HCMC UNIVERSITY OF FOREIGN LANGUAGES – INFORMATION TECHNOLOGY
FACULTY OF BUSINESS ADMINISTRATION
THE IMPORTANCE OF FINANCIAL MANAGEMENT
TO THE STUDY–WORK BALANCE OF HUFLIT STUDENTS
MTV's members: 1. Phạm Tiến Mạnh - 19DH120916 2. Lê Ngọc Vân Trang - 19DH120725 3. Trần Phú Vinh - 19DH120839
CHAPTER 1. Introduction
CHAPTER 2: Literature Review
Table of Content
CHAPTER 3: Methodology
CHAPTER 4: Findings & Discussions
CHAPTER 5: Conclusion & Recommendation
CHAPTER 1. Introduction
Balancing student work and study is very important nowadays. The study analyzes the financial situation and source of income of HUFLIT students, explores the relationship between financial management and academic achievement, and evaluates the impact of financial stress on the balance between work and study. It identifies challenges and provides advice on strengthening money management and achieving a better work-study balance. The goal is to offer insights and suggestions to HUFLIT students for successfully managing their funds and responsibilities.
CHAPTER 2. Literature Review
Financial Management Plans
The Wants include any payment that involves any not essential payments. These include the payment you want for entertainment, dining out, coffee and tea, and drinks. These payments are unnecessary. It makes your life happier, and more enjoyable but without them, you will still be alive.
50/30/20 Financial Rules by Elizabeth Warren
One of the most helpful for you to
manage your income
The Needs include any payment that involves mortgage payments, car payments, food, insurance, health care, groceries, transportation, and utilities. These payments are considered the “must-haves”, “must-pays”, or “needs”, you can’t live or survive without those expenses.
(50%) Needs: Renting, Food, Transportation, Basic utilities, Insurance, Other expenses that you need to cover for daily life
The Savings are the amount of money you promise not to spend on anything. Those savings can be used for the emergency fund, your financial goal, or buying a new house for yourself
(30%) Wants: Shopping, Restaurants, Entertainment, Travel, Gifts
(20%) Savings: Emergency, Retirement, Debt
CHAPTER 2. Literature Review
6 Jars Financial Rules by T. Harv Eker
Takes 55% of your income. The jar’s name is NEC (necessities). As similar as the 50/30/20 rules.
Jar number 1
Takes 10% of your income. The jar is called LTSS. This jar includes saving for long–term goals such as buying a new car, a new house, having a vacation, luxurious things, medical funds, and any long–term goals that you wish to get.
Jar number 2
Takes 10% of your income, called Play Jar. It will be the place where you can get your money out and spend them on enjoyable activities.
Jar number 3
This jar is called EDU. It stands for Education. It takes 10% of your income.
Jar number 4
FFA - This jar is called Financial Freedom, the statement of wealth. This costs 10% of your monthly income.
Jar number 5
Title here
The last one is GIVE which takes 5%. Giving is for taking.
Jar number 6
CHAPTER 3. Methodology
This study will make use of both primary and secondary data sources.The survey will be created using the quantitative research approach, and it will include questions on the study issue and administered to a random sample of HUFLIT university students. The total number of students being questioned is 300. Primary data sources will be the primary source of information for analysis and assessment in this study. The questionnaire will be the major data gathering technique. Google Instruments and online database systems will be utilized to collect these sources, but the major tools, such as Scholar Instrument and Springer Link, will be used to identify earlier research on the same issue.
CHAPTER 4. Findings & Discussions
Demographic
Living with
Area
CHAPTER 4. Findings & Discussions
Demographic
Student's Demands for a Job
CHAPTER 4. Findings & Discussions
Demographic
Monthly Income
Time spending for Jobs (hours/week)
CHAPTER 4. Findings & Discussions
Outcome Purpose
CHAPTER 4. Findings & Discussions
Outcome Purpose
OP1: I work to cover my living expenses
OP2: I work to pay for my studies
There are 187/300 HUFLIT students (62.3%) agreed with OP1. Besides that, 126/300 students (42%) agreed with OP2. In the opposite direction, approximately 37.6% of students for OP1 and 58% of students for OP2 answered Neutral or Disagree.
CHAPTER 4. Findings & Discussions
Outcome Purpose
OP3: I go to work to gain experience and improve myself
According to the OP3 pie chart, more than 81% of students agreed with the given assertion. In comparison, 18.3% of students responded Neutral or Disagreed. Spending too much time going to work, be unable to absorb the information from books, studies, and the teacher's field experience.
CHAPTER 4. Findings & Discussions
Outcome Purpose
OP4: I go to work with friends
According to the OP4 pie chart, over 80% of students responded Neutral or Disagreed. Having job with friends not directly impact the purpose of working. Key factors are financial concerns and improving skills. From then on, financial management is the key to balance work and study.
CHAPTER 4. Findings & Discussions
Outcome Purpose
OP5: I go to work to build more social relationships
Up to 204/300, or 68% of students, agreed with this statement. In contrast, the remaining 32% answered Neutral or Disagree. Student only attend to school and stay at home, will have more difficult time growing relationship.
CHAPTER 4. Findings & Discussions
Outcome Purpose
OP6: I go to work to make use of my free time funds
207/300 students agreed to go to work to avoid wasting time. The remaining 93 students answered Neutral or Disagree with the statement. The study timetable not always fixed, as in high school, students plan their time wisely to balance academics and a part-time employment.
CHAPTER 4. Findings & Discussions
Financial Attitude
CHAPTER 4. Findings & Discussions
Financial Attitude
FT1: I spend all of my income to satisfy myself and do not think about the future
136 out of 300 students disagreed with this statement, which is approximately 45.3%. 84 and 80 of the students answered Neutral and Agree respectively, which is approximately 54.7% of students don’t have a financial mindset. This must be changed in the nearest future, otherwise, many students won’t get rid of the cycle of overspending.
CHAPTER 4. Findings & Discussions
Financial Attitude
FT2: I allocate a portion of my income to invest in the future
The number of students who agreed with the statement took over 65%. In contrast, 34.3% of the students answered in Neutral and Disagree, not too high but remain a significant impact on the financial mindset. If the number of disagreements doesn’t decrease, some of the students might be drowned in debt.
CHAPTER 4. Findings & Discussions
Financial Attitude
FT3: I allocate a portion of my income for unexpected risks and expenses
More than 90% of the surveyed students agreed on the need for setting up emergency funds. Setting aside emergency funds helps students balance studying and working, as a support unexpected expenses or health issues.
Without these funds, students may have to work more or borrow money. As a result, their studies would not be guaranteed, greatly affecting their academic performance.
CHAPTER 4. Findings & Discussions
Outcome Purpose
FT4: I will spend more time improving my personal finance knowledge
The FT4 pie chart has shown that only about 28 out of 300 students disagree with changing their financial understanding. This is a promising number as the method of improving study and work has been accepted by up to 90% of students.
CHAPTER 4. Findings & Discussions
Personal Opinion
CHAPTER 4. Findings & Discussions
Personal Opinion
PO1: I value the importance of budget planning
and adhering to that plan
300 students surveyed, 262 were awared of the significance of budgeting and sticking to it, accounting for 87.3% of those surveyed. Students who understand how to manage the financial plan will not overspend or go over budget. This will assist students in avoiding issues due to a lack of finances for important costs.
CHAPTER 4. Findings & Discussions
Personal Opinion
PO2: I value controlling spending and saving every month
Only 8.6% of students disagreed with this statement. The others, 91.4%, have a mindset of saving. Indicating a high likelihood of success for financial management methods. Prioritizing financial control and saving, can strive to attain their financial objectives and attain balance between their work and study.
CHAPTER 4. Findings & Discussions
Personal Opinion
PO3: I value cultivating good money management habits
More than 70% agreed with the PO3, and 20% of students answered neutrally Developing the habit of managing money will help students achieve financial goals. Habits are the tools that allow students to stick to the planned goals.
CHAPTER 4. Findings & Discussions
CHAPTER 4. Findings & Discussions
Personal Opinion
Personal Opinion
PO4: I value investment for long-term financial goals
The number of students agreed with OP4 and OP5 is over 90% and 95%, respectively. The awareness of students on these statements about the future is extremely high. This indicates that students nowadays are responsible for their future and do not want to be sheltered in their parents’ arms.
PO5: The way I manage my finances currently will impact my future
CHAPTER 4. Findings & Discussions
Outcome Effect
CHAPTER 4. Findings & Discussions
Outcome Effect
OE1: I feel tired and it is difficult to concentrate on my studies
Up to 40.6% of students feel tired. 35% of students feel fine and 24.4% feel not affected at all by taking a job. Therefore, it can be concluded that having a job not only affects the student’s health but also the studying processes of students.
CHAPTER 4. Findings & Discussions
Outcome Effect
OE2: I feel pressured and stressed during my studies
According to OE2 pie chart, 40.6% of students feeling extremely pressured and anxious over the courses of their studies. Furthermore, 38% Neutral replies show that these students are occasionally pressured and agitated. As a result, it can be stated that up to 78.6% of students feel pressure and stress when trying to balance work and school.
CHAPTER 4. Findings & Discussions
Outcome Effect
OE3: I feel that there is not enough time to balance between studying and working
75.7% admitting that they do not have enough time to balance work and study. Among the 75.7%, 43% agreed with this statement. Therefore, the data shows that most students who are balancing work and study do not have enough time to balance both.
CHAPTER 4. Findings & Discussions
Outcome Effect
OE4: I feel that there is not enough time for self-study and research
OE5: I feel hindered by not being able to participate in extracurricular activities
Up to 77% of students do not have enough time to study and conduct research and 71.4% unable to participate in other activities. Data from OE3, OE4, and OE5, students not have enough time to balance work and study, leading to not having enough time for studying and other activities.
CHAPTER 4. Findings & Discussions
Overall GPA
GPA after having a job
GPA without having a job
GPA before having a job
CHAPTER 5. Conclusion & Recommendation
Conclusion
Financial management is crucial for HUFLIT students to balance work and study. By developing a budget, keeping track of spending, and planning for contingencies, students can avoid financial stress and make informed spending decisions. Good financial management methods can lead to improved academic achievement and help students achieve their long-term professional goals.
CHAPTER 5. Conclusion & Recommendation
Recomendation
The need of improving the mindset of not spending all of students' income to satisfy themselves must be changed in the nearest future, the neccesity for change in students' attitude is now high Additionally, some students may not have good spending habits which are needed to be improved. The financial management method presented in this research paper is helpful, but has limitations. It cannot be applied to students without a job or those financially supported by their parents. Further researchers could focus on effective time and emotional management to better address the issue of balancing studying and working.
THANKYOU!
Student's Current Job
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Transcript
HCMC UNIVERSITY OF FOREIGN LANGUAGES – INFORMATION TECHNOLOGY FACULTY OF BUSINESS ADMINISTRATION
THE IMPORTANCE OF FINANCIAL MANAGEMENT TO THE STUDY–WORK BALANCE OF HUFLIT STUDENTS
MTV's members: 1. Phạm Tiến Mạnh - 19DH120916 2. Lê Ngọc Vân Trang - 19DH120725 3. Trần Phú Vinh - 19DH120839
CHAPTER 1. Introduction
CHAPTER 2: Literature Review
Table of Content
CHAPTER 3: Methodology
CHAPTER 4: Findings & Discussions
CHAPTER 5: Conclusion & Recommendation
CHAPTER 1. Introduction
Balancing student work and study is very important nowadays. The study analyzes the financial situation and source of income of HUFLIT students, explores the relationship between financial management and academic achievement, and evaluates the impact of financial stress on the balance between work and study. It identifies challenges and provides advice on strengthening money management and achieving a better work-study balance. The goal is to offer insights and suggestions to HUFLIT students for successfully managing their funds and responsibilities.
CHAPTER 2. Literature Review
Financial Management Plans
The Wants include any payment that involves any not essential payments. These include the payment you want for entertainment, dining out, coffee and tea, and drinks. These payments are unnecessary. It makes your life happier, and more enjoyable but without them, you will still be alive.
50/30/20 Financial Rules by Elizabeth Warren
One of the most helpful for you to manage your income
The Needs include any payment that involves mortgage payments, car payments, food, insurance, health care, groceries, transportation, and utilities. These payments are considered the “must-haves”, “must-pays”, or “needs”, you can’t live or survive without those expenses.
(50%) Needs: Renting, Food, Transportation, Basic utilities, Insurance, Other expenses that you need to cover for daily life
The Savings are the amount of money you promise not to spend on anything. Those savings can be used for the emergency fund, your financial goal, or buying a new house for yourself
(30%) Wants: Shopping, Restaurants, Entertainment, Travel, Gifts
(20%) Savings: Emergency, Retirement, Debt
CHAPTER 2. Literature Review
6 Jars Financial Rules by T. Harv Eker
Takes 55% of your income. The jar’s name is NEC (necessities). As similar as the 50/30/20 rules.
Jar number 1
Takes 10% of your income. The jar is called LTSS. This jar includes saving for long–term goals such as buying a new car, a new house, having a vacation, luxurious things, medical funds, and any long–term goals that you wish to get.
Jar number 2
Takes 10% of your income, called Play Jar. It will be the place where you can get your money out and spend them on enjoyable activities.
Jar number 3
This jar is called EDU. It stands for Education. It takes 10% of your income.
Jar number 4
FFA - This jar is called Financial Freedom, the statement of wealth. This costs 10% of your monthly income.
Jar number 5
Title here
The last one is GIVE which takes 5%. Giving is for taking.
Jar number 6
CHAPTER 3. Methodology
This study will make use of both primary and secondary data sources.The survey will be created using the quantitative research approach, and it will include questions on the study issue and administered to a random sample of HUFLIT university students. The total number of students being questioned is 300. Primary data sources will be the primary source of information for analysis and assessment in this study. The questionnaire will be the major data gathering technique. Google Instruments and online database systems will be utilized to collect these sources, but the major tools, such as Scholar Instrument and Springer Link, will be used to identify earlier research on the same issue.
CHAPTER 4. Findings & Discussions
Demographic
Living with
Area
CHAPTER 4. Findings & Discussions
Demographic
Student's Demands for a Job
CHAPTER 4. Findings & Discussions
Demographic
Monthly Income
Time spending for Jobs (hours/week)
CHAPTER 4. Findings & Discussions
Outcome Purpose
CHAPTER 4. Findings & Discussions
Outcome Purpose
OP1: I work to cover my living expenses
OP2: I work to pay for my studies
There are 187/300 HUFLIT students (62.3%) agreed with OP1. Besides that, 126/300 students (42%) agreed with OP2. In the opposite direction, approximately 37.6% of students for OP1 and 58% of students for OP2 answered Neutral or Disagree.
CHAPTER 4. Findings & Discussions
Outcome Purpose
OP3: I go to work to gain experience and improve myself
According to the OP3 pie chart, more than 81% of students agreed with the given assertion. In comparison, 18.3% of students responded Neutral or Disagreed. Spending too much time going to work, be unable to absorb the information from books, studies, and the teacher's field experience.
CHAPTER 4. Findings & Discussions
Outcome Purpose
OP4: I go to work with friends
According to the OP4 pie chart, over 80% of students responded Neutral or Disagreed. Having job with friends not directly impact the purpose of working. Key factors are financial concerns and improving skills. From then on, financial management is the key to balance work and study.
CHAPTER 4. Findings & Discussions
Outcome Purpose
OP5: I go to work to build more social relationships
Up to 204/300, or 68% of students, agreed with this statement. In contrast, the remaining 32% answered Neutral or Disagree. Student only attend to school and stay at home, will have more difficult time growing relationship.
CHAPTER 4. Findings & Discussions
Outcome Purpose
OP6: I go to work to make use of my free time funds
207/300 students agreed to go to work to avoid wasting time. The remaining 93 students answered Neutral or Disagree with the statement. The study timetable not always fixed, as in high school, students plan their time wisely to balance academics and a part-time employment.
CHAPTER 4. Findings & Discussions
Financial Attitude
CHAPTER 4. Findings & Discussions
Financial Attitude
FT1: I spend all of my income to satisfy myself and do not think about the future
136 out of 300 students disagreed with this statement, which is approximately 45.3%. 84 and 80 of the students answered Neutral and Agree respectively, which is approximately 54.7% of students don’t have a financial mindset. This must be changed in the nearest future, otherwise, many students won’t get rid of the cycle of overspending.
CHAPTER 4. Findings & Discussions
Financial Attitude
FT2: I allocate a portion of my income to invest in the future
The number of students who agreed with the statement took over 65%. In contrast, 34.3% of the students answered in Neutral and Disagree, not too high but remain a significant impact on the financial mindset. If the number of disagreements doesn’t decrease, some of the students might be drowned in debt.
CHAPTER 4. Findings & Discussions
Financial Attitude
FT3: I allocate a portion of my income for unexpected risks and expenses
More than 90% of the surveyed students agreed on the need for setting up emergency funds. Setting aside emergency funds helps students balance studying and working, as a support unexpected expenses or health issues. Without these funds, students may have to work more or borrow money. As a result, their studies would not be guaranteed, greatly affecting their academic performance.
CHAPTER 4. Findings & Discussions
Outcome Purpose
FT4: I will spend more time improving my personal finance knowledge
The FT4 pie chart has shown that only about 28 out of 300 students disagree with changing their financial understanding. This is a promising number as the method of improving study and work has been accepted by up to 90% of students.
CHAPTER 4. Findings & Discussions
Personal Opinion
CHAPTER 4. Findings & Discussions
Personal Opinion
PO1: I value the importance of budget planning and adhering to that plan
300 students surveyed, 262 were awared of the significance of budgeting and sticking to it, accounting for 87.3% of those surveyed. Students who understand how to manage the financial plan will not overspend or go over budget. This will assist students in avoiding issues due to a lack of finances for important costs.
CHAPTER 4. Findings & Discussions
Personal Opinion
PO2: I value controlling spending and saving every month
Only 8.6% of students disagreed with this statement. The others, 91.4%, have a mindset of saving. Indicating a high likelihood of success for financial management methods. Prioritizing financial control and saving, can strive to attain their financial objectives and attain balance between their work and study.
CHAPTER 4. Findings & Discussions
Personal Opinion
PO3: I value cultivating good money management habits
More than 70% agreed with the PO3, and 20% of students answered neutrally Developing the habit of managing money will help students achieve financial goals. Habits are the tools that allow students to stick to the planned goals.
CHAPTER 4. Findings & Discussions
CHAPTER 4. Findings & Discussions
Personal Opinion
Personal Opinion
PO4: I value investment for long-term financial goals
The number of students agreed with OP4 and OP5 is over 90% and 95%, respectively. The awareness of students on these statements about the future is extremely high. This indicates that students nowadays are responsible for their future and do not want to be sheltered in their parents’ arms.
PO5: The way I manage my finances currently will impact my future
CHAPTER 4. Findings & Discussions
Outcome Effect
CHAPTER 4. Findings & Discussions
Outcome Effect
OE1: I feel tired and it is difficult to concentrate on my studies
Up to 40.6% of students feel tired. 35% of students feel fine and 24.4% feel not affected at all by taking a job. Therefore, it can be concluded that having a job not only affects the student’s health but also the studying processes of students.
CHAPTER 4. Findings & Discussions
Outcome Effect
OE2: I feel pressured and stressed during my studies
According to OE2 pie chart, 40.6% of students feeling extremely pressured and anxious over the courses of their studies. Furthermore, 38% Neutral replies show that these students are occasionally pressured and agitated. As a result, it can be stated that up to 78.6% of students feel pressure and stress when trying to balance work and school.
CHAPTER 4. Findings & Discussions
Outcome Effect
OE3: I feel that there is not enough time to balance between studying and working
75.7% admitting that they do not have enough time to balance work and study. Among the 75.7%, 43% agreed with this statement. Therefore, the data shows that most students who are balancing work and study do not have enough time to balance both.
CHAPTER 4. Findings & Discussions
Outcome Effect
OE4: I feel that there is not enough time for self-study and research
OE5: I feel hindered by not being able to participate in extracurricular activities
Up to 77% of students do not have enough time to study and conduct research and 71.4% unable to participate in other activities. Data from OE3, OE4, and OE5, students not have enough time to balance work and study, leading to not having enough time for studying and other activities.
CHAPTER 4. Findings & Discussions
Overall GPA
GPA after having a job
GPA without having a job
GPA before having a job
CHAPTER 5. Conclusion & Recommendation
Conclusion
Financial management is crucial for HUFLIT students to balance work and study. By developing a budget, keeping track of spending, and planning for contingencies, students can avoid financial stress and make informed spending decisions. Good financial management methods can lead to improved academic achievement and help students achieve their long-term professional goals.
CHAPTER 5. Conclusion & Recommendation
Recomendation
The need of improving the mindset of not spending all of students' income to satisfy themselves must be changed in the nearest future, the neccesity for change in students' attitude is now high Additionally, some students may not have good spending habits which are needed to be improved. The financial management method presented in this research paper is helpful, but has limitations. It cannot be applied to students without a job or those financially supported by their parents. Further researchers could focus on effective time and emotional management to better address the issue of balancing studying and working.
THANKYOU!
Student's Current Job