Division of City Schools

NAGA NATIONAL HIGH SCHOOL-SHS

Level of Efficacy of TVL Track Students Budgeting Skills

Abapo, Richelle Love

Piañiar, Althea Trixie

Submitted in Partial Fulfilment of the Requirements in

September 2022
Chapter 1
The Problem and It’s Background

Intoduction

The process of making a spending plan is known as budgeting. Budget refers to

this plan for spending money. Making this spending plan enables you to estimate your

financial situation in advance and decide whether you will have enough money to

accomplish your needs. If you’ve ever been worried about your finances, budgeting can

help. Actively monitor your income and expenses. An individual requires a record

keeping system and the management of each penny within their system. Your

priorities, income, and expenses will change over time, so actively manage your budget

by checking in on it frequently, like once every three months.

(Nwokedi M. & Iloh E. , 2016) Budget is a veritable vehicle not only for

propelling national growth and development, but also for stimulating participatory

democracy. This explains why most cities in Latin America have imbibed the culture of

involving their citizens in the budget process. Apart from giving the citizens the

opportunity to identify and prioritize the projects and programmers they need for the

fiscal year, this participatory practice also makes them feel they are part and parcel of

the government, thereby deepening democratic culture in the society. However, in

Nigeria, budgeting is seen as an exclusive responsibility of the executive arm of the

government, with the legislature participating at the approval and audit stages.

They assume better knowledge of the problems and priorities of the citizens more than

the citizens themselves, and as such, completely sideline them in the preparation of the
budget and in its implementation too. But as the experiences of Latin American cities

have shown, participatory budgeting is the solution to most of the problems associated

with budgeting. Some of these problems include corruption, poor and selective

implementation, and extra-budgetary spending.

(De Castro N. , Salamat L. & Tabor M. , 2020)In the Philippine setting, financial

companies are becoming way creative on how they acquire individual clients. Most

offer good deals such as inclusions of investment and other personal assistances.

There are also several factors that influence financial awareness of these young

professionals. This denotes that access to financial products is becoming more easy

day by day as social platforms are being used to provide encouragement on how to be

financially literate and equipped to face future finance challenges. The Philippine

government takes place to this concern through the Bangko Sentral ng Pilipinas (BSP).

In 2018, they have organized the first Financial Education Stakeholders Expo which

was attended by finance experts, practitioners and advocates. They have envisioned

this venue to understand challenges and find opportunities in terms of finance and the

stock market. During the speech of the BSP Governor, he mentioned that they focus on

financial education not just due to the laws Youth Entrepreneurship Act (RA No. 10679)

and Economic and Financial Literacy Act (RA No. 10922) but because they want every

Filipino to be financially healthy. that most activities of young people nowadays are

becoming socially inclined. that most activities of young people nowadays are

becoming socially inclined.

case, it can be one of the most powerful tools that can be utilized to ensure the

continued viability of any department, agency, or institution. Moreover, having a basic

understanding of what a budget is and the process is essential. Similarly, budgeting

helps an individual plan, intend finances, and examine the actual financial transactions

for a certain period compared to the planned [Link] governments are given

local fiscal autonomy to ensure that stability and sustainability on fiscal administration

are observed in their locality. This provision also provides that local governments

should have an equitable share in the utilization and development of the national

wealth.

TVL Track students are more susceptible to poor budget management due to their

expensive performance requirements, particularly in their specialized areas.

Additionally, some of them come from families with limited incomes, which makes

budgeting a struggle for them. These bad financial management practices frequently

lead to irregular student attendance, subpar academic performance, and the inability to

pay for necessary educational expenses. The aim of this study is to determine the

efficiency of TVL track students' present budget management abilities.

The purpose of the study is to evaluate the level of efficacy of budgeting skills

among TVL Track students.

Given the scenario above, a study such as this seeks to raise fundamentals questions

such as:

1. How effective is the implementation of budgeting skills to Grade 12 TVL

Track students in terms of;

a. Financial Status

b. Expenses

c. Daily Allowance

d. Needs and Wants

2. Which among these TVL Track students needs improvement regarding their

budgeting skills;

a. Cookery

b. EIM

c. SMAW

d. ICT

3. Based on the findings what would be its implication?

According to Doreen Donasian Assey (2014), Budgets play effective role in

achieving organizational strategic goals, in this sense budgets are ways through which

one can reach the goals set. In budget development process one tries to foresee

whether strategic goals can successfully reached or not. Budgets sets standards to

achieve goals and can help in evaluating the fluctuations occur during the year and try

to ascertain the reasons from deviating from achieving the defined goals.

This study mainly aims to asses the Grade12 TVL students ability to distinguished their

efficiency in budgeting. The research, additionally, focuses on how this concept can

contribute to the certain TVL Tracks students to improve their budgeting plans.

By objectively assessing how effective the budgeting process may be in helping

students achieve their goals, the study’s importance will primarily contribute to

suggestions for improving students’ performances in the future. However, it is

anticipated that the study’s result will benefit the students by helping them achieve their

objective through timely budget processing, which will promote their growth.

Scope and Limitation

This study will be conducted at Naga Senior High School with 20 randomly picked

participants in each TVL Track students. It mainly focuses on the effectiveness of

students budgeting skills in implementing their expenses and daily allowances in terms

of student’s financial status.

knowledge to understand behind this study and background of this existence so it was

requisite to discover and explore its provenance and scope to which TVL Tracks

students become firmly established a great and highly effective budgeting skills.