Budgeting Practices and Personal Financial Management: A Mixed-Methods Study among Accounting Students

Abstract

Abstract— This study aims to examine how accounting students apply personal budgeting methods in managing their 
finances and to identify the factors that support or hinder consistent budgeting behavior. Using a sequential explanatory 
mixed methods design, quantitative data were collected through questionnaires from 84 students, followed by in depth 
interviews with 10 selected informants to clarify behavioral patterns and underlying motivations. The findings show that 
although students demonstrate high financial awareness, the application of budgeting methods remains moderate, with only 
27.4 percent consistently preparing monthly budgets. Popular methods include the 50/30/20 rule, envelope system, and zero
based budgeting, yet implementation is often disrupted by weak discipline and social influences. Budgeting provides tangible 
benefits such as improved consumption control and increased financial security. Theoretically, the study reinforces the gap 
between literacy and behavioral execution, while practically it highlights the need for experiential, practice based financial 
education. The novelty lies in integrating behavioral explanations with actual budgeting method adoption among vocational 
accounting students, offering a more contextual understanding of student financial management.