Concept Paper in Strategies of Home Economics Learners to Budget their Allowance

Pavia National High School SENIOR HIGH SCHOOL DEPARTMENT Technical Vocational and Livelihood (Home Economics) Pavia, Iloilo STRATEGIES OF HOME ECONOMICS LEARNERS TO BUDGET THEIR ALLOWANCE A Concept Paper Presented to the Faculty of the Senior High School Department Pavia National High School Pavia, Iloilo In Partial Fulfillment of the Requirements for the Technical Vocational and Livelihood Track Home Economics Strand By Christine Joy B. Bermejo / Alven C. Cabaya / CJ H. Malones x Lizette Andrea H. Sales / October, 2019  Pavia National High School SENIOR HIGH SCHOOL DEPARTMENT Technical Vocational and Livelihood (Home Economics) Pavia, Iloilo Background of the Study The K to 12 program cover kindergarten and 12 years of basic education (six years of primary education, four years of Junior High School and two years of Senior High School (SHS) to provide sufficient time for mastery of concepts and skills, develop lifelong learners, and prepare graduations for tertiary education. As I say, under this K to 12 Program is the Senior High School. Senior High School (SHS) covers the last two years of the K to 12 program (Grades 11 and 12). This two additional years will equip learners with skills that will better prepare them for the future whether it be employment, entrepreneurship, skills development and higher education (college).(doncarlocavinaschool.com) In SHS, there is academic track and TVL track. One of the Strand offered under the TVL track is Home Economics. The life of Home Economic learners is hard because you have to budget your allowance. The average allowance of Home Economic learners is from 100 to 150, because of this learners need to budget their allowance wisely. Budgeting is the process of creating a plan to spend your money. It allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do. Since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you. Following a budget or spending plan will also help you out of debt if you are currently in debt (mymoneycoach.com). This study aims to determine the strategies used by Home Economic learners of Pavia National High School in budgeting their allowance in a week.  Pavia National High School SENIOR HIGH SCHOOL DEPARTMENT Technical Vocational and Livelihood (Home Economics) Pavia, Iloilo Statement of the Problem This study aims to determine the strategies used by Home Economic learners of Pavia National High School in budgeting their allowance in a week. Specific Objectives 1. How much is the average allowance of the Home Economic learners? 2. Where do learners spend the greatest amount of their allowance? 3. Where do learners spend the least amount of their allowance? 4. What are the strategies of Home Economic learners to budget their allowance? 5. Which among the strategies is the most effective? 6. Which among the strategies is the least effective? Methodology Participant of the Study The participants of the study are 30 Home Economic learners (15 female, 15 male) of Pavia National High School who are randomly chosen. Data Gathering Instrument Data is obtained by using a learner’s perspective questionnaire to know the different strategies of Home Economic learners to budget their allowance.  Pavia National High School SENIOR HIGH SCHOOL DEPARTMENT Technical Vocational and Livelihood (Home Economics) Pavia, Iloilo Data Analysis Procedure Data collected from the questionnaire is analyzed using descriptive statistics which includes; frequency, mean and range. RESEARCH QUESTIONNAIRE for the study, “Strategies of Home Economic Learners to Budget their Allowance” I : DIRECTIONS: Fill out the personal information section below. Name(optional): Grade and Track: Age: Sex: Address: II. DIRECTIONS: Please answer the following question on your own. 1. How much is your allowance in a week? 2. Where do you spend the greatest amount of your allowance? 3. Where do you spend the least amount of your allowance? 4. What are your strategies to budget your allowance? 5. Which among the strategies is the most effective? 6. Which among the strategies is the least effective?  Pavia National High School SENIOR HIGH SCHOOL DEPARTMENT Technical Vocational and Livelihood (Home Economics) Pavia, Iloilo Review Related Literature This part presents related readings and concepts to the study. Allowance Budgeting Strategies Allowance is an amount of money given or allotted usually at regular intervals for a specific purpose (Wikipedia). There are many ways to budget your allowance. First, track your incomings and outgoings. Second outline your budget, in this, you write out your budget plan to track your outgoings to project how much you’ll spend, to guide your outgoings and spending for the coming weeks. In this strategy, make sure plan for saving and decide how much you’ll save. Third, set up a savings plan. Always have a purpose for your savings. Fourth, review and update projections, by keeping your budget plan up to date, you’re more likely to follow it and reach your goals. Fifth, set realistic goals. Realistic goals, on the other hand, are achievable. Each time you reach a milestone, you’ll be motivated to continue to next. Sixth, set new goals. As you achieve a new goal, remember to set new ones so you always have something to move towards. Seventh, use the 50/20/30. This easy structure has you spending 50 percent of your incomings on necessities, saving 20 percent, and using 30 percent for your lifestyle choice. Eight, empower yourself with the right tools. Find the best tools – whether it’s an app linked to your banked account or an Excel’s spreadsheet – for you and your lifestyle.  Pavia National High School SENIOR HIGH SCHOOL DEPARTMENT Technical Vocational and Livelihood (Home Economics) Pavia, Iloilo And lastly, stay motivated, you’re the only person in charge of your finances, so make sure you stay on track and motivated to follow your budget. Celebrate your wins, regularly remind yourself of why you’re saving, and review your goals to bring to mind why it’s all worth it (speckle.com). With that, it can help you control over your money, it is said that with budgeting, you control your money and not your money control you. It makes you aware what is going on with your money, with budgeting, you are clear on what money is coming in, how fast it goes out, and where it is going to. It keeps you focused on your money’s goal, you avoid spending unnecessarily on items and services that do not contribute to attaining your goals. Helps you organize your spending and saving, by dividing your money into categories of expenditures and savings, a budget makes you aware which categories of expenditures takes which portion of your money. That way, it is easy for you to make adjustments. It enables you to save for expected and unexpected costs. In this budgeting, it allows you to plan to set aside money for emergency costs. Enables you to communicate with your significant others about money, if you share your money with your spouse, family, or anyone, a budget can communicate how you use money as a group. This promotes teamwork on working for common financial goals and prevents conflict on how money is used. Provides you with an early warning for potential problems, when you budget and take a big picture view, you will see potential money problems in advance, and be able to make adjustments before the problem appears. Helps you determine if you can take debt and how much, budgeting shows you how much debt load you can realistically take without being stressed or if taking the debt is worth it. And lastly, it enables you to produce extra money, in budgeting, you get to identify and eliminate unnecessary spending like rate fees, penalties, and interest (budgetingincome.com).  Pavia National High School SENIOR HIGH SCHOOL DEPARTMENT Technical Vocational and Livelihood (Home Economics) Pavia, Iloilo Action Research Work Plan and Timeline To achieve this research work’s objectives, the researcher will religiously follow the activities, timelines, and activity duration presented below. Table 1 Schedule of Research Activities Activity Timeline Duration A. Planning 1. Preparation of Concept Paper September 2-6 2019 5 days 2. 2. Checking and Editing of the September 9-10, 2019 2 days Paper 3. Proofreading and Consultation of September 11-17 5 days the Paper 4. Finalization of Concept Paper September 18-24 5 days B. Implementation 1. Administration of Research November 11-22, 2019 10 days Instrument to the Respondents 2. Interpretation of Pre-tests Results November 25-29, 2019 5 days 3. Finalization of the Results of the December 2-6, 2019 5 days Collected Data 4. Proofreading of Interpreted December 9-13, 2019 5 days Results C. Dissemination 1. Preparation of Final Write-up February 4-8, 2019 5 days 2. Proofreading of Final Paper February 11, 2019 1 day 3. Finalization of Paper February 12, 2019 1 day 4. Presentation of Results in School February 13, 2019 1 day 5. Submission of Final Paper February 14, 2019 1 day References Retrieved from https://www.doncarlocavinaschool.com Retrieved from https://www.mymoneycoach.ca>w Retrieved from https://ww.speckle.com.au>blog Retrieved from https://www.budgetingincome.com