Mental budgeting among working business students

Abstract

The main purpose of this study was to determine the mental budgeting among working business students. The researchers used an adapted questionnaire that was validated by experts. The researchers conducted a survey to know if there were significant differences in the level of mental budgeting among working business students when respondents are grouped according to their profile. The data were treated statistically using Mean, Frequency and ANOVA to give the significant results. The researchers came up to a conclusion based on the results. The area of income among working business students got the highest mean of 3.72, followed by the area of wealth with the mean of 3.09. Lastly, the lowest mean is 2.17 from the area of expense. The researchers came up to a conclusion that the respondents have a good income that fits their spending and savings and there were no significant difference on mental budgeting among working business students according to respondent’s profile except when they are grouped according to their civil status. This research primarily aims to show how working business students allocate their limited finances in the growing expenses on education associated with daily basic needs. Thus, the researchers highly recommended that working business students should regularly assess their budget to see if they have poorly, regularly or excessively allocated their budget for expense by comparing their mental budgeting pattern to the data gathered in this study. Education is becoming an expensive journey. A well planned financial budget is a great company along the way.