BUDGET MANAGEMENT PRACTICES AMONG THE

SENIOR
STUDENTS OF SAN JOSE TECHNICAL HIGH
SCHOOL
Budget Management is a spending plan based on income and
expenses, in other words, it is an estimate of how much
money you will make and spend over a certain period of time such
as a year, month. The purpose of a budget is to plan,
organize, track and improve your financial
situation.
According to Ryerson(2014) a budget is a plan that shows all your
monthly cash inflows and outflows. It is as napshot of what you
have
and what you expect/plan to spend, helping you identify your
15spending and savings habits and achieve your financial goals.
Financial management practice is referred to the individuals’
behavior and perception on how well they
manage their finances. The factors that influence
young people in their budget management practice are age,
personality traits and knowledge (Norvilitis, Merwin, Osberg,
Roehling, Young and Kamas, 2006). Students are important
group that needs to be highlighted because they have less
finance management practices (Komal, Garima, Manju and
Sudesh,
2017).
Business dictionary.com (2012) describes financial management
as
planning, directing, monitoring, organizing and
controlling of the monetary resources of an
organization.FreeMBA.in
(2012) defines financial management as a specialized function of
general management which is
related to the procurement of finance and its effective utilization
for
the achievement of common goal of the
organization.
The poor knowledge about budgeting skills and spending
money was one of the problems for parents, society in generalas
well
as for the students.
Many students are facing hard financial times. Poor budget
management also happened to students who do not have
discipline in their budgeting and spending money. they fail
to do the management and flow their money. They do not
have the skill to manage their own money. Students make
decisions on how to budget their money rather than spend it
on their daily needs for academic purposes. Decision making
can help students to budget and manage their money or allowance.
In Tasmania, the financial problem in this report refers to
the difficulties faced by international students to maintain
their basic expenditure (books, accomodation, transportation
, food etc.) due to insufficient financial resources. This may
be caused by their poor money management, lack of money
and support as well as inappriopriate spending habits.
According to Joe (2008) consequently, financial management
is mainly concerned with effective fund management. In line
with this, effective financial management behavior should
improve financial well-being positively and failure to
manage personal finances can lead to serious long term,
negative social and societal
consequences.
The area of study is Northern Samar in San Jose technical
High school. The study used the survey approach. The
primary source was the administration of questionnaires to
the respondents and students of the selected schools.
In San Jose Technical High School, Students may have
already come across problems on their Financial, Budget
Managing.
This study aims to know the relationship between budgeting
management practices among senior high students in San Jose
technical high school. The researchers conducted this study to
provide information that can benefit the respondents and
students in improving their budget management practices.
Knowing budgeting may be good for the students as they can
be more responsible in how they spend their money.