Chapter 1

Introduction

Going to college is an important part of any person's life. It is probably the first time students
get to experience independence. Being independent is both a privilege and responsibility. To be
a responsible student isn't something that can be achieve tonight. It needs to be put in mind
and be an attitude. One of this responsibilities is managing their allowance. One of the
challenges that every students encounter is to manage the money their parents provide them.
Many students are having a hard time in terms of budgeting their allowances. Money as one of
the main necessity plays a significant role in every student to survive college.
Students on the other hand, learn to save their allowance as they grow and meet different
requirements in school as well as things they want to buy for their own. Budgeting is one of the
practical skills that come in useful for them. It helps them to attain a better understanding of
financial matters that would become handful in their future. The manner in which the students
manage their money depends on their daily needs, and trough this study we will know how and
where they generally spend their money. The more knowledge students have about their
financial responsibility and status the less likely they are to be in debt. Allowance is a necessity
for every students. It is a means for survival. It can also help students be financially responsible.
Being essential, it just is right to state that students shall be able to budget their allowance
appropriately. The problem is how to do it. Doing so isn't easy since students need to manage
their allowance between their needs and wants. Also some only have a limited amount of
money. Proper budgeting is important. If done responsibly, it can give both the student's needs
and wants.
Due to factors that can affect budgeting, there exists a different on planning a budget the
manner in which college students manage their money is based on several factors such as age,
personality traits and knowledge. This is the main focus of the study the personal budgeting
practices of students. To assess if the students possesses financial management skill. To know
how they manage their finances and the impact of the variables to their personal budgeting
practices.
In budgeting it is very helpful especially to those people who are interested in spending
money in good way and for students who also have lot of expenses in their school. Students
must know how much money that they need to spend and this also knows the expected income
that they will earn. This budgeting process will able to provide an accurate performance to
achieve your goals. Budgeting saves you from goals and avoid spending an unnecessary things,
this help you reduce depth troubles.