DESCRIBING THE BUDGETING PRACTICES OF NEWLY HIRED INSTRUCTORS IN PRIVATE HIGHER EDUCATIONAL INSTITUTION

Budgeting practices play a crucial role in the financial well-being of individuals, particularly for newly hired instructors in private higher educational institutions. The purpose of this study was to describe the budgeting practices of newly hired instructors in private higher educational institutions. The study was conducted in Pagadian City, Zamboanga del Sur. This study is a qualitative design that used purposive sampling to identify 9 newly hired instructors in private higher educational institutions as the research participants. Semi-structured interviews were conducted to ask for their insights, opinions, and experiences. The results highlighted the different budgeting practices of newly hired instructors, their income sources, income management strategies, and challenges faced. Most participants budget their income through structured budgeting strategies, focusing on essential expenses, savings, and discretionary spending. The majority of respondents rely solely on salary as their income source, with a minority engaging in additional business ventures. Many participants adopted the 50-30-20 budgeting method. Participants utilize various tools, including digital budgeting apps and traditional methods like notebooks and the envelope system. Overall, for future researchers, this study offers valuable insights into the budgeting practices of newly hired instructors in private higher educational institutions.