CHAPTER 1
INTRODUCTION
Going to Senior High School is an important part of any person's life. It is
probably the first time students get to experience independence. Being independent is
both a privilege and responsibility. To be a responsible student isn't something that can
be achieve overnight. It needs to be put in mind and be an attitude. One of these
responsibilities is managing their allowance (Kazmier, 2004). One of the challenges that
every student encounter is to manage the money their parents provide them. Many
students are having a hard time in terms of budgeting their allowances. Money as one
of the main necessity plays a significant role in every student to survive Senior High
School (Babbie, 1997 ).
Students on the other hand, learn to save their allowance as they grow and meet
different requirements in school as well as things they want to buy for their own.
Budgeting is one of the practical skills that come in useful for them (Norvilitis, et al.,
2006). It helps them to attain a better understanding of financial matters that would
become handful in their future. The manner in which the students manage their money
depends on their daily needs; somehow it changes due to some factors. Students have
their personal needs, and through this study we will know how and where they generally
spend their money. The more knowledge students have about their financial
responsibility and status the less likely they are to be in debt (Norvilitis, et al., 2006).
According to study women are more likely to report having a budget than men
(Norvilitis, et al., 2006). Allowance is a necessity for every student (Micomonaco,
2003 ). It is a means of survival. It can also help students be financially responsible.
Being essential, it just is right to state that students shall be able to budget their
allowance appropriately. The problem is how to do it. Doing so isn't easy since students
need to manage their allowance between their needs and wants. Also some only have a
limited amount of money. Proper budgeting is important. If done responsibly, it can give
both the students' needs and wants.
Due to factors that can affect budgeting, there exists a difference on planning a
budget. The manner in which senior high school students manage their money is based
on several factors such as age, personality traits, and knowledge (Gordon, 2010 ). This
is the main focus of the study - the personal budgeting practices of students. To assess
if the students possess financial management skill. To know how they manage their
finances and the impact of the variables to their personal budgeting practices.
This study focused on the students of Grade 12 TVL Senior High School of the
King Thomas Learning Academy in doing their budget daily. This study will also benefit
the students as well as helping them to improve their budget planning, make a
recommendation based on the respondents what are the best thing to do in budgeting
their allowances and also the things that they need to change in their budget planning.
The main purpose of this study is to find answers from the respondents as to how
and where they spend their money every day. Budget as the main subject of this study
will focus on the proper allocation of allowances of every student in order for them to
properly utilize their daily, weekly or even monthly allowances. Of course budgeting will
be different depending upon the student. Budgeting will be more crucial most especially
if the student is living in a dormitory wherein he himself is the master budget of his daily
needs.
Statement of the Problem
The objective of this study is to determine the personal budgeting practices of
Grade 12 TVL student's of King Thomas Learning Academy. It aimed to answer the
following sub-problems:
1. What is the profile of the students in terms of:
1.1 Age
1.2 Gender
1.3 Year level
1.4 Class schedule
1.5 No. of class days per week
1.6 Allowance
2. What are the personal budgeting practices of Grade 12-TVL students as to:
2.1 Transportation
2.2 Food
2.3 Luxury and Leisure
2.4 Projects and Books
2.5 Communication
2.6 Savings
3. Is there a significant difference on students’ personal budgeting practices and their
profile?
Objective of the Study
This study sought to:
1. Describe the profile of the students in terms of:
1.1 Age
1.2 Gender
1.3 Year Level
1.4 Class Schedule
1.5 No. of class days per week
1.6 Allowance
2. Determine the personal budgeting practices of Grade 12-TVL students as to:
2.1 Transportation
2.2 Food
2.3 Luxury and Leisure
2.4 Projects and Books
2.5 Communication
2.6 Savings
3. Assess the significant difference on students’ personal budgeting practices and their
profile.
Scope and Delimitation
The research study is limited and conducted only 25 students at King Thomas
Learning Academy in the 1st semester of school year 2022-2023. The respondents of
the study are from the from TVL Senior High School grade 12 since they have the
knowledge in budgeting. Each of the respondents will be given a questionnaire to
answer. In order to assure the manageability of the collected data, the proponents will
only provide multiple questions like, checklist, ranking and rating question. This is used
to assess and estimate the amount of money of TVL Senior High School students on
where and how they spend their money and how they manage their finances.
Significance of the Study
According to Merriam-Webster Dictionary, budgeting is an amount of money
available for spending that is based on a plan for how it will be spend and allowance is
an amount of something that is allowed o available. If we connect these two words, it
would mean, spending the available money within a plan. This research focuses on the
significance of different point of view of the users such as the students, the parents, the
administration, teachers and the researchers.
For the students, some of the senior high school students are free from home
and mostly they are living on a budget, others are living without worrying their
allowances running out because they have enough to survive and the worst case are
those students who simply getting themselves into a cycle of debt by each other mean.
This is where the significance of allowance budgeting practices exists, to know; means
to survive within daily allowance, ways to avoid over spending and having debt,
allowance budgeting practices that they do; suit to their lifestyle and live within their
means.
For the parents, parents has different opinions about giving allowance to their
children, because they believe that they should provide the needs of their children and
also believe that giving their children allowance is a good way to teach them on their
financial responsibility. This research will give them idea on the amount of money they
will allocate to their children and to monitor, on how their children spend their
allowances in the different variables given.
To the Administration, the school is the second home of the students and most
of them spend their entire day in school. Through this research, the school
administration will be informed and have idea on how they will formulate the class
schedule of the students, that is one of the significant variables given, that affects the
allowance budgeting practices of the students.
To the Teachers, one of the variables given is the project that is usually given by
the teachers. This study has significance to them, to know the allowance budgeting
practices of the students regards to the projects. The sum that the students give up or
practices that they set aside, enabling them to comply.
To the Researches, we, the researcher, the study itself is significant to us, not
only, it is required for us to conduct but also it give us the awareness and a chance to
inform the users of the research, on how the variable; Transportation, Meal, Luxury, and
Projects affect the students on their allowance budgeting practices. Also, it enhances
the students’ awareness as to the importance of planning a budget. They say the key is
financial success is to be well aware of how to spend your money.
