"ing sub1proble!s7

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8# 8#8 8#+ 8#: 8#; 8#= 8#8#>

9hat hat is is th the pro profifile le of the the stu studdents nts in in te ter!s r!s of7 of7 Age $ender Progra!
+# +#8 +#+ +#: +#; +#= +#-

9hat are 9hat are the the pers person onal al budg budget etin ingg pra pract ctic ices es of busi busine ness ss stud studen ents ts as as to7 to7 Transportation Meal 5u&ury and 5eisure Pro/ects and Boos Co!!unication Savings

:#

Is ther theree a signif significa icant nt differ differenc encee on on stud studen ents? ts? person personal al budge budgetin tingg pprac ractic tices es and their their

profile@

Concetual !rame"ork PROFILE • • • • • •

Age INPUTS $ender Progra!
PROCESS • • • •

survey uestionnaire data gathering Page | 3 analytical procedures statistical procedures


VARIABLE • • • • •

Transportation Meal 5u&ury and 5eisure Pro/ects and Boos Co!!unication

OUTPUT Budgeting Practices of students

!igure 1# Research Paradigm The diagra! sho"s the organi6ation of ideas# The proponents opted to use Input1Process1'utput diagra!# The first bo& sho"s the inputs needed needed to gathe gatherr data# data# These These are the variab variables les specif specific ic to each each respon responde dent# nt# The The secon secondd bo& bo& represents the ho" the data "ill be gathered and the tools to be used in analy6ing the data# The last bo& "ill be the result "hich is the !ain focus of this study#

Scoe and $elimitation The research study is li!ited and conducted only at Technological Institute of the Philippines1 Manila in the 8st se!ester of school year +8-1+8># The respondents of the study are fro! the

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College of Business Education fro! 8st year to =th year level since they have the no"ledge in budgeting# Each of the respondents "ill be given a uestionnaire to ans"er# In order to assure the !anageability of the collected data, the proponents "ill only provide !ultiple uestions lie, checlist, raning and rating uestion# This is used to assess and esti!ate the a!ount of !oney of College of Business education students on "here and ho" they spend their !oney and ho" they !anage their finances# Significance of the Study According to Merria!19ebster Merria!19ebster 0ictionary, 0ictionary, budgeting is an a!ount of !oney available for spending that is based on a plan for ho" it "ill be spend and allo"ance is an a!ount of so!ething that is allo"ed o available# If "e connect these t"o "ords, it "ould !ean, spending the available !oney "ithin a plan# This research focuses on the significance of different point of vie" of the users such as the students, the parents, the ad!inistration, teachers or professors and the researchers# 2or the students, so!e of the college students are free fro! ho!e and !ostly they are living on a budget, others are living "ithout "orrying their allo"ances running out because they have enough to survive and the "orst case are those students "ho si!ply getting the!selves into a cycle of debt by each other !ean# This is "here the significance of allo"ance budgeting practices e&ists, to no"( !eans to survive "ithin daily allo"ance, "ays to avoid over spending and having debt, allo"ance budgeting budgeting practices that they do( suit to their lifestyle and live "ithin their !eans# 2or the parents, parents has different opinions about giving allo"ance to their children, because they believe that they should provide the needs of their children and also believe that giving their children allo"ance is a good "ay to teach the! on their financial responsibility# This research "ill give the! idea on the a!ount of !oney they "ill allocate to their children and to !onitor, !onitor, on ho" their children spend their allo"ances in the different variables given# To the Ad!inistration, the school is the second ho!e of the students and !ost of the! spend their entire day in school# Through this research, the school ad!inistration "ill be infor!ed and have Page | 5


idea on ho" they "ill for!ulate the class schedule of the students, that is one of the significant variables given, that affects the allo"ance budgeting practices of the students# To the Teachers, Teachers, one of the variables given is the pro/ect that is usually given by the teachers# This study has significance to the!, to no" the allo"ance budgeting practices of the students regards to the pro/ects# The su! that the students give up or practices that they set aside, enabling the! to co!ply# To the 4esearches, "e, the researcher, the study itself is significant to us, not only, it is reuired for us to conduct but also it give us the a"areness and a chance to infor! the users of the research, on ho" the variable( Transportation, Meal, 5u&ury, and Pro/ects affect the students on their allo"ance budgeting practices# Also, it enhances the students? a"areness as to the i!portance of planning a budget# They say the ey is financial success is to be "ell a"are of ho" to spend your !oney# $efinition of Terms Budgeting % budgeting is a process# This !eans budgeting is a nu!ber of activities perfor!ed in order to prepare a budget# Budget 1 Budget 1 is a uantitative plan used as a tool for deciding "hich activities "ill be chosen for a future ti!e period# Allo"ance % is an a!ount of !oney given or allotted usually at regular intervals for a specific purpose# Transortation 1!ode Transortation 1!ode of travelling fro! ho!e to school# &eal 1 the food students eat at school# 'u(ury and 'eisure 1 'eisure 1 activities or hobbies students usually do after class or vacant period# Pro)ects and Books 1 Books 1 these are the school sc hool reuire!ents the students !ust co!ply "ith#

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Communication 1 Communication 1 !eans of connection bet"een people or places, in particular particular## Sa*ings 1 Sa*ings 1 the a!ount or !oney the students students have saved# Budgeting Practices 1 Practices 1 the usual habit of students in spending their allo"ances and !anaging !anaging their finances $escriti*e method 1 method 1 is used to describe characteristics of a population or pheno!enon pheno!enon being studied# Slo*in !ormula 1 1 is used to calculate the sa!ple si6e# +eighted &ean 1 &ean 1 Mean in "hich each ite! being averaged is !ultiplied by a nu!ber )"eight. based on the ite!%s relative i!portance# The result is su!!ed and the total is divided by the su! of the "eights# Comosite &ean 1 &ean 1 refer to co!posite !easures of variables, i#e# !easure!ents based on !ultiple data ite!s# Stratified Samling 1 Samling 1 "ith stratified sa!pling, the researcher divides the population into separate groups, called strata# Then, a probability sa!ple )often a si!ple rando! sa!ple. is dra"n fro! each group#

CHAPTER , Re*ie" of Related 'iterature

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This chapter presents so!e articles related to the research topic "hich can enhance the ideas about the study# Related 'iterature 'ocal 'iterature The breado"n of students% s tudents% allo"ance MA*I5A, Philippines 1 2or !any parents, the uestion of ho" !uch school allo"ance should they give their children is a lingering one# By philST philSTA4#co!%s A4#co!%s co!putati co!putation, on, parents parents could could spend spend any"here any"here bet"een bet"een P+=, P+=, and P:, P:, )co!puted at three ti!es a "ee of classes for 8 "ees of t"o se!esters at P+= allo"ance per school year. College school students typically get P150 to P250 (excluding transport allowance) per day. Students fro! e&clusive schools lie Ateneo and 05S receive "here surrounding places to eat tend to be !ore e&pensive receive higher allo"ance# The allo"ance covers P= to P8 for lunch, P: to P= for !erienda, P+ on average for photocopies, and P= to P for school reuire!ents lie printing, buying pens, etc# Students outside of Manila especially those li!ing in "unicipalities usually get a#out P100 to P150 per day (excluding transport transport allowance). allowance). $ransport $ransport allowance is easy easy to co"pute howe!er howe!er.. E!!a, !other of a college student, says that she gives her son, Paulo, P+= per day "hich is P8 higher than his allo"ance "hen he "as in high school# This is to account for !ore photocopies and reuire!ents in college# She She note notess that that %gi!ing too "uch allowance to a student ris&s financial irresponsi#ility including unnecessary hanging out with friends and playing '*#ased ga"es in co"puter shops+.

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0onna, a college student fro! a single inco!e fa!ily notes that she only receives P8 as an allo"ance# Even if she dee!s this insufficient, she notes that she understands that "ith the death of her father, it !eans less resources and she needs to !ae do "ith "hat is given# 3er siblings "ho are in high school in Ibaan, Batangas receive P:, "hich is enough for the needs of a student in a public high school# The freuency of giving the allo"ance is another issue# Students "ho live "ith their parents usually receive their allo"ances daily or "eely# Students "ho !ove to study a"ay fro! their ho!es receive their "eely or !onthly# !onthly# Consider the cost in ter!s of ti!e and transaction charges "hen deciding the freuency of re!itting allo"ance for children "ho live a"ay fro! ho!e# It is a good idea to teach ids budgeting sills as early as "hen they are high school# There is nothing !ore real than the pain of a gru!bling sto!ach to teach the! about handling their finances "ell# )source7 http7DD""" http7DD"""#philstar #philstar#co!Dca!pusDe&tra1curricula #co!Dca!pusDe&tra1curricular1activitiesD+8;D=D+r1activitiesD+8;D=D+-D8:+>=>Dbre D8:+>=>Dbreado"n1 ado"n1 students1allo"ance.. students1allo"ance !oreign 'iterature In an article in "oney.usnews.co" it gives eight guidelines to help in successfully building and !anaging a budget7 1# Keep it simple. 9hile simple. 9hile a budget can be a great tool for !anaging finances, it can uicly beco!e over"hel!ing if it%s overly detailed or idealistic# FThere are things that you "ill liely sacrifice "hen budgeting, but it%s very i!portant to be realistic and understand your o"n habits,F says Gristin 9ong, a contributor to the financial blog $et 4ich Slo"ly# FIf I have a proble! area "ithin !y budget, lie eating out or shopping, instead of trying to focus on everything and being too hard on !yself, I pic that one area# The hardest part of a budget is sticing to it, so the easier you can !ae it, the better#F

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,# Set a time period. Establish period. Establish your budget for a ti!e period that%s long enough for you to see results# Stephen Stephen 5ovell, 5ovell, a certified certified financial financial planner planner "ith 5ovell 5ovell 9ealth 9ealth 5egacy 5egacy in 9a 9alnut lnut Cree, Calif#, Calif#, suggests budgeting for one year at a ti!e# Budgeting !onth1to1!onth can acco!!odate everyday living e&penses and bills, but a yearly budget can help you also plan for larger and !ore infreuent e&penses, lie inco!e ta&es or holiday presents# F

0# Make adjustments along the way. If way. If over ti!e, your budget results don%t !atch your e&pectations or financial needs, you !ay assu!e the plan is "rong# 3o"ever, it%s liely that you si!ply uncovered unno"n proble! areas# FThe things that pop up "ill actually let you no" "hat the real nor! is, so pay attention to "hat it is telling you,F 5ovell says# FIf you thin, for instance, that you spend 8+ percent of the fa!ily inco!e on discretionary ite!s, and you find after tracing for t"o !onths it%s !ore lie + percent, then so!ething is off there#F # ry adding on instead of only cutting back. 2ollo"ing a budget typically !eans !aing cuts in less essential areas or eli!inating so!e costs co!pletely# 3o"ever, if reducing the a!ount of !oney going out isn%t doing enough, loo for "ays to increase the !oney co!ing in# FTae a part1ti!e /ob or sell so!ething that is /ust sitting in your closet taing up space,F Bec says# FPeople tend to thin about /ust the one side of the euation "hen "oring to eep their budget on trac, but there%s another side that you can influence too, "hether it%s for a te!porary or per!anent basis#F 2# Don't set yourself up for failure. Maing failure. Maing sacrifices is part of !anaging e&penses, but if you set restrictions too high and too soon, you "ill be less liely to follo" your budget over the long ter!# FIf you en/oy a latte every day, don%t go fro! 6ero to - in ter!s of cutting bac# 0o it gradually,F 9ong says# F*obody "ants to stic to a budget that cuts out everything fun in their life# If you eep failing at your budget, you are going to be discouraged and you%re not going to "ant to do it any!ore#F These tips are to aid those "ho are having a hard ti!e "ith their financial !anage!ent# Although is often associated "ith deprivation and cutting bac, it doesn%t have to be a painful process# )source7 "oney.usnews.co". "oney.usnews.co" . Related Studies 'ocal Studies

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A study "as conducted in niversity of Santo To!as co!paring the allo"ance and budget of College of 2ine arts and 0esign students# It sees to describe ho" !uch allo"ance is given to C2A0 students in general, "here they spend it and at the sa!e ti!e ho" they budget it# It illustrates the attributes of students to"ards financial !atters# At the end of the study, the researchers "ere able to dra" their conclusion that students spend based on the priority they are follo"ing# The study reco!!ends that parents !ust be a"are of the spending habits of their children and "here !ost of their allo"ance goes# Both parents and students !ust understand the i!portance of savings and should try to tae !eans to save !oney# !oney# The institution should conduct further studies to evaluate students? issues and !ae ad/ust!ents for the benefit of all the students# )source7 )source7https7DD"""#scribd#co!DdocD=8=;88DA10ESC4IPTIJE14ESEA4C31'*1A55'9A*CE1 A*01B0$ET1'21SEC'*01

and status the less liely they are to be in debt )*orvilitis, et al#, +-.# In KBorro"ing Against the 2uture7 2uture7 Practices, Practices, attitudes attitudes and no"ledg no"ledgee of financial financial !anage!e !anage!ent nt a!ong a!ong college college students,L students,L Mico!onaco )+:. finds college students tend not to have a budget or calculate credit card bills based on their actual spending# 2or e&a!ple, there "as a significant a!ount of students that did not no" their SES or ho" !uch they "ould o"e in student loans "hen they graduate )Mico!onaco +:.# Also, only :- of students "ith credit cards reported paying off their credit cards bills !onthly )*orvilitis, et al#, +-.# Although, college students are concerned about their future financial status( -> of fresh!en at four1year colleges or universities have concerns about paying their tuition# This is the highest a!ount of concern e&pressed in over a decade )$ordon +8.# There are !any groups of students that accu!ulate and perceive debt differently, for e&a!ple, ho" they used credit cards# 9o!en are !ore liely to report having a budget then !en )*orvilitis, et al#, +-., but "o!en !ore freuently accu!ulate higher a!ount credit card debt and total debt )Mico!onaco, +:.# Also, !a/ority students perceive the!selves as !ore in control of their finances than !inority students percei perceive ve the!se the!selve lvess )Mico! )Mico!ona onaco co +:.# +:.# So!e So!e varia variable bless did not sho" sho" differ differenc ences es in the accu!ulation of debt but perceptions varied a!ong groups# 0e!ographics variables, $PA, and nu!ber of hours "ored did not play a role in the a!ount of debt acuired but, students "ith a higher $PA andDor those "ho "ored !ore "ere !ore "orried about their financial status )*orvilitis et al#, +-.# Clearly, a li!itation of the study is that it focused on a relatively ho!ogenous population at one school# 9ould students at larger, !ore diverse ca!puses have si!ilar outco!es@ As the study de!onstrates, "o!en "ere !uch better planners and budgeters than !ales# Si!ilarly, students beca!e beca!e better better budget budgeters ers and and plann planners ers as they they !ature !atured# d# As a result result,, the colleg collegee should should start start e&a!ining ho" they can better inculcate the younger !ale population# )source7 http7DD""" http7DD"""#aabri#co!D!anu #aabri#co!D!anuscriptsD8->#pdf scriptsD8->#pdf..

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CHAPTER ðodology Page | 14


This chapter presents the research approach on conducting the study "hich consists of !ethods of research used, population and sa!pling, research instru!ents, data gathering procedures and statistical treat!ent# ðods of Research 3sed The researchers adopted the descriptive research# 0escriptive research is used to describe characteristics of a population or pheno!enon being studied# It does not ans"er uestions about ho"D"henD"hy the characteristics occurred# 0escriptive research does not fit neatly into the definition of either uantitative or ualitative research !ethodologies, but instead it can utili6e ele!ents of both, often "ithin the sa!e study# The ter! descriptive research refers to the type of research uestion, design, and data analysis that "ill be applied to a given topic# Poulation and Samling There are a total of = students fro! the College of Business Education# Stratified sa!pling "as used to divide the population into strata )sub1group. in ter!s of progra!# In order to get the sa!ple si6e, the researchers used the slovin for!ula# Through this, a sa!ple of 8 students "as obtained# The population is co!posed of 8- BSA students, = BSAT students, - 2MA students, = 340M students,  5M students and  MM students

Table 1# $istribution $istr ibution of Samle

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Programs

4o# 5f Resondents

Ac Accountancy )BSA.

:+

2inancial Manage!ent and Accounting )2MA.

8+

Accounting Technology )BSAT.

8

3u!an 4esource 0evelop!ent and Manage!ent )340M.

8

5ogistics Manage!ent )5M.

8

Mareting Manage!ent )MM. T5TA' SA&P'E

8 16 6

Research Instrument In conducting the study, the researchers prepared survey uestionnaire as the !ain tool in gathe gatherin ringg data# data# The The survey survey uest uestion ionna naire ire is divide dividedd into into three three parts# parts# 2irst, 2irst, the profil profilee of the respondents to identify the infor!ation needed for statistics# Second, the para!eters or !etrics used, for the respondents to identify the !easures in ans"ering the uestionnaire# Third is the structured uestionnaire, "here the respondents "ill !easure each state!ent in the uestionnaire# uestionnaire# $ata gathering rocedure In order to collect data, the researchers distributed survey uestionnaire for the respondents# An e&planation about the purpose of the study and clarifications as to ite!s and state!ents included in the survey uestionnaire "as also provided# The respondents "ere given enough ti!e to appreciate and co!prehend the state!ents in the uestionnaire# 0ata gathered fro! the survey conducted "ere then tabulated and interpreted using various statistical tools# The results "ere used in co!ing up "ith the conclusions and reco!!endations#

Statistical Treatment

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1# !re7uency and Percentage The 2reuency and Percentage distribution is used to classify the respondents according to their progra!, year level, gender, gender, age, schedule and allo"ance# The freuency represents the response to an ite! in the uestionnaire "hile the percentage of each ite!, is co!puted by dividing it to the sa!ple si6e of respondents# 2or!ula7  N )fDn. O 8 9here(  N percentage f N freuency n N sa!ple si6e 8 N constant ,#

'ikert%tye Scale

The liert1type scale "as used to !easure each respondent?s degree of response to each ite! in the uestionnaire# Specifically, Specifically, the researchers used the level of agree!ent scale# Table ,# 'e*el of Agreement

-#

8erbal Scale $escrition ; Strongly Agree : Agree + 0isagree 8 Strongly 0isagree Slo*in !ormula

Scale :#=8 1 ;#= +#=81 :#= 8#=81 +#= #=81 8#=

8erbal Interretation Jery 2reuently 2reuently 4arely Jery 4arely

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The slovin for!ula "an used to get the sa!ple si6e of the respondents# 2ro! the population of = students, a sa!ple of 8 "as obtained# 2or!ula7 n N *D * 8)e +. 9here7 n N sa!ple si6e * N population e N !argin of error .# +eighted &ean Mean in "hich each ite! i te! being averaged is !ultiplied by a nu!ber )"eight. based on the ite!%s relative i!portance# The result is su!!ed and the total is divided by the s u! of the "eights# 9eighted 9eighted averages are used e&tensively in descriptive statistical analysis analysis such as inde& nu!bers# 2or!ula

/# Comosite &ean 4efer to co!posite !easures of variables, i#e# !easure!ents based on !ultiple data ite!s# It "as used to ran the variables for each progra!# progra!# 2or!ula7 CM N 9M8  9M+  Q  9M * 9here7 CM N Co!posite Mean Page | 18


9M8 N 9eighted Mean of 8st cell 9M* N 9eighted Mean of nth cell * N nu!ber of cells

CHAPTER . Presentation9 Analysis and Interretation of $ata Page | 19


graph 1. Gender Distibution of Sample opulation Male; 32%

Female; 68%

4eferring to $raph 8, out of the total 8 respondents, - or - respondents are 2e!ale and only :+ or :+ respondents are Male#

graph 2. %ge Group of &usiness Students 22 and abo$e; #%

16!18; "2%

1#!21; "#%

grah -# Samle Poulation of Business Students MM; 18% &S; 32% +M; 18%

)*DM; 1(%

&S'; 1(% FM; 12%

As you can see on $raph +, in ter!s of age, ; of the respondents aged 81+8 yDo, ;+ of the! aged 8-18 yDo, and only  aged ++ and above#

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Based on $raph :, our 8 respondents co!posed of7 :+ or :+ are BSA students, 8 or 8 are MM and 5M students, 8+ or 8+ are 2MA students, and only 8 or 8 are 340M and BSAT students#

graph ". 0eel lloane of &usiness Students

1((1!1,(( -,das/; 2"% 651-1000 (3days); 1% Others (2000/5days); 1% 300-650 (4days); 4% 651-1000 (4days); 6% 3((!6,( -,das/; 3,% 1001-1500 1001-1500 (4days); (3days); 2% 1% 651-1000 (5days); 26%

Page | 21


$raph ; illustrates the result in ter!s of students? allo"ance, := of the respondents has :1-= allo"ance and and has = days of class per "ee, +- has -=818 allo"ance and has = days of class per "ee, +; has 8818= allo"ance and has = days of class per "ee, - has -=818 allo"ance and has ; days of class per "ee, ; has :1-= allo"ance and has ; days of class per "ee, + has 8818= allo"ance and has ; days of class per "ee, 8 has 8818= allo"ance allo"ance and has : days class per "ee, 8 has -=818 allo"ance and has : days of class per "ee, and one of the! specifically disclose an allo"ance of + and has = days of class per "ee#

Table Summary of +eighted &ean "ith 8erbal Interretation :Transortation; I. TRANSPORTATION

A. I have a regular regular school service which eliminates my transportation expenses. B. I live in a dorm or at a house which is just a wal !rom school.

WEIGHTED MEAN

Composite Mean

Verbal Interpretation

BSA

BSAT

MA

HRDM

!M

MM

1.16

1.5

2

1.3

1.33

1.5

".#$

Ver% Rarel%

1."1

1.6

2.#2

1.6

1.61

1.$2

".$&

Rarel%

Page | 22


%. I spend 5&' and a(ove o! my allowance !or transportation. ). I spend less than 5&' o! my allowance !or transportation. +. I tae an alternative route or mode o! transportation that is less expensive.

2.&3

2.6

2.&"

2.3

2.56

2.1$

'.'&

Rarel%

2.66

2.3

2.6$

2.6

2.22

2."*

'.()

re*+entl%

2.*#

2.*

3.25

3.2

2.61

2.*#

'.&$

re*+entl%

Table : sho"s the overall !ean of all the state!ents under Transportation# Based on the table, it "as deter!ined that students of College of Business Education freuently too an alternative route or !ode of transportation that is less e&pensive "ith a co!posite !ean of +#> and "ith co!posite !ean of +#=- "as spending less than = of their allo"ance for transportation# 9ith a co!posite !ean of +#+, business students rarely spend = and above of their allo"ance for transportation and rarely lived in a dor! "ith a co!posite !ean of 8#> "hile it?s very rare for the! to have a regular school service "ith co!posite !ean of 8#;>#

Table . Summary of +eighted &ean "ith 8erbal Interretation :&eal;

WEIGHTED MEAN II. MEA! A. I (ring pac pac lunch or !ood to save allowance.

BSA

BSAT

MA

HRD M

!M

MM

1.*$

1."

2.33

1.*

1.33

2.11

Composite Mean


".&"

Rarel%

Page | 23


B. I (ring pac lunch or !ood (ecause it is not provided !or in my allowance. %. I pre!er to eat outside the school !or more a!!orda(le choices o! !ood. ). I eat my meal at home (e!ore I go to school !or less expenses. +. I spend #&, 5&' o! my allowance !or !ood.

1."#

1.6

2.1$

1.5

1.61

2.&6

".,-

Rarel%

3.53

3.#

3.25

3.3

2.56

3.1$

.'-

re*+entl%

2.*#

3

3

3.3

2.22

3.33

'.&$

re*+entl%

3.16

3

3

2.*

2.61

2."*

'.&

re*+entl%

Table ; illustrates illustrates the overall overall !ean !ean of all the state!ents state!ents under Meal# It can be inferred that business students freuently eat outside the school because of !ore affordable choices of food having a co!posite !ean :#+ and to eat their !eal at ho!e before going to school ca!e second to the !ost significant "ith a +#> co!posite !ean# It is also freuent for business students to spend ;1=R of their allo"ance for food "ith co!posite !ean of +#:# Bringing pac lunch or food has a co!posite !ean of 8#8and business students bringing pac lunch because it is not provided for in their allo"ance got a co!posite !ean of 8# "ere both rarely practiced by business students#

Table / Summary of +eighted &ean "ith 8erbal Interretation :'u(ury and 'eisure;

WEIGHTED MEAN

III. !/0/R1 AND !EIS/RE BSA

BSAT

MA

HRD M

!M

Composite Mean


MM MM

Page | 24


A. I spend my extra time !or luxury and leisure e.g. going to the mall- watching movies at the cinema- playing online gamesarcades- etc. B. I save 1&,3&' o! my money to (uy the things that I want and in case I might need it. %. I pre!er to stay at the li(rary and read (oos during vacant. ). I pre!er to go home a!ter class to avoid unnecessary expenses. +. I spend 1&,3&' o! my allowance !or leisure.

2

2.2

1.6$

2.3

2.##

2.##

'.",

Rarel%

3.&6

2.*

3

3.2

2."*

3.22

.-(

re*+entl%

2."1

2.$

3

3

2.$"

2.$"

'.,(

re*+entl%

3.&3

3.1

3.33

3.5

2.61

3.22

."

re*+entl%

2.#$

1."

2.5

2.6

2.$2

2.5

'.#

Rarel%

Table = su!!ari6ed the overall !ean of state!ents under 5u&ury and 5eisure# 2ro! the table, it can be inferred that business students prefer to go ho!e after class to avoid unnecessary e&pense "ith a co!posite !ean :#8:# 9ith a co!posite !ean of :#= business students save 81: of their allo"ance to buy the things they "ant and in case they !ight need# Students "ho prefer to stay at the library got a co!posite !ean of +#=# Spending 81:R of their allo"ance for leisure has a co!posite !ean +#;: and lastly, business students spend their e&tra ti!e for lu&ury and leisure has a co!posite !ean of +#8# Table 0 Summary of +eighted &ean "ith 8erbal Interretation :Pro)ects and Books; IV. PRO2ECTS AND BOO3S

WEIGHTED MEAN BSA

BSAT

MA

HRDM

!M

MM

Composite Mean


Page | 25


A. I allot 1&' o! my allowance !or photocopy. B. I allot 1&' o! my allowance !or (oos. %. aving projects or researches increases my allowance !or projects. ). /y allowance is enough to cover !or my projects. +. I spend 15' o! my allowance !or my projects.

2.5*

2."

2.$5

2."

2."*

3.1$

'.,

re*+entl%

2.*3

2.5

2.6$

2.2

2.33

2.##

'.("

re*+entl%

2."#

2.5

2.6$

2.2

3.11

2."3

'.)&

re*+entl%

2."#

1.*

2.33

2.3

2.*#

2.33

'.##

Rarel%

2.##

2.#

2.33

2.6

2.61

2.6$

'.("

re*+entl%

Table - sho"s the overall !ean of state!ents under Pro/ects and Boos# Based on the result, students freuently allotting 8 of their allo"ance for photocopy has a co!posite !ean of +#:, having pro/ects or researches increases their allo"ance for pro/ects got a co!posite !ean of +#-# Allotting 8 of allo"ance for boos and spending 8= of their allo"ance for pro/ects both have a co!posite !ean of +#=8# And it?s rare "ith a co!posite !ean of +#;; that business students responded that their allo"ance "as enough to cover their pro/ects#

Table  Summary of +eighted &ean "ith 8erbal Interretation :Communications; V. COMM/NICATIONS

WEIGHTED MEAN

Composit e Mean


Page | 26


A. I allocate allocate 1&' o! my allowance !or communication expense. B. I register to text and call promos to maximi0e my load (udget. %. I used !ree data connection !or my messenger applicationrather than loading. ). I only spend !or communication- i! it is !or emergency or needed. +. I su(scri(e to monthly plan that suit to my pre!erence o! usage.

BSA

BSAT SAT

MA

HRD M

!M

MM

2.1*

2.2

2.5

2.*

2.33

2.5

'.##

Rarel%

2.*#

3.#

3.25

3."

2.$"

2.$"

.")

re*+entl%

3.5

3

3.25

3.2

3

3.&6

."$

re*+entl%

3.3#

2.$

2.*2

2.*

2."3

3.&6

'.&)

re*+entl%

1.31

1.*

2

1.#

1.$"

1."3

".$-

Rarel%

Table > illustrates the overall !ean of state!ents under Co!!unications# 9ith a co!posite !ean of :#8>, business students used free data of !essaging applications rather than loading# *e&t, having a co!posite !ean of :#8-, the respondents register to te&t and call pro!os to !a&i!i6e their load budget# The co!posite !ean for the state!ent that students only spend for co!!unication of it is for e!ergency purposes "as +#-# 3aving a co!posite !ean of +#;;, the respondents allocate 8 of their allo"ance for co!!unication e&pense# 5astly, "ith a co!posite !ean of 8#> students subscribe to !onthly plan that suit their preference of usage#

Table 2 Summary of +eighted &ean "ith 8erbal Interretation :Sa*ings;

Page | 27


WEIGHTED MEAN VI. SAV S AVINGS INGS A. I allocate allocate 1&,2&' o! my allowance !or savings. B. I join in ease,up system or paluwagan. %. I lend part o! my allowance rather than spending it. ). I open (an account or have a treasure (ox where I can deposit my savings. +. I save money !or emergency purposes or just in case I might need extra money.

Composite Mean


BSA

BSAT SAT

MA

HRD M

!M

MM MM

3.2"

3

2.*2

3.2

2.$2

3.33

.-,

re*+entl%

1.53

1.$

2.1$

1.5

2.22

2.&6

".,)

Rarel%

2.25

1.6

2.5

2.5

2.1$

2.3*

'.'#

Rarel%

2.##

2.*

2.6$

2.3

2.5

2.$"

'.)-

re*+entl%

3.3#

2."

3."3

3.#

3.11

3.3*

."

re*+entl%

Table  sho"s the overall !ean of state!ents under Savings# $etting the highest !ean of :#:8, respondents save !oney for e!ergency purposes or /ust in case of need# *e&t, "ith a co!posite !ean of :# "ere students allocating 81+ of their allo"ance for savings# 9ith an overall !ean of +#-, the respondents open ban account or have a treasure bo& "here they can deposit their savings# 5ending part of their allo"ance rather than spending it got a co!posite !ean of +#+; and "ith a co!posite !ean of 8#-, being the lo"est, students ans"ered that they /oin in ease1 up syste! or Kpalu"aganL# Kpalu"aganL#

Table < Summary of Comosite &ean er Program

Page | 28


Table  sho"s the co!posite !ean of each variable per progra!# Based on the table, it is rare for all the progra!s to include transportation in their budgeting practices# 2or Meal, all progra!s e&cept 5M students freuently budget their allo"ance for food and !eal# 5u&ury and 5eisure "as regularly included in the business students? allocation of budget# All respondents e&cept for 340M students students do practice practice budgetin budgetingg for Pro/ects Pro/ects and Boos# Business Business students students habituall habituallyy practiced practiced budgeting for Co!!unication and it is only the BSAT respondents "ho rarely practiced Savings#

CHAPTER /

Page | 29


Summary of !indings9 Conclusion9 Recommendations This chapter includes the results of the research and covers the findings, conclusion and reco!!endations reco!!endations of the researchers# Summary of !indings This study "as conducted to deter!ine the different budgeting practices of the College of Business Students# The researchers !ade use of descriptive !ethod and survey uestionnaires "ere disse!inated to gather data# The sa!ple "as co!posed of :+ BSA, 8 BSAT, 8+ 2MA, 8 340M, 8 5M and 8 MM students# There "ere si& )-. variables identified as the factors affecting the personal budgeting practices of students# The salient findings of the research "ere as follo"s( 8# 8#8

The pr profile of of th the st students in in te ter!s r!s of of Age 'f the respondents, ; "ere 81+8 yDo, ;+ of the! aged 8-18 yDo, and only 

aged ++ and above# 8#+ $ender The respondents "ere divided into - 2e!ales and :+ Males# 8#: Progra! The respondents in ter!s of progra! "as divided into :+ BSA students, 8 are MM and 5M students, 8+ are 2MA students, and only 8 are 340M and BSAT students#

8#;

fifth fif th years# 8#= Class schedule Page | 30


8#=

Ma/ority of the respondents have !orning classes# *o# of class da days pe per "ee 2or the nu!ber of class days, - have = days of class, 8+ have ; days of class,

+ have : days of class# 8#Allo"ance The result in ter!s of students? allo"ance, := of the respondents has :1-= for = days of class per "ee, +- has -=818 allo"ance for = days of class per "ee, +; has 8818= allo"ance for = days of class per "ee, - has -=818 allo"ance for ; days of class per "ee, ; has :1-= allo"ance for ; days of class per "ee, + has 8818= allo"ance for ; days of class per "ee, 8 has 8818= allo"ance for : days class per "ee, 8 has -=818 allo"ance for : days of class per "ee, and one of the! specifically disclose an allo"ance of + for = days of class per "ee# +# +#8

The The per perso sona nall bud budge getiting ng prac practitice cess of of CBE CBE stud studen ents ts as to7 to7 Transportation Based on the tables on Chapter ;, Transportation Transportation got an overall co!posite !ean of +#8+ for BSA, +#8 for BSAT, +#; for 2MA, +#+ for 340M, +#> for 5M and +#+; for MM# It can be deter!ined that Transportation "as the variable that "as rarely r arely included in business students personal budgeting#

+#+

Meal 9ith reference to Chapter ;, Meal has a co!posite !ean of +#- for BSA, +#=- for BSAT, +#>= for 2MA, +#= for 340M, +#; for 5M and +#>8 for MM# All progra!s e&cept the 5M students freuently budget for !eal#

+#:

5u&ury and 5eisure The co!posite !ean of 5u&ury and 5eisure per progra! "ere7 +#- for BSA, +#=; for BSAT, +#> for 2MA, +#+ for 340M, +#- for 5M and +#: for MM# This variable "as freuently included in the business students? allocation of allo"ance#

+#;

Pro/ects and Boos

Page | 31


Pro/ects and Boos has an overall co!posite !ean per progra! of +#>: for BSA, +#;+ for BSAT, +#== for 2MA, +#;+ for 340M, +#> for 5M and +#- for MM# All respondents e&cept for BSAT freuently include Pro/ects and Boos in the budgeting practices# +#=

Co!!unications The co!posite !ean for Co!!unications per progra!s "ere7 +#-- for BSA, +#-; for BSAT, +#> for 2MA, +#; for 340M, +#=; for 5M and +#-; for MM# All the respondents

agreed that they regularly practice allocating their allo"ance for Co!!unications# +#Savings Savings have an overall co!posite !ean of +#=> for BSA, +#; for BSAT, +#+ for 2MA, +#= for 340M, +#=; for 5M and +#> for MM# All progra!s e&cept BSAT freuently freuently saved !oney fro! their allo"ance# :#

Signif Significa icant nt differ differenc encee on on stud student ents? s? perso persona nall bud budget geting ing practi practices ces and and thei theirr prof profile ile@@ It can be deter!ined fro! the data gathered that there e&ists a significant difference on ho" students budget their allo"ance based on their profile# The level of preference they gave each factor varies# Clearly, the differences in the profile of the students have an i!portant effect on ho" students budget their allo"ance# In the tables on Chapter ;, it can be observed ho" freuently or rarely do they practice the state!ents under each variable#

Conclusions Based Based on the findin findings, gs, the the resea research rchers ers conclu concluded ded that for each each progra progra!, !, the level of preference in ter!s of the variables differed# This !eans that there is a significant difference in their personal budgeting practices# It can be due to the differences in their profile e#g# the a!ount of allo"ance and nu!ber of class days per "ee# It "as also deter!ined ho" freuently or rarely do they practice the state!ents under each variable in their personal budgeting# 2or BSA and 2MA students, they rarely allocate their allo"ance for Transportation "hile they freuently budget for the other variables# BSAT students rarely do budgeting for Transportation and Page | 32


Savings "hile freuently include the other variables in the allocation of their allo"ance# 340M students rarely include Transportation and Pro/ects and Boos in their budgeting "hile regularly include the other variables in their personal budgeting practice# 2or the 5M students, it "as rare for the! to practice budgeting for Transportation and Meal# It "as only Transportation that "as rarely included in the MM students personal budgeting# The only significant coherence in their allocation of allo"ance is for the transportation# All progra!s agreed that this variable ca!e last in ter!s of their spending# It sho"s that this "as the !ost insignificant variable for the business students# It can be due to !any factors such as living in a dor! or finding alternative routes to lessen their transportation e&pense# Another si!ilarity in their personal budgeting is in ter!s of 5u&ury and 5eisure and Co!!unications "ere all the respondents agreed that they freuently include these variables in their budgeting#

Recommendations According to the study, the researchers "ould lie to reco!!end that the students should continue to prioriti6e savings on their budgeting# A theory in econo!ics suggests that before inco!e "ould be available for consu!ption, savings !ust be taen out first# It?s actually applicable for business students so that they "on?t be spending ahead of their allo"ance# It?s i!portant to avoid overspending for things that "ere unnecessary lie the lu&ury and leisure# Prioriti6ation should be practiced in order to allocate allo"ance to those variables that really !atters# Students !ust understand the i!portance of proper budget planning to prepare the! to be

Page | 33


independent independent in the future# Also, "hat students? learned fro! this study "ould be beneficial for the! so they !ust be able to apply those learning on their daily lives# The researchers "ould also lie to reco!!end for college depart!ent to conduct a progra! or se!ina se!inars rs that that "ould "ould help help the stude students nts to develo developp their their sills sills and and no"le no"ledge dge in financ financial ial !anage!ent#

BIB'I5=RAPH> )*orvilitis, et al#, +-. 2oreign 5it )source7 "oney.usnews.co". "oney.usnews.co" . 2oreign Stud )source7 http7DD"""#aabri#co!D!an http7DD"""#aabri#co!D!anuscriptsD8->#pdf. uscriptsD8->#pdf. 5ocal 5it )source7 http7DD""" http7DD"""#philstar #philstar#co!Dca!pusDe&tra1curricula #co!Dca!pusDe&tra1curricular1 r1 activitiesD+8;D=D+-D8:+>=>Dbre activitiesD+8;D=D+-D8 :+>=>Dbreado"n1stude ado"n1students1allo"ance nts1allo"ance.. Page | 34


)source7https7DD"""#scribd#co!DdocD=8=;88DA10ESC4IPTIJE14ESEA4C31'*1A55'9A*CE1 )source7https7DD"""#scribd#co!DdocD=8=;88DA10ESC4IPTIJE14ESEA4C31'*1A55'9A*CE1

A*01B0$ET1'21SEC'*01
APPE4$I? Aendi( 1# Samle Sur*ey @uestionnaire "ith Co*er 'etter

Page | 35


Page | 36


Aendi( ,# Tally of 4o# of Class $ays and +eekly Allo"ance of Business Students er >ear and er Program

Page | 37


Aendi( -# 5*erall Tally of 4o# of Class $ays and +eekly Allo"ance of Business Students er Program

Page | 38


Aendi( .# Tally of Samle Poulation of Business Students by =ender

Aendi(

/# Tally of Samle Poulation of Business Students by Age

Page | 39


Aendi( 0# Sur*ey Tally of BSA Students "ith +eighted &ean

Page | 40


Aendi( # Sur*ey Tally of BSAT Students "ith +eighted &ean Page | 41


Aendi( 2# Sur*ey Tally of !&A Students "ith +eighted &ean

Page | 42


Aendi( <# Sur*ey Tally of HR$& Students "ith +eighted &ean Page | 43


Aendi( 16# Sur*ey Tally of '& Students "ith +eighted &ean

Page | 44


Aendi( 11# Sur*ey Tally of && Students "ith +eighted &ean

Page | 45


Page | 46

Personal-Budgeting Research Proper

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