For students, especially those in high school students will need financial managementskills in order to succeed even after they leave high school.
Some studentshave mastered financial management prior to entering high school by gaining anunderstanding of budgeting skills through school or familial influences. Otherstudents may rely on parents to manage their money during high school years.While some students may have mastered basic financial management, others maygraduate high school with lack of understanding on how to manage theirresources. Regardless of their degree of expertise in financial management,many high school students may have limited experience handling their money. In order for students to properlyhandle their money, budgeting should be introduced. Budgeting is the managingbetween expenses. It is process on how a person spends the money they earn or get.
Creating a budget plan willhelp a person to have enough money to spend on what they want or what they wantto do. It ensures that the person also have enough money on things that areimportant to them. This budget plan will help a person avoid debt or to workthe person out of debt. Commuting students isthe type of student who tend to have difficulty when it comes to managing theirdaily expenses due to the factors that arise them on a daily basis. Commutingstudents do have daily or weekly allowances but the fees that they pay in everytravel disrupts their financial plans so when other miscellaneous fees come,these students do not have enough money to pay for it because they alreadyspent it on their travel alone. Despite the importanceof the topic in the lives of high school students, limited studies has beenconducted on the financial management skills to students. The few studiesinvolving the financial management skills of students are only focused on moneymanagement, credit card debt and student budgeting.
Specifically, scholars havediscussed the development of the money management behaviors of high schoolstudents. Programs to develop high school students’ money management andbehaviors have been established and evaluated. Several researches have concludedthat college students possess a little knowledge about their finances. Forinstance, students cannot explain on how they affect their affect theirfinances. Other scholars have examined student budgeting behaviors and offeredrecommendations on how to improve student budgeting skills. Some studiessuggested that most college students are unwise spenders with poor budgetingbehaviors who may need guidance in planning their budgets. Students could learnfrom budgeting their expenses and income instead of relying on their parents orother care providers to manage their finances.
In this study, the researchers will now try to coverthe budget managing ability of selected boarding and commuting students. Thisstudy aims to enclose some gaps on the knowledge of budget managing conductedin previous studies. The researchers will also use the knowledge from theselimited resources to cover the high school student’s budgeting management.