For students, especially those in high school students will need financial management
skills in order to succeed even after they leave high school. Some students
have mastered financial management prior to entering high school by gaining an
understanding of budgeting skills through school or familial influences. Other
students may rely on parents to manage their money during high school years.
While some students may have mastered basic financial management, others may
graduate high school with lack of understanding on how to manage their
resources. 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 properly
handle their money, budgeting should be introduced. Budgeting is the managing
between expenses. It is process on how a person spends the money they earn or get. Creating a budget plan will
help a person to have enough money to spend on what they want or what they want
to do. It ensures that the person also have enough money on things that are
important to them. This budget plan will help a person avoid debt or to work
the person out of debt.
Commuting students is
the type of student who tend to have difficulty when it comes to managing their
daily expenses due to the factors that arise them on a daily basis. Commuting
students do have daily or weekly allowances but the fees that they pay in every
travel disrupts their financial plans so when other miscellaneous fees come,
these students do not have enough money to pay for it because they already
spent it on their travel alone.
Despite the importance
of the topic in the lives of high school students, limited studies has been
conducted on the financial management skills to students. The few studies
involving the financial management skills of students are only focused on money
management, credit card debt and student budgeting. Specifically, scholars have
discussed the development of the money management behaviors of high school
students. Programs to develop high school students’ money management and
behaviors have been established and evaluated.
Several researches have concluded
that college students possess a little knowledge about their finances. For
instance, students cannot explain on how they affect their affect their
finances. Other scholars have examined student budgeting behaviors and offered
recommendations on how to improve student budgeting skills. Some studies
suggested that most college students are unwise spenders with poor budgeting
behaviors who may need guidance in planning their budgets. Students could learn
from budgeting their expenses and income instead of relying on their parents or
other care providers to manage their finances.
In this study, the researchers will now try to cover
the budget managing ability of selected boarding and commuting students. This
study aims to enclose some gaps on the knowledge of budget managing conducted
in previous studies. The researchers will also use the knowledge from these
limited resources to cover the high school student’s budgeting management.