Study on Personal Budgeting Habits of Undergraduates and Postgraduates
DOI:
https://doi.org/10.64137/31080030/IJFEMS-V2I3P109Keywords:
Personal Budgeting, Students, Financial Management, Saving Behavior, Financial Literacy, Spending HabitsAbstract
Personal budgeting can be defined as an integral part of financial management, where individuals manage their income and expenses and try to make themselves financially stable. In the case of students, proper budgeting becomes an important activity that allows them to manage their finances and form appropriate financial behavior. The current study attempts to identify the financial habits of students and the determinants that affect their decision-making processes concerning finance. The aim of the study is to analyze the budgeting strategies, expenditure, saving tendencies, and difficulties associated with the financial activities of students. For this purpose, primary data collection was carried out with the help of a survey questionnaire distributed among 100 students. Both primary and secondary data sources have been used for the research. Analysis of the collected data has been performed through percentage analysis, tables, and graphs. These results demonstrate that a high number of students rely on assistance from their parents as a primary source of finance and allocate a substantial part of their money to buying food and spending on studies. Although most students use the fundamentals of budgeting and monitor their expenses, unforeseen expenses, impulse buying, and increasing living costs can influence students' inability to manage their budget efficiently. In addition, the importance of financial technologies and mobile applications for the budgeting behavior of the respondents is shown. In conclusion, personal budgeting is a powerful tool in improving financial management and financial discipline of students. It stresses the necessity of conducting financial literacy courses aimed at promoting the development of money management skills among students.
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