Holy Rosary College of Sta. Rosa Laguna, Inc.

Tagapo, City of Santa Rosa, Laguna

HIGH SCHOOL DEPARTMENT

School Year 2021-2022

Q4 Performance Task No. 2 – Managing Personal Finance

Case 1

Margaux is a senior high school student who is at the same time, an aspiring professional
photographer. In pursuing photography, Margaux would definitely incur some expenses. For
instance, a decent digital camera is a necessary tool for photographers. Margaux is having some
difficulties because she sees the need to have her own digital camera. However, Margaux came
from an average income family, whose earnings are just enough to support their family’s
necessities and a few leisure. Margaux has discussed the matter with her parents. The camera
would cost ₱35,000 and her parents said that it would be difficult on their part to purchase the
camera since it is not part of their anticipated expenses. Margaux understood the situation;
however, she is seeking some possible options that she can take so that she’ll be able to purchase
the camera, soon.

Margaux receives a weekly allowance of ₱1,000 from her parents. As of the moment, she has
saved a total of ₱10,000. Currently, she saves 20% of her weekly allowance and thus, Margaux
finds it necessary to adjust her current saving rate in order to raise sufficient funds to buy her
own camera. Margaux is also being offered a part-time job as an on-call photographer for a
studio, whenever there would be coverage of debuts and weddings. Margaux will be paid ₱1,500
per whole day coverage of an event. There are currently ten events that Margaux will be
covering if she accepts the offer. However, Margaux is worried because accepting the offer
would reduce her time for doing her school requirements. She is worried that accepting the job
might make things more difficult for her. Then again, if Margaux accepts the job, it will be easier
for her to raise the amount needed for her camera.

Help Margaux handle her personal finance problem. Evaluate which alternative, assess the pros
and cons of each choice. If you were on Margaux’ shoes, what would you do? Defend your
answer.

Personal Financial Planning Process:

Scenario: Margaux is a senior high school student and at the same time, an aspiring professional
photographer. She is planning to buy a decent digital camera for her photography career, but her
parents could afford for buying it because they could only provide for their necessities.

Step 1 Determine the current financial situation.

Sources of money:
 Holy Rosary College of Sta. Rosa Laguna, Inc.
Tagapo, City of Santa Rosa, Laguna

1. Allowance from parents – Php1,000

2. Personal savings – Php10,000

3. Part-time Job – Php1,500 multiplied by ten job coverage, it will be a total of

Php15,000 (if she accepted the offer)

Uses of money:

- To buy a decent digital camera for her professional photography career (Php35,000)

Step 2 Develop your financial goals.

GOAL: To buy a digital camera for a professional photography career without using her
parents’ money that is only good for their daily necessities.

Step 3 Identify your alternative courses of action

a. Savings from a weekly allowance

b. Part-time Job offers

Step 4 Evaluate your alternatives.

a. Savings from a weekly allowance (Php1,000)

Pros:

- Less effort to earn

- Weekly earnings

Cons:

- Can have future deductions for personal expenses

- Long-term saving

b. Part-time Job offers (Php35,000)

Pros:

- Additional source of income

- Increases work experience
- Improves photography skills

Cons:

- Less focus on studies

- Less time for schoolwork or assignments
- Struggle in school and work balance of time management
- Increased tiredness
 Holy Rosary College of Sta. Rosa Laguna, Inc.
Tagapo, City of Santa Rosa, Laguna

Comparing the Pros and Cons of two different alternatives, a weekly allowance is more
favorable.

Step 5 Create and implement a financial action plan.

1. Identify your target amount.

2. Estimate the timeline for saving your target amount

3. Monitor and list all your personal expenses.

3. Divide the amount for your personal expenses and savings.

4. Avoid unnecessary spending and focus on your goal.

5. Control yourself and be patient.

Step 6 Review and revise the financial plan.

1. Stick to saving money from your weekly allowance to have time for your studies.

2. Identify and calculate the total time to earn your desired amount of savings.

3. Look for other sources of income like having your own business (you can sell your
creations and decide on the time and schedules or orders) or getting commissions from
your creations (you can work at your own pace anytime).

Case 2

As an incoming college student, reflect on your personal finance goals. Through the help of your
parents, friends, and various media around you, prepare the following:

a. Three short-term goals;

1. As an incoming college student, since I don’t still have my own money or income, I
should monitor or track my spending to reduce unnecessary spending. That way, I could only
focus my money on spending for my daily expenses like transportation, food, et cetera.

2. While my parents still provide me with a daily allowance, it could be a good

opportunity to save money in advance. I think saving money from my daily allowance would
make a big contribution to savings. Having personal savings would help me to provide for my
personal needs on my own. It will also help to lessen the expenses in our family and to focus
only on school tuition fees and daily necessities.
 Holy Rosary College of Sta. Rosa Laguna, Inc.
Tagapo, City of Santa Rosa, Laguna

3. Based on my previous experience in junior high school, buying brand-new school

materials could be unnecessary. Buying brand-new things like books could be less convenient.
Sometimes, buying second-hand books could be more efficient and can help me temporarily save
a pretty amount of money.

b. Three long-term goals; and

1. Applying for a personal savings account is one of my long-term financial goals as an

incoming college student. Now that I have learned some things about investments and
experienced managing personal finances, I think that opening a personal savings account would
be helpful to secure my savings and can be beneficial in the future. I think opening a savings
account could be helpful for me once I enter college and once I established my own small
business.

2. Another financial goal that I want to do is to be able to pay for my school expenses
with my own money. As an incoming college student, I want to help my parents with my school
expenses like tuition fees and school materials. And to do that, I am thinking of having my own
small business so that I could provide money for myself. Although it could be risky or distract
me from my studies, I will try my best to balance my time between school and business.

3. Budgeting my allowance could also be considered a long-term financial goal for

students like me. It is cliché but it is also effective. If I already have long-term financial goals,
budgeting will be helpful and effective to achieve them. I will avoid unnecessary spending from
my savings or allowance.

c. Plan of action to achieve those goals

For me to achieve those goals, I certainly must lengthen my patience. Being patient is
helpful for me to avoid myself buying my wants or fancy items. Sometimes I get too impulsive
in buying things that I want and didn’t realize that the money I spent should have been saved and
used to buy more useful things. I think that patience is the most important key that would save
my money. Patience will drive me to be more disciplined and have more control over my
personal finances.

Case 3b

Jomar received ₱10,000 gifts when he graduated from high school. His parents want him to save
the money for college, but Jomar wants to buy new clothes, a watch, some CDs, and a video
game. He also needs new tires because the ones on his car are badly worn. Jomar asks you for
advice. How should he spend his graduation money?
 Holy Rosary College of Sta. Rosa Laguna, Inc.
Tagapo, City of Santa Rosa, Laguna

Personal Financial Planning Process:

Scenario: Jomar decides how he could save money from his graduation gift for college if he
wants to buy personal stuff and needs to repair his car.

Step 1 Determine the current financial situation.

Sources of money:

1. Graduation gift – Php10,000

Uses of money:

1. Savings for college

2. Buy personal stuff like new clothes, a watch, some CDs, and a Video Game

3. Buying a new tire for his car

Step 2 Develop your financial goals.

GOAL: Jomar must decide what are the things that he needs to buy first that would also
be beneficial for him to save the money for his college.

Step 3 Identify your alternative courses of action

a. Saving money for his college

b. Buying personal stuff (clothes, watch, CDs, video game)

c. Buying new tires

Step 4 Evaluate your alternatives.

a. Buying personal stuff (clothes, watch, CDs, video game)

Pros: (New Clothes and a watch)

- wearable for everyday appointments

- additional to style/makes you look presentable
- can be useful for college

Cons: (New Clothes and a watch)

- additional expenses
- price range
- additional on wardrobe

Pros: (CDs and Video games)

 Holy Rosary College of Sta. Rosa Laguna, Inc.
Tagapo, City of Santa Rosa, Laguna

- entertaining
- creates pleasure
- relieves stress
- additional for collectibles

Cons: (CDs and Video games)

- unnecessary spending
- reduces money for savings
- additional expense
- can be not useful for college

b. Buying new tires

Pros:

- will repair his car

- reduces transportation expense
- can be useful for college

Cons:

- can be sometimes prone to accidents

- additional expense for gas or fuel
- high maintenance
- unstable oil price

Comparing the Pros and Cons of two different alternatives, buying new tires for his car and just a
few clothes would be enough while saving a part of his money for college.

Step 5 Create and implement a financial action plan.

1. Divide the amount of money.

2. Save the half amount for college.

3. Purchase a new tire first to repair the car because it can be useful to save money for
transportation once you go to school

4. Buy a few clothes that are cheaper but can be wearable for a long time

Step 6 Review and revise the financial plan.

1. Divide the amount of money in half.

2. Purchase your needs first that will be useful for every day and for college.

3. Budget your money by looking for other items that are cheaper but are still in good
quality.