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Methodology (Participants & Instrumentation) - Proposal

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Methodology (Participants & Instrumentation) - Proposal

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By Azim Faudzi

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Concept of Financial management and financial problems.

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Concept of Financial management and financial problems.

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by Hakimi

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Concept of Financial Management and financial problem

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By Izzudin

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By Afeeqah

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By Izzudin

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LIFE at university is a change from living at home and undergraduates have to learn to live within their means.

Public university undergraduate Muhammad Zakwan Egar, 25, makes sure that his expenses do not exceed RM20 per day to make his allowance last a month.

His allowance is spent on accommodation, transport, meals, and entertainment and leisure. "I'm financing my studies with my own funds and the help of my parents. They remit RM800 to RM900 as pocket money monthly.

"I spend an average of RM300 per month on food. I fork out RM105 for hostel fees, RM28 for transport and RM200 for leisure and shopping every month," said Muhammad Zakwan, a first-year Bachelor of Mass Communication student at Universiti Kebangsaan Malaysia (UKM).

Mohammed Faizal Mohd Nor Al Kamaruddin, 22, likes good food, and instant noodles are his last option.

"Nourishing food is important to stay healthy. I travel on public transport such as the LRT and KTM, but have to resort to GrabCar and Uber sometimes. I spend about RM10 to RM40 every day," said the undergraduate from UKM.

"I use my savings and get RM200 to RM300 every month from my parents. I rarely go shopping unless I have extra cash to splurge on myself."

Third-year Universiti Tun Abdul Razak (Unirazak) student Auni Zulfaka's Bachelor of Business Administration (Islamic Financial Planning) studies are sponsored by MARA.

She lives in an apartment chosen for its security and pays RM305 rent monthly.

"Daily meals cost more than RM10 and are the bulk of my expenditure. I also spend quite a bit on transport, commuting between the apartment and the university.

"I set aside 20 per cent for savings in Tabung Haji and sukuk investment monthly. I live as simple a life as I can," said the 22-year-old.

With the increase in cost of living, she tries to reduce expenses, especially entertainment.

Living in a university hostel helps Siti Zulaikha Zaherman, 23, to cut down on cost of accommodation. Food and transportation make up most of her expenses.

"I spend RM8 to RM20 per day on meals at a cafe near the university which serves delicious food at affordable prices. Transportation can come up to RM50 per week due to project work and if I go back to my home in Kuala Lumpur," said the first-year Media and Communication Studies student, who saves loose change in a piggy bank and sells second-hand books and hijab to her friends.

Muhammad Danial Afiq Mohamed Meera's studies are funded by the National Higher Education Fund Corporation.

"Going out on assignments can put a dent in finances," said the 24-year-old who is pursuing Islamic financial planning at Unirazak.

Since he stays with his parents, most of his expenses go towards paying for his daily commute to the university.

"I stopped receiving pocket money since I was 16 so I run my own business. The bulk of my spending is on clothes as I need to be properly attired as the newly elected Youth Parliament Member of Malaysia," said Muhammad Danial Afiq.

Joseph Yong Kher Wee, 19, said one must learn to be financially independent.

"Plan how much you spend every day and try not to indulge. And don't spend too much on entertainment," said Yong, who has a scholarship and RM200 monthly allowance.

"I spend mostly on food as it is pricey near my college. I manage my expenses to stay within the budget."

While Muhammad Zakwan felt that one should be equipped with financial literacy upon entering university, HELP University Foundation in Arts student Danny Goh Meng Huat, 19, said it is important to nurture the habit of spending money wisely from young.

Mohammed Faizal admitted that he has sometimes strayed beyond his budget so he does part-time jobs such as conducting surveys or working at photoshoots to cover unexpected expenses like repairing his handphone.

Auni said undergraduates must have financial literacy to survive as students. "Financial literacy is important to prevent being burdened with education debt after graduation."

PARENTS' EXPENDITURE
Civil engineer Sheikh Azmir Sheikh Mokhtar, 51, finds it challenging to fund his children's studies with the increase in cost of living. His children, Sheikh Mohamed Naim and Nur Izzah who study at University Teknologi Petronas (UTP) and Universiti Teknologi MARA respectively, get a monthly allowance each.

"In his foundation year, he received RM1,000 per month to pay for food, phone bills, petrol and car maintenance. Now that he has a MARA loan to fund his undergraduate studies for four years, I give him RM500 a month. My daughter gets RM600 per month," said Sheikh Azmir.

"While I provide enough for my children to have a slightly more comfortable life, I make them aware of the importance of managing money wisely and saving up for rainy days," he added.

School teacher Aunillah Hilmi and her architect husband Mohd Khalil Abd Jabar, both 48, give their daughter Aisyah a monthly allowance of RM450 while she is pursuing a degree in petroleum engineering at UTP.

"She spends her money wisely, mindful of how much we are paying for her education," said Aunillah.

Tech website writer Ramli Ibrahim, 49, said that while he provides a monthly allowance for his daughter, he encourages her to spend within her means.

"I advise her to stay within her phone credit limit, use public transport and do not spend too much on shopping and entertainment. And if she can spare the time on weekends, find a part-time job.

"She is doing all right so far, except for the occasional overspending on outings with friends such as going to the movies and the latest gadgets," said Ramli, whose daughter is a first-year communications degree student at International University Malaya-Wales.

FINANCIAL LITERACY
INTI International University Counselling Centre manager Lim Siow Yen said those who lack knowledge in financial planning tend to overspend.

"Students with low self-control are easily influenced by their wants rather than their needs. However, it also depends on how well their parents educate them on financial management.

"Some parents teach their children from young to budget their pocket money but there are also those who meet their children's demand for money every time.

"So, it also stems from family upbringing to understand the value of money from a young age and know how to manage it well," added Lim.

She said people tend to gender stereotype when it comes to spending habits. This perception is also drawn from movies and advertisements due to the fact that there is more visible merchandise for women such as beauty products, clothes and handbags.

"However, men have their share of products associated with them like drinks and electronic gadgets. I feel that both genders have similar spending habits."

Head of University of Malaya Marketing and Recruitment Centre Fatimah Nuntasinee Muadmanee said the challenges of "not having enough" arise if students overspend.

"The location of UM is an opportunity as well as a challenge. With easy access to malls via public transport, it can be a challenge for students to control expenses.

"The university provides as many student facilities and amenities as possible such as a bookstore, cafes, sports centre and feeder buses on campus. It monitors the prices of goods and food so they are affordable for students.

"Students at the residential colleges get three meals a day, the cost of which are included in the accommodation fees," said Fatimah.

The UM Entrepreneurship Centre offers a programme on financial management, which is a compulsory unit for all courses.

The Students Affairs' Career Counselling Centre also gives advice on financial issues. "Students should focus on completing their studies and not worry about not having enough money," added Fatimah.

Sunway Education Group and Sunway University senior executive director Dr Elizabeth Lee said spending habits vary from student to student. "There are those who spend lavishly while most students prefer a simpler lifestyle. We encourage our cafeteria caterers to sell food and drinks at affordable prices."

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LIFE at university is a change from living at home and undergraduates have to learn to live within their means. Public university undergraduate Muhammad Zakwan Egar, 25, makes sure that his expenses do not exceed RM20 per day to make his allowance last a month.

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70 percent of college students stressed about finances

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70 percent of college students stressed about finances

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70 percent of college students stressed about finances

National survey finds students optimistic, despite debt and stress

COLUMBUS, Ohio - Seven out of 10 college students feel stressed about their personal finances, according to a new national survey.

Nearly 60 percent said they worry about having enough money to pay for school, while half are concerned about paying their monthly expenses.

The findings suggest that the pressures of student loan debt and finding ways to make ends meet are weighing on America's college students, said Anne McDaniel, co-author of the study.

In fact, 32 percent of students reported neglecting their studies at least sometimes because of the money they owed.

"The number of students feeling financial stress is striking," said McDaniel, who is associate director of research and data management at The Ohio State University's Center for the Study of Student Life.

The findings come from the National Student Financial Wellness Study, which surveyed 18,795 undergraduate students at 52 colleges and universities across the country. It included students from four-year and two-year private and public institutions."We need to help students manage their stress so they can be conscientious about their financial decisions, but not so overwhelmed that it hurts their academics or health," added co-author Catherine Montalto, an associate professor of human sciences at Ohio State.

The study was conducted by a research team from Ohio State's Office of Student Life and College of Education and Human Ecology.

The survey found that despite the stress of paying for college, more than three-quarters of students think college is a good investment for their financial future and believe they will be able to support themselves after graduation.

"Students feel good about their decision to go to college and think it will pay off in the end," Montalto said.

While there has been a lot of research about student loan debt and default rates, this survey fills a gap by exploring the day-to-day financial lives of college students, said study co-author Bryan Ashton, assistant director of Ohio State's Student Life Student Wellness Center.

"This survey was designed to give a more comprehensive picture of the financial lives of students beyond just their debt levels and loans," he said. "We wanted to find out more about how they were managing their financial lives on a daily basis."

The survey found that 64 percent of college students used loans to help pay for college, which is similar to what other studies have found. Students also indicated a willingness to borrow more to finance their college education if they expected higher starting salaries upon graduation.

When asked how they paid for their tuition, students were most likely to say either loans or scholarships and grants (35 percent each).

While parents and family were mentioned as the primary source of funding for housing and books, 17 to 19 percent of students said they relied mostly on loans.

For those with loans, nearly one-third owed less than $10,000. But one in five owed more than $30,000.

When asked how much student loan debt they expected to have at graduation, the most common response (24 percent) was between $30,000 and $50,000. But 14 percent of responding students expected to owe between $50,000 and $80,000 and 7 percent thought they would owe more than $80,000.

McDaniel said she was concerned by how many students with loans borrowed right up to their limit.

"About 30 percent of students with loans said they borrowed the maximum amount for which they qualify each year, which may not always be the best choice," she said.

"But the good news is that about half the students with loans said they tried to borrow as little as possible."

Most students seem to have a good handle on credit card debt, the survey showed.

About 43 percent of students don't have a credit card and, of those who do, nearly half (47 percent) pay off the full balance each month. Of those who don't pay off the full balance, the majority (55 percent) owe less than $1,000.

However, a sizable minority (8 percent) owe more than $3,000 after their monthly payments.

Financial problems lead some students to make difficult choices, the survey found. Nearly three out of 10 students said they reduced their class load because of the money they owed, while 16 percent took a break from their college or university and 13 percent transferred to another institution.

Still, the students generally felt good about how their finances would turn out in the long run.

Nearly 8 out of 10 said they believed they would be able to pay off any debt they acquired while they were still in school and 67 percent said that, when they thought about their financial situation, they were "optimistic about their future."

Montalto said the survey results reported here are just the beginning of a long-term project. The Ohio State researchers will use the data to dig deeper into the financial wellness of college students, looking at the links between student borrowing, stress, graduation and other factors.

They plan to do another survey in two years with a larger group of participating institutions.

Other members of the research team are Kirstan Duckett, a research analyst, and Alicia Croft, a former graduate research assistant, both in the Center for the Study of Student Life.

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70 percent of college students stressed about finances

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COLUMBUS, Ohio - Seven out of 10 college students feel stressed about their personal finances, according to a new national survey. Nearly 60 percent said they worry about having enough money to pay for school, while half are concerned about paying their monthly expenses.

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As a college student, you may not be earning a lot of money. But the best way to hang on to the money you do have is through budgeting. This is how you do it.
Wherever you are in your college journey-and wherever you are in the economic spectrum-budgeting skills and financial responsibility will influence the opportunities you have throughout your life. Even though most college students are not yet financially independent, 62% say they use a budget to keep track of their expenses, and 77% pay their own credit card bills.

So if you don't have a budget yet and you want to start one, or if you want to make sure the budget you have is in good shape, this article is the place to start. And if you're looking for a good basic budget spreadsheet, here's one just for college students!

Figure out where all your money is coming from

All budgets depend on knowing exactly how much money you have to work with. So make a list of all of your sources of income, such as:

Part-time jobs

Allowance/spending money from your family

Work-study

Scholarships and grants (that aren't going straight to your tuition, room, and board expenses)

Existing savings (such as savings left over from high school)

Other recurring sources of income

As a college student, you will likely need to coordinate with your family as you make your budget, especially if they are directly providing you with spending money. If that's the case, you can show how responsible you are by coming up with a schedule or system for exchanging that money. For example, you could suggest having your parents deposit $75 into a shared bank account on the first and 15 th of every month, and you could plan your budget around that schedule.

Related: 7 Easy Ways College Students Can Earn Fast Cash

Figure out where all your money is going

You probably don't have a lot of recurring bills as a college student, but you might be responsible for your monthly cell phone bill, car payment, car insurance, and/or rent if you live off campus. These are your fixed/recurring expenses, and the first step in creating your budget is to list them all out.

But those fixed expenses are just the tip of the iceberg. You should also track at least a month's worth of spending to see where your pocket money is going (more flexible expenses). You should keep receipts and review your debit and/or credit card statements, if you have them. (Pro tips: although many people just view their purchases online these days, another merit to having a physical receipt is that there are often discounts or special deals printed on the bottom! In addition, if you are involved in any activity where you will need to get reimbursed for a particular purchase, many organizations will only allow a paper receipt instead of just a digital snapshot of your purchases.)

As you gather all your spending info, write it down or enter it in a spreadsheet. You can use any budget timeframe you want-a week, month, or semester-just make sure you're consistent. Some common budget categories for college students include the following:

Fixed/recurring expenses

Cell phone bill

Car payment

Car insurance

Health insurance (if you're not on your parents' plan)

Transportation (things like student bus passes, gas for an on-campus car, or bike maintenance)

Student activity fees

Rent (if you live off campus)

Savings (more on that in a second!)

Flexible expenses

Food (groceries and meals out)

Books

Clothes

Entertainment/going out

Miscellaneous/emergency money

Create your budget and do the math

Once you know where your money is coming from and where it's going, you need to compare your expenses to your income to make sure they balance out. If your expenses exceed your income, you've got yourself a problem. With a little tweaking and thriftiness, you may be able to bring down your expenses. Or you may need to seek additional scholarships, financial aid, and forms of income to make up the difference.

On the other hand, if your income exceeds your expenses, you're doing great! It's usually a good idea to put that extra money straight into your savings account. (Try to resist the urge to buy a bright new pair of Adidas All Stars...)

You can use a simple budget spreadsheet template (like the one above) to do this or use any number of budgeting apps. One that I like is Mint, which is free to use online or on your phone. The site allows you to set alerts to stay on top of bills and gives you a visual representation of your spending habits. There are tons of free budgeting apps out there, but a few more good ones for students include Toshl, Goodbudget, and Daily Budget Original (iOS only). (If you're a student and you love a particular free budgeting app, let us know what it is in the comments!)

Other than the many budgeting apps out there, it is wise to check with your bank to see if they have an app of their own. On my personal banking app, I am able to instantly deposit checks by taking a picture of it, check up on how much money I have, and transfer funds in between my checking and saving accounts. If your bank isn't local (especially if you traveled far from home for college), having an app is especially useful, since you won't be able to physically walk into the bank to take care of things.

But whatever you do, remember that creating your budget is just the first step; it's important to manage your spending so you stick to it.

Set aside some savings

When you don't make a lot of money to begin with, it can be hard to imagine setting some aside for savings. But adding a line to your college budget for savings is so, so important! You can save for big-ticket expenses down the road, like a nice spring break trip, buying a car, or getting furniture for your first apartment. And it's critical to have an emergency fund,just in case you get sick or something else unexpected happens. Finally, saving your money while you're in college is just an overall good idea, since you're developing the financial habits you'll likely use for the rest of your life. (Your future self will thank you!)

Just like you set a budget for spending, you should also set a budget for how much you would like to save. Consistent saving is a huge principle that many financial advisors say can be more successful than constantly investing in the ever-changing global market. Set a goal of committing to saving a percent of your monthly paycheck, and over time it will allow you to get in the habit of always putting something away. I personally put at least 10% of my paycheck into my savings. It may not be a lot, considering I am only a college student making minimum wage, but every little bit counts.

Make budgeting easier on yourself

The last basic college budgeting tip is to get rid of the temptation to spend money whenever possible. If your weakness is ordering stuff online, it may be wise to use a site blocker during periods you know you shouldn't be spending money. Or if you're constantly going out with friends, you can be upfront about your budget and suggest cheaper or free events. When you do go out, bring only a set amount of cash to spend instead of a credit card to limit your spending.
Do you have any questions about creating a budget while you're in college? Did we miss anything? Leave a comment and let us know.
Budgeting can be a daunting for students, but learning how to manage your money is a big and fairly important part of college life. Once you get the hang of it, you will feel less stressed about money now and set yourself up for financial freedom throughout your life.

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Budgeting Basics for College Students, Plus Example Spreadsheet

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As a college student, you may not be earning a lot of money. But the best way to hang on to the money you do have is through budgeting. This is how you do it. Search Thousands Of Colleges And Scholarships. Join Our Growing Community Of College Bound Students.

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Group Members:

1)AHMAD IZZUDIN BIN SUHAIMI (2016238676)

2)MUHAMMAD AZIM BIN MOHAMAD FAUDZI (2016238562)

3) MUHAMMAD LUQMANUL HAKIMI BIN SOBRI (2016229974)

4) NUR AFEEQAH BT KARAMUDIN (2016229552)

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