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Chapter 123
Chapter 123
Mag-aral ay di biro: Challenges and Ways in Budgeting the Allowance of the Students in
FSUCBI
JONATHAN F. GABAIS
TEACHER
DECEMBER 2022
CHAPTER 1
1.1 Introduction
In the Philippines, respective schools filed to offer and implement the Senior High School
program for their students. This is a program offers an additional two years of High School
Education. Students who do not create and stick to a reasonable budget run the risk of running
out of money before the end of the first semester or the end of the school year, Stollak (2011)
concluded that they had a hard time budgeting their allowance in order to buy the requirements
on other expenses related to their project. One of the responsibilities of a student is to manage
Novilitis et al., (2006), the more knowledge students have about their financial responsibility and
(Aquino et al.,2018) cited that, student budgeting refers to the management financial
expenses within the budget given to them. The major challenge that students face is the difficulty
to budget their expenses and save a proportional amount every time for contingent events since
most of students get their monthly allowance from their parents and are responsible for their own
expenditures. According to Stollak (2017) students are having difficult situations on how they
will budget their allowance in order to fulfill school requirements, their projects and other
expenses. Allowance is money that are given within time period (weekly, monthly, yearly)
sticking with a reasonable budget, In fact, Felipe (2011) stated that “A lot of the numbers of
students seem to want what was the “in” trend what people are doing or using “right now.
assigned budget (Singh et al.,2020). Several factors make the behavior of students dynamic and
different from each other. These factors can be technical as well as psychological and
controllable or uncontrollable. Budgeting has been part of the daily lives of people. It exists
anytime and anywhere, others have enough budget while others do not. Expenses of people also
differ based on their status in life. Students, having their weekly allowance, experience some
The value of education is rising, making its prospective economic return look less appealing
more ambiguous. However, it is important to highlight that the government now enforces free in
the Philippines, education. Although tuition is not the only expense associated with college,
students must understand the significance of their main choice in light of their weekly
allowances. While students can select their major in a number of ways, several considerations,
including as Expected financial returns on investment in education are becoming more and more
(Saifi and Mehmood, 2011) states that the effect of socioeconomic status on students’
performance result revealed that parents education, occupation and facilities at home affects the
student achievement. Many benefits for giving allowance to the children are teaching them
regarding to make a decision (limited money with unlimited needs), giving freedom and
responsibility while using money and they will learn the value from that money. Students then
wisely comes along on how to make a saving as well as budgeting. Allowance serves as salary
that you need to divide for expenses at school as well as the students’ needs. In addition,
according to Miriam Caldwell (2019), budgeting was one of the biggest keys to managing your
money, the misused of allowance can cause a light to a heavy risk and parents will also bear the
consequences. Godfrey (2013) that an allowance was not an entitlement or a salary. It was a tool
for teaching how to manage money. For avoiding the disadvantage and maximizing the
George Peters (2014), budget ought to influence decision making knowledge about how
to manage money like money literacy, an ability to control allowance like saving or
investigation, and skill for allocating money. These are needed to be done to control the
resources that are owned with the decision that is must be done. Several studies already show
connected to financial literacy, etc. However, some studies are not clearly enough to explain
what factors that can influence the allowance.” Almost all existing studies informally suggest
that consumers use budgets to manage self-control problems, often caused by present bias, which
interfere with their saving goals" (Thaler 2006, Ameriks et al. 2003, Antonides et al. 2011).
One strategy promotes streamlining the budgeting procedure and emphasizes budgeting's
planning issues in particular. The other advocates abandoning budgeting according by Hansen et
al. (2011) “Making a budget is the most important thing you can do to manage your money, but
many people are reluctant to take this beneficial step” (Miriam Caldwel 2022). The other is in
favor of doing away with the budget and focuses mainly on the issues with performance
evaluation.
Participants who were randomly assigned to spend money on others experienced greater
happiness than those assigned to spend money on themselves ( Dann, Aknin, Norton et al.). Lo
and Harvey (2014) added that over a longer period of time, this behavior leads to financial harm
The objective of this study is to determine those Senior High School Students of FSCUBI that
are facing a challenge on how they will manage their allowance and expenditures and to provide
them various effective strategies in order to overcome this issue which is “A Challenge on
1.2Conceptual Framework
Presented in Figure 1 was the research paradigm of the study. It shows the Demographic
name, age, grade level, and strand. These factors will be combined together with the process.
Survey questionnaire will be utilize in the process to find the result, it also
budgeting their allowances. Also, the ways will also be part gathered by the survey. Finally, the
outcome of the process will be the coping mechanism and strategies that the respondents used.
• Significant relationship between the allowance of the respondents and coping strategies
in Students
The purpose of this study is to determine the most efficient financial management
practices among students. The majority of students struggle with budgeting their allowances;
some have a tendency to do so while others do not. The goal of this study is to help students
understand the significance of having budgeting methods in their day-to-day financial
management. This study also enables parents to help their children budget the money they
provide them. During the academic year 2022–2023, this study was solely conducted at Father
Saturnino Urios College Bayugan Incorporated. In the study, a quantitative approach was
applied.
It examined Grade 11 students' assessments using a descriptive research design.
Students: The students will have a better understanding towards budgeting their allowance
effectively and efficiently. 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.
Parents: The parents will be able to guide/assists their children in studying the term
“budgeting.’’ 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.
Teacher: The teachers will be more aware about their students situation. This study has
significance to them, to know the allowance budgeting practices of the students regards to the
projects.
Youth: The youth, they will be more aware and conscious about budgeting skills.
Researchers: As a result, this research would serve as a starting point for obtaining information,
knowledge, and facts concerning the student's awareness of the impact of budgeting on students'
academic performance. Also, it enhances the students’ awareness 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.
The research study is limited and conducted only 100 students at Father Saturnino Urios
College of Bayugan Inc. This study will focus on the Challenges and ways of the students on
Budgeting their Allowance. Each of the respondents will be given a questionnaire to answer. The
proponents will only offer many questions like checklist, ranking, and rating questions to ensure
that the data collected is manageable. This is intended to evaluate and estimate the Father
Saturnino Urios College of Bayugan Inc. students and how they manage their allowance.
.6 Definition of Terms
for a specific purpose. In the context of children, parents may provide an allowance to their child
Budget: is a quantitative plan used as a tool for deciding which activities will be chosen for a
Budgeting: Budgeting is the process of creating a plan to spend your money. This spending
plan is called a budget. Creating this spending plan allows you to determine in advance whether
you will have enough money to do the things you need to do or would like to do.
Budgeting Skills: The ability of an individual to adopt a proactive approach towards managing
his own money. On how the student would budget their daily allowance.
success.
Expenses: the value for something to have to; the money that is paid on something.
Money is the most basic requirement of life, without which, one cannot fulfill their basic
needs and requirements of the daily routine. The importance of money is increasing day by day
as the living has become so costly (Archana 2017). Allowance refers to the money given to
students that shall be used for their daily needs and expenses given by their parents or guardian
(Galulu, et al., 2017). Budgeting on the other hand is characterized as a tool that encourages
students to plan and manage their cash assistance they received. Signh et al. (2020), assert that
student budgeting primarily refers to management of financial expenses within their assigned
budget. Financial literacy is not intended to complicate or curb people in enjoying life and using
the money they have, but rather with financial literacy, individuals or families can enjoy life by
using their financial resources appropriately to achieve their personal financial goals (Stolper &
Walter, 2017).
According to Felipe (2007) he stated that “A lot of the numbers of students seems to
wants what is the “in” trend , what people are doing or using “right now”. Most teens will
usually have one or two sources of income, either allowance from their parents or a job. The
answer to this question isn’t found by looking at the income of the family or social status, it’s
more a way of living and rearing that the parents have given their children”. Another study
Tempo (2010) he mentioned that “Students have the tendency to spend their allowances on their
recreational activities such as renting a computer unit for fun and games, buying items at the
shopping mall, and spending money for the peers. Teens are active consumers in terms of the
money they spend, as well as in the influence they wield in their families and on societal trends.
As a students that uses money everyday should be responsible on how much money we
spend in our daily lives. We should remember how to budget our allowance or better yet we
should be thrifty enough so that in a way we’ll be able to help our parents. We should have self -
awareness. Giving allowances is not just for teens financial purposes only but yet it is for variety
of ways.
financial management behavior. The higher the level of financial literacy, the behavior of
personal financial management will also be better. Conversely, if the lower level of student
financial literacy, then the level of personal financial management is also getting worse. Manju
(2016), express that having a little hold on your cash expenses and controlling your spending
amount is not only a good habit but also contributes to financial success which is very important
in future. Since youth plays a lot more important role in our country, it is therefore important to
management that covers all aspects of operations for a designated time period. The budget is a
tool providing targets and direction. Budgets provide control over the immediate environment,
help to master the financial aspects of the job and department, and solve problems before they
occur. Budgets focus on the importance of evaluating alternative actions before decisions
actually are implemented. Better budgets can boost your department and your career to higher
Budgeting is characterized as a tool that encourages students to plan and manage their
cash assistance they received. Having lack of experience might be hard for college students to
budget their allowance on their own. Signh et al. (2020), assert that student budgeting primarily
refers to management of financial expenses within their assigned budget. A budget standard
indicates how much a particular family living in a particular place at a particular time needs to
Budgeting in developing countries may be divided into two main areas, the first
concerned with the application of program and performance budgeting to individual countries,
and the second with analysis of comparative budget systems. Program and performance
budgeting remains a dominant prescription despite its questionable record in practice. While
there are several useful descriptive studies in practice. While there are several useful descriptive
studies of budgeting these there are insufficient for purposes of generalization and further
research is needed to explore specific areas in depth, construct comparative frameworks, evaluate
budgetary capacity, clarify assumptions, and utilize insight from related areas of study (Chris
Deal University of Oregon, 2014). Budgets have long been the dominant instrument for
The school budgeting process factors into the financial stability of a district, that
ultimately impacts academic achievement. Best practices as defined by methods that allow for
greater transparency, cost effectiveness, and overall success in the passing of school budgets.
School funding is an important facet regarding how resources are ultimately provided within the
classroom and indirectly may have a major impact on student learning (Valdimer O Key
In a study conducted by Mone a, J., Tuñacao, M. (2020) most of its most of the students
receive their allowance in a daily basis. The allowances are used for their everyday consumption
and to be used for daily needs in school. The students appear to have a peaceful thoughts of their
financial lifestyles due to meeting financial duties with much less level of debt. For the
remaining money they have they can buy something for their love ones and save money for
future use. The budgeting technique that the students used is a proportional type of budgeting as
levels of motivation and an increased aversion to work. The 2000 JumpStart National Survey had
found that less than half of American high school seniors reported having received a regular
allowance when growing up. Thirty five point three percent(35.3%) received an allowance based
on chores and 10.5 % received an unconditional allowance. The savings habit was clearly
learned at home but didn’t relate to the size of the allowance. English scholars Sonuga-Barke &
Webley, interviewed parents in England in 1993 and found that a “surprisingly large number do
not make any concerted effort to ‘train’ their children in the management of money.” They felt
that this may account for the weak relationships between parents’ attitudes and values and their
attempts at economic education of their children. Thus the economic socializing power of parents
may depend primarily on the explicit rules they set regarding allowances and the adolescents’
agreement and understanding of these rules. In Australia, Warton & Goodnow, found in 1995
that adolescents saw household work more as a mechanism to earn pocket money in contrast to
adults, who saw their purpose significantly more as a way to learn that everyone has to do their
CHAPTER 3
RESEARCH METHODOLOGY
The purpose of the study is to determine the allowance and the use of money management
practices of the students of Father Saturnino Urios College of Bayugan Inc. The objectives of
this chapter is to describe the research methodology of this study. explain the sample selection
and describe the procedure used in designing the instrument and collecting data.
I. Research Method
In order to gather the necessary data, the researchers used quantitative method . It
includes techniques that are used to summarize and describe numerical data for the purpose of
easier interpretation .
The respondents of this study is the Senior High school students of Father Saturnino
of the students of Father Saturnino College of Bayugan Inc. And serves as the main tool of gathering
the data. It was designed to know how much the allowance of the respondents is in general,
how and where they spend it to and how they budget it.
Senior High school students of Father Saturnino College of Bayugan Inc. After collecting the
data the researchers will tabulate and interpret the following information through the use of
statistical tools.