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BUDGETING BEHAVIOR AND EXPENSE PRIORITIES OF COLLEGE

STUDENTS STAYING IN DORMITORIES IN SELECTED
AREAS OF CAVITE

Undergraduate Thesis Proposal

Submitted to the Faculty of the
College of Economics, Management and Development Studies
Cavite State University
Indang, Cavite

In partial fulfillment
of the requirements for the degree
Bachelor of Science in Financial Management

BENEDICT P. CREENCIA
REGINE S. DADOR
ANGELHYNNE JHOYCE A. DE LARA
JIRO E. GAMMAD
JEREMIE S. MASAMOC
JEANMAR C. PERIDA
August 2024
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BUDGETING BEHAVIOR AND EXPENSE PRIORITIES OF COLLEGE

STUDENTS STAYING IN DORMITORIES IN SELECTED
AREAS OF CAVITE

Benedict P. Creencia
Regine S. Dador
Angelhynne Joyce A. De Lara
Jiro E. Gammad
Jeremie S. Masamoc
Jeanmar C. Perida

An undergraduate thesis proposal submitted to the faculty of the Department of

Management, College of Economics, Management and Development Studies,
Cavite State University, Indang, Cavite. In partial fulfillment of the requirements for
the degree Of Bachelor of Science in Business Management with Contribution No.
. Prepared under the supervision of Prof. Rowena R. Noceda.

INTRODUCTION

A fresh start, after more than 2 years of the pandemic and distance learning

set-ups in education, a new school year has begun.

Colleges and universities have been compelled by the COVID-19 pandemic

to adopt a "new normal" of education, with many institutions switching to wholly

online, in-face setups or hybrid learning approaches. Implementing a new system,

new beginnings, and a few adjustments encourage students to abide (Hew, Jia,

Gonda, & Bai, 2020).

Before the school year starts, many looks for places to stay, especially those

who live far from the University. Many students tend to look for dormitories and

apartments to serve as temporary replacement for their homes and serve as a mirror

of their home environment. These must cater to the needs of students and their

parents while also meeting the demands of their social lives (Hill, as cited by Dizaj &
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Khanghahi, 2021).

University students, residing in dormitories face unique challenges in

managing their finances due to increased independence and exposure to novel

spending patterns. Recent studies have highlighted the financial struggles faced by

dormitory residing college students, leading to concerns about their long-term

financial stability and overall well-being (Perman, 2019). With this independent setup,

students are now tasked to live on their own, manage their own time as well as their

finances, especially their budgeting behavior. Parallel to the study of Phung (2023),

the phrase "budgeting behavior" pertains to the way individuals or organizations plan,

manage, and control their finances and allocate their resources to meet their financial

goals. Moreover, according to Xiao and O'Neill (2018), it is a desirable financial

activity that shows a consumer's financial capacity. The students' spending habits are

influenced by several things; technical, psychological, and controllable or

uncontrollable elements can all play a role in these parameters (Saumya et al.,

2020). Additionally, the corporations' sophisticated marketing techniques have

encouraged students to spend extravagantly on both wants and needs. However,

when the pandemic upsets the economy and popular priorities, many students start

to pay more attention on their spending. Priorities for student spending have

significantly shifted since the outbreak, as evidenced by the fact that they now

allocate their funds differently than they did before the pandemic (Gu, et al, 2021).

On the other hand, the term “expense priorities” as stated by Caldwell, 2022

are mainly the most important expenses which receive relatively the highest cost

from all other expenses being considered. However, priorities may change over time

and can vary depending on specific circumstances, economic conditions, and

personal or organizational goals. Also, it refers to the most important expenses or

investments that need to be made before others (Stobierski, 2019). According to

Ruha (2023), student expense priorities often include more money spent on food,

entertainment, electronic gadgets, and personal care products. Teenagers frequently

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spend money on clothing, music, movies, and video games. While many college

students spend money on these similar goods, their spending for this group of

students is frequently higher. However, college students' spending habits varied

slightly. Clothing and entertainment are significant costs for this generation of people.

Food, on the other hand, is one of the most expensive expenses for college students

(Garcia-Santillan, 2019). Even when meals are given in the dorms, many college

students spend money on snacks, beer, and other beverages. Meeting with friends in

coffee shops, bars, and restaurants on a frequent basis tends to raise college

students' food and beverage spending.

For many students, living on campus plays a significant role in the college

experience. There are several alternatives available when it comes to selecting a

place to live while attending school, ranging from on-campus dorms to off-campus

flats. According to the statistics of Gitnux (2023), college students typically live in

apartments, boarding houses, and dorms. 60% of college students live off-campus in

a variety of accommodations, compared to an average of 40% who live on campus.

In recent years, research on budgeting behavior and expense priorities has

gained traction, revealing insightful patterns in various demographic groups.

However, the specific context of dormitory living among college students has

received comparatively less attention. Exploring the intricacies of this population's

budgeting behavior becomes all the more relevant considering the unique demands

and constraints they face.

Thus, this study endeavors to shed light on the budgeting behavior and

expense priorities of college students staying in dormitories and identify its significant

relationship and difference to each variable.

Statement of the Problem

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This research aims to explore the budgeting behavior and expense priorities

of college students staying in dormitories in selected areas of Cavite. Specifically,

this paper seeks to answer the following questions:

1. What is the demographic profile of college students staying in dormitories in

terms of?

a. Age

b. Sex

c. School

d. Course

e. Estimated Monthly Allowance

2. What are the expense priorities of students staying in dormitories?

3. What is the budgeting behavior of students staying in dormitories?

4. Is there a significant relationship between the budgeting behavior and expense

priorities of students staying in dormitories?

5. Is there a significant difference in the budgeting behavior of the students when

grouped according to their demographic profile?

6. Is there a significant difference in the expense priorities of the students when

grouped according to their demographic profile?

Objectives of the Study

The purpose of this study is to determine the budgeting behavior and

expenses priorities of college students staying in dormitories in selected areas of

Cavite. Specifically, the objectives of this paper are the following:

1. describe the demographic profile of college students staying in dormitories in

selected areas of Cavite in terms of;

a. Age

b. Sex

c. School
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d. Course

e. Estimated Allowance

2. determine the expense priorities of students staying in dormitories;

3. describe the budgeting behavior of students staying in dormitories;

4. determine the relationship of budgeting behavior and expense priorities;

5. determine the significant difference in the budgeting behavior of the students

when grouped according to their demographic profile; and

6. determine the significant difference in the expense priorities of the students

when grouped according to their demographic profile.

Theoretical Framework

The theory of personal budgeting demonstrates that the adoption of good-

specific budgets is determined by a combination of a desire for commitment and a

desire for flexibility caused by uncertainty about intratemporal trade-offs between

goods. It describes the subtle mechanism that makes budgets valuable

commitments, how they interact with minimum-savings regulations (another well-

studied type of commitment), and how budgeting is affected by the level of self-

control difficulties. Several empirical data on personal budgeting corroborate this

notion. Hence, this also shows that good-specific budgets are not free, and they are

only employed by consumers who are weakly biased and ex-ante unclear about their

intratemporal trade-offs between goods. Those with strong biases or who do not

confront such uncertainty choose to depend only on a minimum-savings criterion

(Galperti, 2016).

In addition, the theory of personal budgeting also discusses the optimal

budgeting plans which reveals that because of the current bias, the doer tends to

consistently overspend on consumption while under saving from the planner's

perspective. The planner would wish to keep these deviations from the ideal

allocation to a minimum. As a result, it may appear obvious that individuals always

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establish a savings floor as well as good-specific budgets. Besides, when it comes to

consuming various commodities, more commitment tools are usually beneficial. The

planner can limit total consumption expenditures, whereas individual budgets can

limit spending on an item-by-item basis. Moreover, the consumption-savings model

has four basis which includes the allocations, preferences and information,

commitment plans and timing (Galperti, 2016). Thus, this theory will be used in this

study since it focuses about the personal budgeting of individuals. In addition, this

theory will serve as a guide for the researcher in formulating the research instrument

as well as an overall steer for this study.

As mentioned above, theoretical foundations of the theory of personal

budgeting can be found in several academic papers, including "A Theory of Personal

Budgeting" by Galperti. This theory explains the link between budgeting and self-

control problems in consumption-saving decisions, and shows that the use of good-

specific budgets depends on the combination of a demand for commitment and the

demand for flexibility resulting from uncertainty about intratemporal trade-offs

between goods. The theory also explains the mechanism that makes budgets useful

commitments, their interaction with minimum-savings rules, and how budgeting

depends on the intensity of self-control problems

Empirical foundations of the theory of personal budgeting can also be found

in several academic papers, including those cited above. These papers analyze the

link between budgeting and self-control problems, and show that personal budgets

are often used to manage these problems.

The theory of personal budgeting is rooted in both theoretical concepts and

empirical research from various fields such as economics, psychology, and

consumer behavior. The theory revolves around the idea that individuals and

households allocate their financial resources to different categories of spending,

savings, and investments based on their income, preferences, goals, and

constraints (Galperti, S., 2019).

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In line with this, another article from ‌Galperti, S. (2017) stated that this theory

provides insights into the subtle forces that underlie a widely observed phenomenon.

This phenomenon has profound effects on consumer behavior because it affects

demand differently from satiation and income effects and significantly increases

household wealth. The idea is consistent with empirical data, such as the fact that

budgets are frequently established for items that are typically not considered to be

alluring, part of the expense priorities and that only persons with minimal present bias

appear to utilize budgets.

To strengthen the indicators of the hypotheses of the study, the theoretical

and empirical foundations of the theory of personal budgeting can be used to provide

a framework for understanding the relationship between budgeting behavior and

expense priorities of students staying in dormitories, as well as the differences in

budgeting behavior and expense priorities among students with different

demographic profiles (Galperti, S. 2019). Specifically, the theory of personal

budgeting can be used to explain why students may use budgets to manage self-

control problems related to their expense priorities, and how these budgets may differ

based on demographic factors such as school, course and estimated allowance. The

empirical findings on personal budgeting can also be used to support or refute the

hypotheses of the study, depending on whether they align with the results of the

study.

Conceptual Framework

This section aims to demonstrate a conceptual framework discussing the

budgeting behavior and expense priorities of college students who are staying in

dormitories in selected areas of Cavite. The study uses a Proposed Original Model

(POM) as a visual illustration in order to help interpret the variables. This model is a

self-made for the researchers to better analyze the study. As shown in Figure 1,

socio-demographic profile of students staying in dormitories with information such as

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the name of the school, course, and the estimated monthly allowance will serve as

the potential predictors of the budgeting behavior and expense priorities that will then

serve as the criterion of the study.

On the other hand, those two criteria will be explored more for the

researchers aim to determine if there is significant difference between budgeting

behavior of the students when grouped according to their demographic profile,

significant difference between expense priorities of students when grouped according

to their demographic profile, and the significant relationship of budgeting behavior

and expense priorities as well.

Socio -demographic
profile of students
staying in dormitories
a. School Expense Budgeting
b. Course
Priorities Behavior
c. Estimated
monthly
allowance

Figure 1. Conceptual framework

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Hypotheses

The following hypotheses will be tested in this study:

H0 1: There is no significant relationship between the budgeting behavior

and expense priorities of students staying in dormitories

Ho 2: There is no significant difference in the budgeting behavior of the

students when grouped according to their demographic profile

Ho 3: There is no significant difference in the expense priorities of the

students when grouped according to their demographic profile

Significance of the Study

The purpose of this study is to give knowledge and information about the

budgeting behavior and expense priorities of the selected students. The findings of

this study will greatly benefit the following individuals and organizations.

Local business owners will benefit from the result by knowing how students

staying in dormitories behave with their budgeting and what their expense priorities

are. They can use the result of this study as information to add to their decision

making for them to know what must be done and what must not. They can also use

this study to determine how many students have the majority of their expenses used

for a certain percent of their budget. In addition, local business owners can determine

what type of products or services the majority of the students spend with their budget
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so that they can decide what to sell. Local business owners include the retail store,

laundromats, eatery, school supplies stores, dormitory owners, and other related

businesses.

The study findings can help policy makers and advocacy groups about the

financial challenges faced by students living in dormitories. This knowledge can

support the development of policies and initiatives aimed at improving financial

literacy and well-being among students. Additionally, the study can shed light on

potential systemic issues or barriers that need to be addressed to ensure that

students have the necessary resources and support for successful budgeting and

expense management.

The government can use the study results to determine how much student

assistance they should provide that is acceptable to help the students with their

boarding needs.

This will also be helpful to parents, guardians and students in order to help

them decide the amount of allowance they should provide to their children intending

to stay in dormitories.

School organization can use the result of this study to determine what product

they can consider adding to their selling products since they are already selling

school supplies to students to help them provide what they need within close range

instead of going outside and buying there.

Future researcher, it may serve as a reference and framework for further

study related to these variables in this study.

Time and Place of the Study

The research locale of this study will be conducted in selected areas of Cavite

which includes Cavite State University - Indang, Lyceum of the Philippines University

- General Trias, Polytechnic University of the Philippines - Maragondon, Emilio

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Aguinaldo College - Dasmariñas, Olivarez College of Tagaytay, and De La Salle

University - Dasmariñas Cavite in the first semester of the school year 2023-2024.

Scope and Limitation of the Study

This study will explore the budgeting behavior and expense priorities of

college students staying in dormitories among the top 6 colleges in selected areas of

Cavite for A.Y. 2023 – 2024. This study will only focus on the relationship of students’

budgeting behavior and expense priorities and the significant difference of their

demographic profile to their budgeting behavior as well as the significant difference of

their demographic profile to their expense priorities. This study limits only to 399

college students who are staying in dormitories in the selected areas of Cavite.

Definition of Terms

This provides the list of the terms that were operationally defined based on

observable characteristics of the words and how they were used in the study.

Allowance refers to the money that the college students receive from

parents/guardian on specified interval such as monthly.

Budgeting behavior refers to the actions and decisions that individuals make

in order to prepare and allocate a given specific amount.

Cost of living refers to the finances needed to live in a certain area and

cover the required expenses.

Dormitories refers to the temporary shelter/home like boarding

houses/apartment of the students who lives far away from school.

Expenditure refers to all kinds of expenses that students pay.

Expense priorities refers to the expenses that the students have to deal with

first before the other expenses.

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Necessities refers to the items that are used or consumed in a daily basis.

These are things that is essential to live including food, water, shelter, and other

basic needs.

Rent expense refers to the amount of money paid by the students as an

exchange for their temporary home.

Shopping expense refers to the amount of money spent in engaging goods

and services while doing shopping activities.

Utilities expense refers to the accurate cost of utilities used in a household,

such as electricity, water, internet, and other bills.

REVIEW OF RELATED LITERATURE

This review of related literature examines budgeting behavior and expense

priorities of college students who are staying in dormitories. It begins by discussing

the prevalence of expense priorities and how it affects college students’ budgeting

behavior. It then examines the relationship between budgeting behavior and expense

priorities, and the relationship between demographic profile of respondents to the

budgeting behavior and expense priorities.

College Student's Budgeting Behavior

Budgeting by consumers frequently aims to control their financial spending

and saving. A big body of numerous works of literature have examined the variables

that determine whether or not budgets are successful in accomplishing this purpose,

Zhang & Sussman (2018). Budgets are frequently more effective when they are not

only flexible (Cheema & Soman, 2006), but not very rigid (Heath and Soll, 1996).

Sometimes Budgets can aid in monetary savings (Soman & Cheema, 2011) and set
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expenditure priorities. (Fernbach et al., 2015), and earmarking is occasionally used

(Larson & Hamilton, 2012; Sussman) can be ineffective 2016; & O'Brien).

Stretching one's allowance becomes much more difficult for students living

away from home. You live on an allowance as a student. It might be difficult when

you find yourself spending your last money on school supplies (Bartolome, 2011, as

cited by Podaca and Rey, 2020).

As they modified their budgets throughout the month, typically making more

difficult modifications at the end of the month, students prioritized continuing their

education and retaining secure housing. Students who work full or part time typically

don't have time to plan, shop for, prepare, and clean up after meals. Impulsive

purchasing has occasionally resulted in unaffordable expenditures and food spoiling

(Webster, Cornett, Fletcher, 2020). Additionally, Low food secure students frequently

purchased cheap, nutritionally inferior food at the end of the month, such as cereal

and ramen noodles. To make sure their dependents could eat on a regular basis,

some students skipped meals.

Although it is well known that people have the option to choose a budget for

their own consumption, it cannot be disputed that their budget is ultimately decided

by trial and error (Elgeka, H. W. S., Ma, J., Secapramana, L. V. H., & Yudiarso, A.,

2018). Being realistic is crucial when creating a budget since it enables people to

Future spending and saving should receive more consideration (Elgeka et al., 2018).

In addition, the impact of sequence and temporal frames as well as other

factors have all been considered while examining the significance of time in

budgeting. According to Sheehan and Van Ittersum (2018), persons that budget for

their food shopping make different purchases in a different order during a trip to the

supermarket.

College Students Expense Priorities

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People have many needs and desires but have not been supported by strong

economic capabilities because most of them do not have income, the majority of

students only rely on pocket money that comes from parental gifts to finance their

expenses and needs (Adiputra, 2021). Under these conditions, students' ability to

manage personal finances is very much needed, so that they can manage and

manage between the income earned and the budgeted expenses. Based on

Kanyumba (2021), he explained how financial management behavior and expense

priorities is carried out by students. With the habit of students always making a

budget, dividing money for personal use and lectures and making a list of expenses

this will provide many benefits for students such as (1) Students will know how much

an expense affects their pocket money, (2) Help them to adjust pocket money owed

with needs that need to be met. (3) Students learn to determine the priority scale,

whether the expenditure to be made is important or not. (4) Students learn to

manage pocket money more realistically, (5) Students learn to make some

adjustments and delay avoidable expenses.

The majority of young adults consider attending university to be a need for

success, and the number of students is rising steadily. However, even though it can

improve lives by providing a wealth of unforgettable experiences and useful skills, it

also has a very high price. This can be difficult because the amount that students

must spend on their daily expenses to subsist increases along with the cost of living

(How Students Prioritise Their Money at University, 2017). College students spend a

lot of money on essentials like rent, course materials, groceries, and transportation,

plus extra expenditures like food, clothes, entertainment, and going out.

Understanding where they can spend less money will help them budget and save.

In addition, it was also stated that University fees are the greatest and most

important expense for students, but these are typically taken care of before a student

even begins their study, whether they are paid in whole or with student loans.

According to Natwest's Annual Student Living Index, rent is the greatest expense for
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students, followed by housing costs and consumables. As a result, students have

little money left over to "play with," which forces companies to compete with one

another for the remaining funds due to the high cost of university tuition, housing, and

food.

In line with this, according to Sorooshian and Teck (2013), in previous years,

academic supplies, clothing and other study-related products are what the students

purchased. Students' requirements have certainly expanded in the current era, when

laptops or desktop computers are required for assignments, mobile phones, and

vehicles are required in addition to the essential necessities that a student should

have. Technological advancements have also resulted in an increase in student fees.

Male students, in particular, are drawn to purchasing expensive electronics, but

female students value clothes, purses, and shoes because they want to appear great

coming to class. Despite being reared during a period of major transition, they have

remarkable self-confidence in their judgment.

Aside from that, one study conducted by the National Center for Education

Statistics (NCES) in 2019 found that the top three expenses for college students

were tuition and fees, room and board, and textbooks and supplies (NCES, 2019).

This study also found that the average amount spent on tuition and fees was $9,716,

room and board was $10,800, and textbooks and supplies were $1,250. The study

concluded that college students prioritize their expenses based on the cost of tuition

and fees, followed by room and board and textbooks and supplies.

Moreover, a survey conducted by the National Postsecondary Student Aid

Study (NPSAS) in 2018 found that the top four expenses for college students were

tuition and fees, room and board, textbooks and supplies, and transportation

(NPSAS, 2018). The survey found that the average amount spent on tuition and fees

was $9,970, room and board was $10,800, textbooks and supplies were $1,250, and

transportation was $1,400. The survey concluded that college students prioritize their
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expenses based on the cost of tuition and fees, followed by room and board,

textbooks and supplies, and transportation.

Another study conducted by the American Council on Education (ACE) in

2017 found that the top five expenses for college students were tuition and fees,

room and board, textbooks and supplies, transportation, and food (ACE, 2017). The

study found that the average amount spent on tuition and fees was $9,970, room and

board was $10,800, textbooks and supplies was $1,250, transportation was $1,400,

and food was $2,000. The study concluded that college students prioritize their

expenses based on the cost of tuition and fees, followed by room and board,

textbooks and supplies, transportation, and food.

Additionally, a study by LE, O. T. T., & Nguyen, N. T. (2020), explored the

expense priorities of college students living in dormitories in Vietnam. The study

found that the top priority for students was food, rent, followed by transportation,

entertainment, and clothing. The study also found that students with higher incomes

and/or allowances were more likely to prioritize entertainment expenses. Overall, the

literature suggests that food is the top priority for college students living in

dormitories, followed by rent, transportation, entertainment, and clothing. Additionally,

students with higher incomes are more likely to prioritize entertainment expenses.

The expense priorities of students staying in dormitories have been

extensively researched in recent years. According to a study by Renter's Warehouse,

the top priority for students living in dorms is their monthly rent, which accounts for an

average of 60% of their living expenses. This is followed by food and groceries

(15%), internet and phone (10%), and transportation (6%).

Another study by the Association of College and University Housing Officers

(ACUHO) found that the cost of living in a dormitory can vary greatly depending on

factors such as location, amenities, and the type of meal plan offered. Students

attending colleges and universities in urban areas tend to pay higher fees for

dormitory services when compared to those in suburban or rural areas.

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This study has also shown that students living in dorms often prioritize saving

money by seeking out roommates or sharing living spaces. This allows them to

reduce their individual living expenses while also benefiting from the social

connections that come with living in a communal environment.

‌With regards to Krakoff (2020), the expense priorities of students living in

dormitories largely revolve around essential living expenses such as rent, food, and

transportation. The cost of living in dormitories can vary greatly depending on

location and amenities, but most students prioritize saving money by sharing living

spaces with roommates and seeking out affordable meal plans.

Furthermore, Akandere (2020) examined the income-expenditure relationship

of university students studying in Erzurum province and the contribution of students

to the city economy: food, clothing-footwear, shelter, transportation and education-

training expenditures were found as compulsory expenditures. Communication,

personal care, entertainment, socio-cultural activities, games of chance and other

expenses were determined as luxury expenses for students. By prioritizing expenses

and creating a budget, college students can manage their finances and ensure they

can cover all their expenses.

Demographic Profile of College Students and its Relationship

to Budgeting Behavior and Expense Priorities

Managing finances as a privileged college student presents particular

difficulties, but the family support, which is generally responsive, alleviates the

consequences of any urgent financial requirement. The implications are greater while

financing is significantly more limited for economically disadvantaged students

striving to meet fundamental necessities. When earnings vary, budgeting becomes

both technically and emotionally challenging (Webster, Cornett, & Fletcher, 2020).

The study of Kamis, Samad, & Pheng (2021) revealed that only two aspects

of money attitude, which is the power-prestige and anxiety, had a discernible impact
 19

on students in universities' purchasing patterns. The analysis, however, showed that

none of the socio-demographic characteristics had a significant impact on the

students' spending patterns. Being frugal with one's money will result in enhanced

funding available to cater requirements for a degree or lowered student loans and

related financial concerns during school (Sorooshian & Seng Teck, 2013).

Based on the works of Chinh Ngo (2023), there are five types of income and

expenses of college students. First is total income, this sum includes any monies you

brought to school, such as gifts from family members and financial aid such as loans

and grants, as well as any reimbursements you receive from the financial aid office

and any wages you earn. Second is monthly income, regular income you receive

from a job or other sources each month. Third is fixed expenses, Items that cost the

same amount each month. Fourth is variable expenses, these are demands or needs

with monthly price fluctuations. Last is emergency fund, it is a reserve set up to pay

for unforeseen costs, such as medical expenses. Many students store emergency

funds in their savings accounts.

One of the most important demographic elements that significantly affects a

student's budgeting behavior and expense priorities is the type of school they attend.

It has been demonstrated that a student's financial attitudes and behaviors

are influenced by the sort of educational institution they attend, whether it be a

community college, a state university, or a private elite institution. According to a

study by Robb, C. A., & Chy, S. (2023), students from famous private universities

frequently have access to more financial resources, which results in different

budgeting behavior from those of students at public universities. Due to the

availability of larger allowances, students from private universities may have a

stronger propensity for discretionary expenditure.

Conversely, in a study by National Society of High School Scholars. (2019), it

was discovered that students who attend state-funded universities had a tendency to

budget their money more wisely, giving precedence to things like tuition, housing,
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and textbooks. The cost of attendance at community colleges is lower than that of

universities, with annual tuition as low as $3,500 as opposed to up to $35,000 for out-

of-state students attending a public institution.

On the other hand, the study of Bonggaoen, Daodaoen, Dumlao & Progreso

(2019) reveals that student’s strand/course and the amount allowance has a

significant effect on their budgeting. This means that there are big differences in how

each strand of Grade 12 Senior High Students manages their budget and how much

each strand affects how much they spend. This might be the result of variances in

their profiles, such as how much money they typically spend each week and which

strand they fit into. The study concludes that ABM and TVL strand allocate their

allowance on transportation while frequently budgeting for some factors, in which

they often indulge in luxury and leisure. HUMSS students Rarely practice conserving

money and rarely budget for transportation, luxury, and recreation. While frequently

including the other factors in their personal budgeting practices, STEM students

rarely budget their allowance in transportation, luxury and leisure, projects and

books. They also rarely practice conserving their allowances. It was also rare for TVL

ICT students to practice budgeting for transport. In all of the variables, only TVL

students regularly practice personal finance.

Additionally, demographic profile had an impact on expense priorities.

According to Cruse, Gault, & Gault (2018), students who chose challenging majors

like medicine or engineering frequently dedicated a sizeable portion of their income

to books and other academic supplies. Students who studied the arts and

humanities, on the other hand, gave priority to costs associated with artistic

endeavors and cultural pursuits.

In connection with Bell (2023), developing financial freedom and

independence is frequently made easier by a budget. A budget can also help you

reach other financial objectives, such as living within your budget, saving for

retirement, creating an emergency fund, and tracking the way you spend money.
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Spending activities of students depends on multiple reasons, in line with this,

a study by Stewart & Maisonville (2019), stated that schools, and allowance have a

certain impact on each student's expenditures. In terms of school, it is stated that

different schools may have varying costs of living, depending on the location and the

overall expenses associated with the institution. For example, students studying in

urban areas may have higher living costs compared to those in rural areas.

Furthermore, the study of Ahmad, Dalimunthe, Thahirah, & Aminah, (2020)

discovered a strong link between demographic characteristics and budgeting

behaviors. Students with fewer allowances demonstrated more meticulous budgeting

techniques, carefully allocating funds to cover necessary needs. Students with higher

allowances, however, tended to spend more freely but had more trouble properly

managing their larger budgets.

Also, based on Arcangle, (2019), students spend a large portion of their

allowance on various school costs, including assignments, projects, papers,

activities, and presentations. Additionally, they put a high priority on their travel costs

to and from school and home. They frequently pointed out that personal expenses

had fallen to the bottom of their list of priorities, even eating. It also demonstrates that

students who are saving money have a tendency to do so for further educational

costs. In order to increase their desire to save money, they are also setting goals for

themselves.

Besides, many students become more budget-conscious as a result of the

pandemic's disruption of the economy and their overall priorities in daily life. Priorities

for college students have shifted significantly since the pandemic, as seen by the fact

that they now allocate money in other places than they did before. Thus, there is a

significant difference between how students manage their allowances and any cash

aid they receive from their schools before and during the pandemic Catherine,

Sheena, Rina, Aslarona, Rapanut Jan, & Romero, (2022).

 22

Lastly, the estimated allowance can vary greatly depending on factors like

personal circumstances, family financial support, and scholarships

METHODOLOGY

This chapter explains the research methods that will be used and the manner

in which the study will be conducted. This chapter includes the research design,

sources of data, participants of the study, sampling technique, data to be gathered,

and the statistical treatment of data.

Research Design

A quantitative approach will be utilized in this study. The researcher will be

using descriptive correlational research design. According to Sousa, Driessnack, &

 23

Mendes (2007), a type of research called descriptive correlational research design

tries to describe the association between two or more variables without offering any

conclusions regarding cause and effect. It is used to establish the relationship

between several variables and give a picture of the current situation. Collecting

information on the buying behavior and expense priorities of college students

staying in dorms would be part of a descriptive correlational research design for

budgeting behavior and expense priorities of dorm-residing students. The

investigation could look at the connections between expense priorities and budgeting

behavior, also the relationship of the variables if grouped based on their demographic

profile.

Sources of Data

The data that will be used in the study will come from primary and secondary

sources. Primary data will be obtained from students of universities and colleges who

are currently occupying spaces in dormitories in selected areas of Cavite. On the

other hand, secondary data will be obtained from several sources including published

books, articles, online books, and online theses from the internet.

Participants of the Study

The participants of this study are the college students staying in dormitories in

public and private colleges/universities. Students in the selected areas will be chosen

to be the participants of the study because these are the top colleges having large

number of populations. The participants are purposely selected and are set to have

particular characteristics in order to be fit in answering survey questionnaires.

The study will be participated by 396 students staying in dormitories in

selected areas of Cavite which are selected by using the Slovin’s formula and will

answer all the questions presented in the survey questionnaire. The population frame

of each college in Cavite came from their website in which we only get their total

population of students.
 24

Table 1. Distribution of the participants per selected colleges in Cavite.

SELECTED COLLEGES IN ESTIMATED SAMPLE
POPULATION
CAVITE DORMERS SIZE
Cavite State University- Indang 23,046 9,219 85
Lyceum of the Philippines-
General Trias 15,100 6,040 55
Polytechnic University of the
Philippines- Maragondon 16,400 6560 60
Emilio Aguinaldo College-
16,200 6480 59
Dasmariñas
Olivarez College of Tagaytay 18,300 7320 67
De La Salle University
Dasmariñas 18,821 7529 70

TOTAL 107,867 43,148 396

Sampling Technique

The purpose of this thesis is to examine the relationship of budgeting

behavior and expense priorities and the relation of each variable to the demographic

profile of college students staying in dormitories in selected areas of Cavite. Stratified

sampling will be used in order to get the six colleges in Cavite in which we only

include the colleges that has a large number of students population and has a

population of students who are staying in dormitories. In addition, a purposive

sampling specifically snowball sampling technique will be used to gather data from

each sample size. It jallows the researcher to use their expertise to select a sample

that is most useful to the purpose of the researcher.

Slovin’s formula will be used in this study to determine the sampling size

given the total population of the participants. This formula is used when the

population is too vast to sample every member directly. Slovin's formula calculates

the number of samples needed (Slovin’s Formula Sampling Techniques, 2020). In

addition, the stratified random sampling technique using proportional allocation will

be used in the study to determine the sample size in each selected colleges of

Cavite. Thus, this formula will be used to calculate the total number of respondents.
 25

n = N / (1 + Ne2)

Where:

n = Number of samples,

N = Total population and

e = Error tolerance (level)/ acceptable sampling error (𝑒 = 0.05)

Determining the total sample size of college students in selected areas of Cavite

n=
43,148 = 396
¿¿
Where:

n = Number of samples,

N = Total population and

e = Error tolerance (level)/ acceptable sampling error (𝑒 = 0.05)

 Stratified Sampling Technique using proportional allocation of students

N 1=9,219 N 3=6,560 N 5=7,320

N 2=6,040 N 4 =6,480 N 6=7,529

n 396
N 1= x N 1= x 9,219=¿ 85 students in Cavite State University
N 43,148

n 396
N 2= x N 2= x 6,040=¿ 55 students in Lyceum of the Philippines
N 43,148

n 396
N 3= x N 3= x 6,560=¿60 students in Polytechnic University of the
N 43,148

Philippines

n 396
N4= x N 4= x 6,480=¿ 59 students in Emilio Aguinaldo College
N 43,148

n 396
N 5= x N 5= x 7,320=¿ 67 students in Olivarez College Tagaytay
N 43,148

n 396
N 6= x N 6= x 7,529=¿ 69 students in De La Salle University
N 43,148

Dasmariñas
 26

Data to be Gathered

The data to be gathered will include the demographic profile and the

budgeting behavior of the respondents as well as their expense priorities. To gather

the necessary data, a structured likert scale questionnaire will be used in this study.

The survey questionnaire is divided into three parts which are the demographic

profile, budgeting behavior and expense priorities of the participants, The research

instrument is consisting of three parts. The questionnaire is self-made as the

researcher finds it difficult to find a suitable set or questions to assess and measure

the variables in the study as well as the main objectives of the study, however the

last part of the questionnaire is modified from the study of Mazen Alqadi (2014)

entitled “Spending Habits among Malaysian Students”. Consequently, this

questionnaire will be validated by a professional in order to get the data that will be

needed for the purpose of this research study.

The first part includes the demographic profile of the respondents in terms of

name of school, course and estimated monthly allowance. The second part includes

the expense priorities of students in which they are task to label what expenses are

their priority and not a priority.

The last part of the questionnaire is composed of the statements that will

describe the budgeting behavior of college students. It will use a five-point likert scale

to evaluate their budgeting behavior.

Table 2. Description interpretation for the budgeting behavior of college students.

RATIN WEIGHTED DESCRIPTIVE DESCRIPTIVE
G MEAN INTERVAL INTERPRETATION
SCALE RATING
Indicates that student has a
strong positive behavior/has a
5 4.20-5.00 Strongly Agree high ability to manage/budget
their allowance.

4 3.40-4.19 Agree Suggests that student has a

positive behavior/has a good
ability to manage/budget their
allowance.
 27

Indicates that student has a

neutral behavior/has a fair ability
3 2.60-3.39 Neutral to manage/budget their
allowance.

Suggests that student has a

negative behavior/low ability to
2 1.80-2.59 Disagree
manage/budget their allowance.

Indicates that student has a

Strongly strong negative behavior/has a
1 1.00-1.79
Disagree poor ability to manage/budget
their allowance.
Source: Mazen Alqadi (2014).

Table 3. Description interpretation of the difference between budgeting behavior and

the demographic profile of college students.
T – TEST CORRELATION
INTERPRETATION
COEFFICIENT (t) TYPE
There is a significant difference
in the budgeting behavior of
α<t Significant difference
students when grouped
according to their demographic
profile.
There is no significant
No significant
difference in the budgeting
α<t
behavior of students when
difference
grouped according to their
demographic profile.

To interpret the hypothesis of this study, a nonparametric test, specifically a

chi-square test will be utilized to examine whether the budgeting behavior has a

statistically significant difference when grouped according to their demographic

profile.

A chi-square test is a categorical data statistical test. It's used to see if the data is

considerably different from what is expected (Turney, 2023). The formula for this t-

test is presented below.

Where:

 Χ2 is the chi-square test statistic

 28

 Σ is the summation operator (it means “take the sum of”)

 O is the observed frequency

 E is the expected frequency

Table 4. Description interpretation of the difference between expense priorities and

the demographic profile of college students.
T – TEST CORRELATION
INTERPRETATION
COEFFICIENT (t) TYPE
There is a significant difference
in the expense priorities of
α<t Significant difference
students when grouped
according to their demographic
profile.
There is no significant
No significant
difference in the expense
α<t
priorities of students when
difference
grouped according to their
demographic profile.

Statistical Treatment of Data

The data that will be collected will be statistically treated using frequency,

mean and percentage as well as Pearson correlation coefficient and chi-square. The

following statistical procedures will be used to interpret the data gathered from the

respondents of the study.

To describe the demographic profile of college students staying in

dormitories, a statistical analysis of frequency and percentage will be used. The

demographic profile contains information such as school, course, and monthly

allowance. Thus, to determine the demographic profile of students based on the

school they are attending, course, and their monthly allowance, frequency and

percentage will be used.

Additionally, to determine the budgeting behavior and expense priorities of

students staying in dormitories, a statistical analysis of mean and percentage will be

used.

Moreover, to determine the relationship between budgeting behavior and

expense priorities, a Pearson correlation coefficient will be used.

 29

Furthermore, to determine the difference in the budgeting behavior of the

students when grouped according to their demographic profile and the significant

difference in the expense priorities of the students when grouped according to their

demographic profile, a statistical analysis of percentage and chi-square will be used.

 30

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36
 37

APPENDICES
 38

Appendix 1. Research Instrument: Survey Questionnaire