Subject: Household Resource Management
Name/s:
Angel Marie Saquing
Barbie Shane Laddran
Grace Liaban
Erisa Mabazza
“Student Budgeting skills: Interview on Personal Budgeting Habits”
Questions:
1. What are your main sources of income?
2. How do you typically manage your money each month? Do you use a budget, a
spreadsheet, or another method to track your income and expenses?
3. What are your biggest expenses as a student?
4. Do you have any strategies for saving money as a student? What are your saving
goals, if any (e.g., textbooks, travel, emergency fund)?
5. Have you ever had to adjust your budget due to unexpected expenses? How did you
handle that situation?
6. What's one thing you wish you knew about managing money when you first started
college?
Interviewee: 6 Students
Output:
1. What are your main sources of income?
● allowance and scholarship
● my daily allowance and scholarship
● allowance, tutoring, multiple scholar
● Allowance and scholarship
● allowance
● Allowance and scholarship
2. How do you typically manage your money each month? Do you use a budget, a
spreadsheet, or another method to track your income and expenses?
● using traditional method
● nothing
● monthly allowance, taking notes every expenses-smallest to largest amount
● Traditional method
● I manage my money by using online bank so i can reserve my fund and carefully
manage my money
● manage by weekly, i do not have techniques, relying on specific amount of money on
specific week.
3. What are your biggest expenses as a student?
● Foods
● Food
● Meal, travel expenses, personal necessities, treating self and projects
● Boarding house
● Projects
● Meals/foods, academic requirement
4. Do you have any strategies for saving money as a student? What are your saving goals,
if any (e.g., textbooks, travel, emergency fund)?
● Nothing
● Saving money
● Bank Account
● By storing my money in g-cash, so i will not get temp to spend it
● Budgeted already
5. Have you ever had to deal with unexpected costs or a change in your income? How did
you manage to work through that?
● Projects, by saving money
● Nothing
● Manage by savings
● Academic need by saving money
● I limit my daily expenses so i will have allowance in the next day
● Cutting of meal for academic needs
6. What's one thing you wish you knew about managing money before you started
college/university?
● I wish i could learn how to manage or budget my own money
● I wish I knew about the different methods in budgeting before.
● Saving more
● I wish I learned how to budget money since college is quite expensive.
● I wish that I had known sooner how to use budget methods.
● College is expensive, I wish that I had known how to budget my money.
I. Introduction
This report presents the findings from a series of interviews conducted with students
regarding their approaches to personal finance management. The interviews explored
various aspects of their financial lives, including income sources, budgeting methods, major
expenses, saving strategies, experiences with unexpected costs, and reflections on their
financial knowledge. The aim is to identify patterns and trends in student financial behavior
and offer insights into potential areas for improvement. The data collected provides a
valuable snapshot of the financial realities faced by students and highlights the need for
improved financial literacy.
II. Interview Summary
The interviews revealed a diverse range of financial practices among students. The
primary sources of income were predominantly allowances and scholarships, with some
students supplementing their income through tutoring. Methods of managing money varied
significantly, ranging from informal "traditional methods" (e.g., tracking expenses manually)
to utilizing online banking platforms for better fund reservation. Several students reported
using a weekly budget rather than a monthly one. The most significant expenses
consistently cited were food, academic requirements (including textbooks and projects), and
transportation. Saving strategies were less consistent, with some students utilizing savings
accounts or digital wallets (like G-cash) to curb impulsive spending, while others lacked
structured saving plans. Experiences with unexpected costs, often related to academic
projects or unforeseen expenses, were generally managed through existing savings or by
temporarily reducing daily spending. A recurring theme among the students was a wish for
earlier exposure to and better understanding of budgeting techniques, emphasizing the need
for enhanced financial literacy programs.
III. Patterns or tends observed
Several key patterns emerged from the interviews. First, a significant number of
students relied heavily on allowances and scholarships as their primary income source,
indicating a potential vulnerability to income fluctuations. Second, there was a notable lack
of consistent and formalized budgeting practices, with many students relying on informal
methods or lacking any structured approach. This lack of formal budgeting may contribute to
difficulties in managing unexpected expenses. Third, food and academic-related expenses
consistently ranked as the highest expenses, highlighting the significant financial burden
associated with higher education. Fourth, while some students demonstrated proactive
saving behaviors, a significant portion lacked structured saving plans or clear saving goals,
suggesting a need for improved financial literacy. Finally, the consistent expression of regret
for not learning budgeting techniques earlier underscores the importance of early financial
education.
IV. Reflections or Insights
The interviews highlight the need for improved financial literacy among students.
Many students lack the knowledge and skills to effectively manage their finances, leading to
potential financial instability. The lack of structured budgeting, coupled with the high cost of
education and the potential for unexpected expenses, creates a challenging financial
landscape for students. This study suggests several areas for intervention. Firstly,
educational institutions should integrate comprehensive financial literacy programs into their
curricula. These programs should not only cover budgeting and saving but also explore
topics such as debt management, investing, and long-term financial planning. Secondly,
access to financial counseling and resources should be readily available to students. Finally,
promoting awareness of available financial aid and scholarship opportunities can alleviate
some of the financial pressures faced by students. By addressing these issues, we can
better equip students with the financial knowledge and skills necessary to navigate the
challenges of higher education and beyond. The findings of this report underscore the
importance of proactive financial planning and the need for continuous improvement in
financial literacy initiatives to support students' financial well-being.
V. Documentation
