FINANCIAL STRATEGIES OF ACCOUNTANCY, BUSINESS AND MANAGEMENT (ABM)

STUDENTS OF LEGAZPI CITY NATIONAL HIGH SCHOOL (LCNHS)

Abellano, Carl Vincent A.

Alaurin, Mark Angelo A.
Ciocson, Edrian Jhon B.
Del Agua, Hans Stanley F.
Lopez, Lloyd A.
Manzanillo, Alexis Wayne B.
Miña, Cyril S.

Legazpi City National High School (LCNHS)

Abstract - This study aims to identify how students manage their finances in a very effective way.
Budgeting allowances is one of the problems of most students; some tend to manage their
allowances and some do not. The essence of this research is to open the minds of the students
about the vital role of having budgeting strategies in their daily financial management. This study also
helps parents to assist the students in budgeting the allowances they give. A qualitative method was
used in the study. Using a descriptive research design, it focused on the assessment of ABM senior
high school students. There were four budgeting strategies such as DIY (Do It Yourself), plan your
weekly meals, use a piggy bank, and set aside your wants to need, making an impact on their
financial decision making in terms of School Expense, Food, Savings, and Other Expense/Wants.
Data were collected by distributing questionnaires to the target par tic using purposive sampling. The
results of the study revealed that Budgeting strategies such as DIY (Do It Yourself), plan your weekly
meals, use of a piggy bank, and set aside your wants to need has an impact on the financial
decision-making of ABM Senior High School Students in terms of the forecited variables. (1) School
Expenses–Budgeting strategies help the students decide whether to print their documents or to write
it, also they think to use recyclable materials to make school projects. (2) Food –Budgeting strategies
help the students to decide if they should bring their food or buy the cheapest food in the canteen. (3)
Savings –Budgeting strategies help the students save their excess money and think about their
priority rather than their wants. (4) Other Expenses/Wants –Budgeting strategies help the students
buy their wants with the use of their savings. The results demonstrate the need for the teachers and
School Administrators to monitor the expenses of the students in their academics. The school must
conduct a seminar that will help the students know the significance of Budgeting Strategies in their
daily financial decision making. Parents should be the first ones to teach their children how to
properly manage their money.

Keywords: effects, budgeting strategies, financial decision-making

INTRODUCTION world. Nevertheless, financial education is key

Students all over the world are confronted because it provides a pathway to increase one’s
with major financial decisions as they enter sense of responsibility in relation to managing
college, and yet they have little experience with finances and avoiding possible mistakes that can
personal finance (Knox, 2016). According to take significant amount of time to recover from
Gobal (2013) students’ ability to deal and (Knox, 2016). It is important to manage one’s
manage their finances will enable them to live finances at an early stage of independence by
better lives in the future when they start earning becoming financially educated to help attain a
higher wages and remuneration. If they cannot healthy financial future. The article evaluates
manage their finances as students, then it methods and ways to effectively manage one’s
adversely impacts negatively in their lives forever finances.
because “little drops of water make the mighty As students begin to live on their own in
ocean”. hostels and shared accommodations, it becomes
Financial management has and continues vital to manage their finances and this
to be a tricky issue for students all over the commences with owning a bank account. As an

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initial step, not having one indicates a tough time than waiting until the end of the month to see
managing one’s finances. A student must what is left over. This will prevent the student
endeavor to have a savings account which from spending your extra cash on unnecessary
usually have little to no amount charged on purchases that can interfere with meeting your
account fees (Randolph, 2013). Also, it is financial goals. When money is saved,
important for a student to set financial goals for a remember to do so in an interest earning
week, month, semester, term etc. Setting account. Compound interest helps you reach
financial goals is a smart choice and can be very your goals faster (Gobel, 2013).
rewarding because it will enable you to check It is also important that as a student, one
whether you are on course and in control of your must learn to spend responsibly. One must learn
spending (Peterson, 2012). to eat healthier and spend wiser. As such, some
Instead of wandering aimlessly without items like coffee, takeout and pizza as well as
having a financial spending plan, one has vending machine snacks must be reduced to the
something to strive for if they make a budget and barest minimal (Peterson, 2012). Also, students
have a clear path for ensuring that they live must learn not to over borrow, be it for a student
within their budget (Gamm, 2013). To set loan.
financial goals in your budget, first define what Instead, set student up with an online
the goals you want to achieve (Carey & King, service or smartphone app that makes money
2017). Write them down and set milestones management easy and convenient (Peterson,
along the way to help achieve them. Prioritize the 2012). After all the fact is that the smartphone is
goals and put together a plan of action. Just practically with you every day and it will be more
remember to be realistic when setting financial prudent to set reminders on what to buy, on what
goals. You want to set a goal that is reasonably to do and what lifestyle habits you want to stop to
attainable (Lowry, 2017). help you save money (Knox, 2016). Students are
It is also important for you as a student to also encouraged to use apps such as Student
create a realistic budget which is achievable Budget Tracker; Monefy; Money Manager and
(Knox, 2016). Creating and following a realistic Spender etc. to help them manage their finances
budget helps you avoid making purchasing or better.
procuring things you can’t afford, missing "Finance without strategy is just numbers,
payments or defaulting on your student loans and strategy without finance us just dreaming",
from the bank (Peterson, 2012). These mistakes E-Faber. Having strategies when it comes to
can hurt your credit history and therefore your budgeting a money can help people to save and
ability to: rent an apartment, borrow to purchase spend those money only for things that are
a home or car, or most importantly, get a job in needed. The researchers conducted the study
some instances (Lowry, 2017). entitled "Financial Strategies of Accountancy,
Making money – and spending it – can feel Business and Management (ABM) Student in
very rewarding. However, saving can help every Legazpi City National High School (LCNHS)" to
student reach many of his or her financial goals help students gain knowledge about the
and prepare them for a brighter future. According importance of budgeting their money. When
to (Knox, 2016) from every wage or income you pandemic happened, the socio-economic status
receive, do well and ensure that automatically of every person has become difficult. It is not
you designate and deposit a certain amount of easy to find a job or earn money since it is
money into an account you can label as forbidden to go out to prevent the increasing
“emergency bank or fund account”. This should case of people with corona virus diseases
be done on a regular basis to ensure that you (COVID). In this case, it has reached the point
always have some amount of money as your where people need to save money in order to not
savings for emergency purposes. run out of money if the situation ever gets worse.
This can be increased gradually and if it The researchers want to know if how do the
becomes a habit then you can be well prepared pandemic affected the way of students of
for the future (Carey & King, 2017). Consistency budgeting money. This will give more knowledge
is the key to developing a successful saving to young people about other financial matters. It
habit and it is very wise to be disciplined and not will serve as guide for those people who wants to
give up in saving something for the future no start a business.
matter how modest (Lowry, 2017). After paying Financial management on a personal level
your monthly bills, consider putting any extra for students is a big step towards financial
money in the savings account immediately rather freedom and discipline now and in the future. It
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must be noted that there is no perfect financial Researchers have also investigated
decision but one learns along the way negative health issues related to financial stress.
(Randolph, 2013). Nelson, Lust, Story, and Ehlinger (2008) found
At Legazpi City National High School that credit card debt and perceived stress are
(LCNHS) we aim to support cherished students related to unhealthy behaviors, such as
to have an adequate idea and discipline towards insufficient physical activity and binge drinking.
achieving effective management of finance that Financial stress has also been associated with
can be effective in ensuring that they manage suicide risk among college students. Among
their limited financial resources efficiently for now students who had attempted suicide, seventy
as they prepare for their future career eight percent cited financial stress as one of the
aspirations. reasons for the attempt (Westefeld et al., 2005).
If a student and have difficulties in Hayhoe et al. (2000) explored the
managing your finances, please then kindly relationship between financial stress and
speak to any of our officers for counselling financial practices. They measured financial
towards better ways of managing your limited stress using the number of reported financial
financial resources. stressors, which included (1) not able to
The literature on financial stress among purchase clothing, (2) not able to discuss
college students has focused on the negative financial matters, (3) not able to pay utilities, (4)
effects of financial stress on wellbeing in terms of not able to save for emergencies, (5) have
academic performance, health issues, and financial concerns that affect relationships, (6) no
financial practices. Wharton (2007) explored money for medical bills, and (7) not able to keep
senior high school students’ financial a car running. They found financial stress was
characteristics affecting their academic success, negatively related with good financial practices
measured by GPA and credit hours earned. and positively related with bad financial
Financial stress of college students was practices. Students who were experiencing more
measured by self-reports of whether or not the financial stress were less likely to save regularly
amount of debt caused them to reduce class and feel they are doing a good job managing
loads, consider dropping out of senior high their finances, and more likely to pay interest,
school, or neglect academic work. The students make minimum payments, write checks with
who reported financial stress were found to earn insufficient funds in the bank, and regret making
lower grades and enroll for fewer credit hours per purchases.
quarter. Joo, Durband, and Grable (2008) also Lastly, Archuleta, Dale, and Spann (2013)
approached college students’ financial stress explored associations between financial anxiety
from the perspective of academic impacts. The among senior high school students and
students who experienced academic interruption, measures of financial satisfaction, financial debt,
such as reducing course loads or dropping out and demographic control variables. Hierarchical
for a semester due to financial matters, reported multiple regression results indicated that student
higher stress from their personal finances. loan debt was associated with a larger increase
In the United Kingdom, Ross, Cleland, and in financial anxiety than an aggregate measure
Macleod (2006) investigated debt, stress, and of total debt. Across all measures of debt,
academic performance of medical school financial satisfaction retained a large and
students. The respondents rated money as the significant effect on lowering financial anxiety.
second most significant cause of stress
following coursework. Students who perceived STATEMENT OF THE PROBLEM
that worrying about money affected their
academic performance were found to have Specifically, it sought to answer the
poorer academic performance, while the level of following research questions:
debt itself showed no direct relationship with 1. What are the financial strategies of
academic performance. More recent surveys Accountancy, Business and Management
have found that financial concerns interfere with (ABM) Students of Legazpi City National
academic performance (NSSE, 2012; Trombitas, High School (LCNHS)?
2012). A study by Trombitas (2012) found that 2. How do these financial strategies help the
one third of respondents reported that financial Accountancy, Business and Management
stressors have had a negative impact on their (ABM) Students of Legazpi City National
academic performance or progress. High School (LCNHS) in terms of:
a. Personal life;
3 | Abellano, Alaurin, Ciocson, et al. (2023)
 b. Academic life; and participants of Accountancy, Business and
c. Social life? Management (ABM) Students. Researcher sent
them letter of invitation. Attached to the letter
3. What school program may be was the consent form, delivered personally and
implemented to address the financial through Facebook chat. The face-to-face
concerns of Accountancy, Business and interview was conducted separately for each
Management (ABM) Students of Legazpi participant at their respective homes and
City National High School (LCNHS)? classrooms. The face-to-face interview for each
participant lasted between 30 to 45 minutes.
METHODS AND PROCEDURES
Ethical Considerations
Research Design Before the data gathering, the researcher
had sent through email, messenger, and other
In this present study, the researcher
social media platform to asking a permission if
employed a qualitative research design,
the interview schedule questionnaire could be
specifically descripted case studies, to fully
adapted and modified for the purpose of the
demystify the different financial strategies of
present study of the participants.
Accountancy, Business and Management (ABM)
For ethical considerations, the researcher
Students of Legazpi City National High School
asked permission from the participants when
(LCNHS) and to determine the underlying
they interview could be recorded through a voice
reasons of students why they are having lacked
recorder or may be through video recorder.
of having financial strategies when it comes to
Researcher also informed their participants to
their academic life, personal life and social life.
take note of their conversation. On the other
Face-to-face interview was used to gather data
hand, researcher used other name or
in the study.
pseudonym of the name of the person, agencies,
and other organizations mentioned during the
Participants interview of participants to protect their identities
and privacy. Moreover, researcher informed their
The participants were all one chosen participants about the confidentiality of their data.
section of Accountancy, Business and
Management (ABM) Students of Legazpi City
National High School (LCNHS) aged of 16-18 Data Analysis
years old. All of the participants were students of Before the data analysis, the researcher
Legazpi City National High School (LCNHS). sent a transcribed copy of the interview to each
Moreover, they were students of Legazpi City participant to check the accuracy of the
National High School (LCNHS) and have known transcribed data from voice recorder or any
when it comes to financial strategies. technology use to take note their
conversation. Also, the researcher familiarized
the transcript data by reading it several times.
Instrument
The interview schedule questionnaire
consisted of 10-item questions about the RESULT AND DISCUSSION
experiences when it comes to their financial
strategies of Accountancy, Business and Good Effect of Having Financial Strategies
Management (ABM) Student. There were
primary questions and open-ended questions. In
addition, a semi-structured and structured Table 1.1: Shows the important of having a
interview was employed during the face-to-face strategy.
interview with the participants.

Procedures
Through the snowball sampling technique,
the researcher had a face-to-face interview with
all the one chosen section of selected

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 lives planned out because we all need those
days when we have nothing to accomplish.
However, those who have clearly defined goals
might just enjoy their downtime even more than
those who don’t set goals.

According to the participant having

Table 1.3: Shows they are thinking for the future
financial strategy is very necessary for us,
especially to all students. Young people need to
learn financial strategy as early as possible,
because it helps you to be aware on how to
handle a money or spend. They say if you have
this kind of knowledge, there will be no or less
difficulties and challenges about spending
money. Sometimes, it's not easy to budget your
money when you're always thinking about the
things that you want not you need, but you have
to learn how to control it. Learning how to budget
your money will help you in your school
expenses and personal expenses.
As we perceive plausible futures, we
minimize uncertainty by enabling ourselves to
Table 1.2: Shows personal goals and value consider how we might prepare for best, worst,
and mixed outcomes. By having anticipated
these outcomes, we are far more prepared about
how to respond than had we never explored the
possibility before. This moment of decision-
making is the beginning of strategic thinking,
which leads to actions that help us navigate the
unfamiliar terrain ahead. This state of informed
preparedness is precisely why future thinking is
important. Future thinking anticipates changes
because it considers the complexity of the vast
web of factors that can influence the outcome of
a decision. And it helps reduce uncertainty.

Bad Effects of lack of financial strategy

Setting goals can help us move forward Table 2.1: Show they experiencing
in life. Goals give us a roadmap to follow. Goals disappointment and stress
are a great way to hold ourselves accountable,
even if we fail. Setting goals and working to
achieving them helps us define what we truly
want in life. Setting goals also helps us prioritize
things. If we choose to simply wander through
life, without a goal or a plan, that’s certainly our
choice. However, setting goals can help us live
the life we truly want to live. Having said that, we
don’t have to live every single moment of our

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 2. The students should not only think of saving,
but to take action especially it serves as a
practice for them in the future.

3. The students are recommended to continue

comparing prices before buying since it is a big
help for the students to have the right value of
When a senior high student is having an money in return.
ongoing financial stress, it will affect their
4. Future researchers who would attempt to
personal life such as sleep problems where they
continue or expand the research are urged to
worry about their financial statue and could not
focus on the spending habits of the ABM
fall into sleep. Financial problem will also affect
students.
college student mental health such as facing
depression and anxiety.
REFERENCES
Financial problem is a situation where
money worries are causing stress. However,
senior high student has been facing financial Archuleta, K. L., Dale, A., & Spann, S. M. (2013).
problem lately and this problem had become a College students and financial distress:
major problem for senior high student. Financial Exploring debt, financial satisfaction, and
financial anxiety. Financial Counseling and
problem faced by student are known as they do
Planning, 24(2), 50-62.
not have enough money for their daily expenses, Carey, M. and Kung, J. (2017) Personal Finance.
where money worries is causing them to stress. OUP – Oxford.
After that, financial problems will bring impact to E. Faber, 2023. Financial Strategy and
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https://bradpoulos.com/financial-strategy-
and-management/
CONCLUSION & RECOMMENDATION Gamm, S. (2013) More Money Please: The
Financial Secrets You Never Learned in
The following can be concluded based School. Penguin – New York.
rom the results of this research: Gobel, R. (2013) Graduation Debt: How to
Manage Student Loans and Live Your Life.
The senior high school students of the Wiley-New Jersey.
Legazpi City National High School over-estimate Hayhoe, C. R., Leach, L. J., Turner, P. R., Bruin,
M. J., & Lawrence, R. C. (2000).
purchases to ensure that they have enough
Differences in spending habits and credit
money which is their common budgeting use of college students. Journal of
strategy. On the other hand, the students Consumer Affairs, 34(1), 113-133.
budgeting awareness for the senior high Joo, S., Durband, D. B., & Grable, J. (2008). The
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Student Retention, 10(3), 287-305.
Recommendation Knox, S. (2016) Financial Basics: A money-
management Guide for Students. 2nd
Based from the conclusions made from OSUP – Ohio. National Survey of Student
the results of this study, the following are Engagement. (2012). Promoting Student
recommended: Learning and Institutional Improvement:
Lessons from NSSE at 13. Bloomington,
1. The researchers recommend that the students IN: Indiana University Center for
Postsecondary Research.
should continue having a habit or behavior of
Lowry, E. (2017) Broke Millenial – Stop
over-estimating purchases when they do scrapping by and get your financial life
budgeting. together. Penguin – New York.
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Nelson, M. C., Lust, K., Story, M., & Ehlinger, E. A.
(2008). Credit card debt, stress and key
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B.
APPENDIX

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