It has been observed that more individuals when it comes to money are accountable of their own

financial security and confronting, for the enhancement of understanding as to economic phenomema,
with ever more complex financial mechanisms. Individuals, nowadays, are facing in a circulation of newly
outsourced investment products and the financial markets burst out its complexity.. There are now an
expansion beyond national borders on the opportunities in investment, allowing individuals in a broad
range of assets and currencies to invest. Though, as the financial crisis has made clear, it becomes very
hard to navigate this type of financial system, and the consequences of mistakes can be devastating. The
need to decide, economically, must have an understanding about financial matters. The results of an
improved saving behavior and decision making, is because of having a programs on financial education,
much can be done to improve these programs' effectiveness (NBER, 2008). According to Alan Greenspan
(2010, para. 2), “The generation and economic problem today is then said to be due to unaware about
financials. Financial education plays a key role in improving the lives of individuals. Financial Planning has
become not just a convenience but also an essential survival tool. Contextually, the standard of living does
not matter but it is somehow and somewhat strategic techniques on knowledgeable individuals persist
and endeavor in the accurate way of everyday living (Jacob, 2000).
In the records of Department of Labor and Employment, there is a variety of numbers of Minimum
Wage Earners in Davao City, which includes salesperson, construction workers, security guards, and other
low-income earners. These earners need to learn about broad definition of money on every errand for
their guidance. People are usually guided as to their attempts to budget, to outlay or to save their money
up to the utmost financial management (IFAC, December 2012). Very few low-income earners elect to
take a course that will improve financial literacy and after all, people cannot be constrained to sit down
and concentrate long enough to learn what they must know to look out for themselves (Dr. Mandell,
1999). The study regarding low-income earners shows how knowledgeable and functional they are in the
future choices and decisions on managing money. The continuous involvement of minimum wage earners
on their ability to make economic financial decisions pertaining money affairs caught the attention of the
researchers to conduct a study. This eagerly induces researchers to enlighten and to aware their minds
about the monetary refinement of minimum wage earners as their bases for future economic actions.

Today, the minimum wage in NCR is at PHP 466 per day which is rough around PHP 10,000-
12,000 monthly depending on the number of working days per month. People earning this range are
mostly entry-level staff and those who provide general services in companies and government offices.

While some with better education for an entry-level earn more or some people who took time and
performed well for a raise. Or for some business starters and freelancers who earn around PHP15,000.
Here’s how to make your meager income enough to survive the everyday expenses:

Change attitude towards money.

For some, earning PHP 15,000 a month is just enough; for some, it’s an everyday struggle to
actually make it to the next payday. The difference? Their lifestyle. People’s attitude towards money
differs from how they were raised and how their way of life every day. To be able to achieve better
results, be willing to change your routine for the better.

Adjust to what is constant.

You can’t change the fact that the minimum fare is at PHP 8.50 while the cost of fuel is around PHP 50
for gasoline. The prices of basic commodities are constantly fluctuating while your salary is steady.
Though it’s never easy, you have no choice but to adjust the budgeting even if it means more expense to
the constant income.

List down your expenses vs. your income.

Considering you’re renting in Manila in a household of 4 and working as an employee for a PHP15,000
income and commuting every day. This may help you on budgeting:

Expense Amount

Food (PHP175/day) 5,250.00

House (Rent) 4,000.00

Communications (Prepaid Load or Mobile Plan, Internet) 800.00

Utility (Power, Water) 1,500.00

Other Groceries 1,500.00

Transportation (PHP8.50 Jeepney ride for 22 working days) 374.00

Savings (10%) 1,500.00

TOTAL 14,924.00

Maximize your resources and cut costs

It’s crazy to spend beyond your means because it will only leave you with debt. It’s plain and simple: just
make do of what you have. But more often than not, it’s the most difficult to realize. If you are earning
PHP 15,000 a month, would you go on binge eating every now and then? Would you go out every Friday
night and spend for pricey liquors or shop ‘til you drop on mall sales? Would you want to start a family
without sufficient savings? I don’t know about you, but people on their right state of mind wouldn’t do
that, for sure.

Put everything on paper (or on screen.)

Most of us are really busy and in order for everything to work based on our plans, some people needs to
have some visuals to track their goals and progress. For instance, having a single bright note on your
desktop (if you’re always on your computer) that says, “Have you deposited PHP 1,500 in your savings
today?” However, if you’re the type who hates to see numbers and letters and a picture person, put an
image of your dream home or car magneted on your refrigerator; whenever you see it, it will remind
you of your big goals.

Don’t forget to save.

Make sure you pay yourself first before even paying your other expense. As much as possible, allot 5-
10% of your salary and deposit it to your savings account or invest on stocks and mutual funds to
multiply your money. As they say, receiving a big income loses its sense when you don’t have savings.

Money plays a vital role in every person's life. It is the medium used for exchange, unit of account and store of value
(dictionary.com). It is used to buy goods and materials that arenecessary in life. It can also prevent the sufferings that come with
poverty like cold and hunger,give satisfaction, provide education and even power. Without it, one cannot buy anything
heneeds and wants. In fact according to Ayn Rand, money is the source of survival. She explains in her book Atlas Shrugged
that the source of a person's livelihood is the verdict he pronounces inhis life.As prices of commodities become higher, money
has gained more value today. Additionally,there are only few materials left that cannot be bought by money. This is why it is
very importantto spend it wisely. Still, using money doesn't end from spending, it is also very essential to savewealth for future
use and plans.Money is a fundamental and indispensible tool to live in a materialistic world. Only a wiseperson truly knows the
value of it. Businessmen are people who use their money only when it isnecessary. However, they also know when to invest a
lot of money unto something they knowwill be useful in the future. In fact, all people in different fields have their own ways to
spendand save their money.Students on the other hand, learn to save their allowance as they grow and meet differentrequirements
in school as well as things they want to buy for their own. Budgeting is one of thepractical 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.However, with
escalating responsibilities and opportunities as they go towards higher level of education, particularly in college, it becomes very
challenging for students to manage theirmoney. Tuition, textbooks and transportation are not the only things they need to worry
about,there are the housing, food and supplies together with socializing. With their young age and lack of experience, it might be
hard for college students to budget their allowance on their own. Infact according to a research of Westwood College in U.S.,
most college students spend the least of their allowance in transportation, books and supplies but spends 40% on
discretionaryactivities- entertainment, apparel and services, travel and vacation.Additionally, expenses of college students also
depend on their chosen course. Fine Arts studentsparticularly, are expected to spend a lot of money for the expensive materials
they use on theirsubjects. Recognizing this, the study therefore aims to know how Fine Arts students budget theirallowance. The
researchers decided to survey second year College of Fine Arts and Designstudents in University of Santo Tomas.The
significance in the discovery of how much a student from different faculties of UST'sCollege of Fine Arts and Design spends per
week would let us understand what kind of lifestylemajority has and possibly discover whether he or she is enrolled on his/her
designed course.upon the information, the researchers will be able to determine the same qualities or habits thateach has and the
traits that will create the contrast between the 4 courses/faculties in the FineArts Department.
Objectives:
The researchers seek to describe how much allowance are given to CFAD students in general,where they spend their
allowance and how at the same time they budget it. This will illustrate theattributes of the students towards financial matters.
The study also aims to benefit Fine Artsstudents, parents and the CFAD department upon the information gathered on the end
of thestudy.
Statement of the Problem:
This study is aimed to find out how much the 2nd year College of Fine Arts and Design Studentsof the University of Santo
Tomas spend weekly by conducting a survey specifically to address tothe 2nd year CFAD students during the school year
2007-2008.Especially, the study sought to answer the following questions: