Managing Finances: The Lived Experiences of Working Students

Managing personal finances with limited income and rising expenses is a significant challenge for working students balancing responsibilities in both their academics and work obligations. This study aimed to explore the lived experiences of working students in financial management, focusing on the financial realities and challenges they face, the strategies they adopt to cope with financial pressures, and their decision-making processes. Moreover, a qualitative phenomenological research design was utilized to gather data through semi-structured interviews from ten working students from different private schools in Davao City. The data was then analyzed using thematic analysis. The findings revealed that working students engage in careful budgeting, practice spending control, and often prioritize essential expenses despite limited financial resources. Many also experience impulsive or emotional spending, influenced by financial stress and peer environments. To manage, they employ adaptive strategies such as saving, adjusting spending behaviors, and seeking extra income through side jobs and occasionally borrowing money from trusted individuals. The participants also emphasized the importance of financial awareness, informed purchasing, and shared practical insights for fellow working students, including setting clear priorities in spending and developing disciplined financial habits. They also advocated for stronger institutional support systems. These findings underscore the importance of enhancing financial literacy programs and providing resources that address the unique needs of working students. In conclusion, this research emphasizes the critical need for comprehensive financial literacy education and collaborative support from institutions, employers, and the wider community to empower working students in effectively managing their finances, thereby enhancing their academic success and financial well-being. The study recommends conducting further research involving a broader scope of academic institutions and regions, as well as longitudinal studies to gain deeper insights into the financial behaviors of working students across different educational levels and disciplines. Keywords: Working Students, Financial Management, Financial Behavior, Financial Literacy, Phenomenology, Lived Experiences, Coping Mechanisms