DEVELOPMENT OF HOUSEHOLD FINANCIAL STRATEGIES BASED ON THE SUFFICIENCY ECONOMY PHILOSOPHY: A CASE STUDY OF BAN NAM CHIAO, TRAT PROVINCE

Abstract

This research is a qualitative study that focuses on developing guidelines for managing household expenses and increasing income in the Ban Nam Chiao community, Trat province, using the Sufficiency Economy Philosophy. The research involves analyzing the problems, obstacles, and factors leading to success in reducing expenses and increasing community income. The main objectives are to study and analyze approaches for reducing expenses and increasing income based on the Sufficiency Economy Philosophy, as well as to analyze problems and obstacles related to this process. The results showed that households could plan and analyze their income and expenses through household bookkeeping, and use the financial data to plan activities to reduce expenses and increase income. Successful activities included reducing food expenses by growing vegetable gardens in limited spaces, and generating supplementary income from forming a group to produce crispy tung mak snacks. Key success factors were using group processes as a driving tool for activities, knowledge development, and a mentoring system. The SWOT analysis revealed that the community's strengths were solidarity and good cooperation in carrying out various activities, as well as recognizing the importance of household bookkeeping. Weaknesses included imbalances between household income and expenses, lack of supplementary occupations, and debt burdens. Opportunities included support from the sub-district municipality and government agencies in developing household accounting systems based on the Sufficiency Economy Philosophy, while the main obstacle was the diversity of the local population with different lifestyles and interests.The results from implementing the PDCA cycle showed that the planning, doing, checking, and improving processes helped the community change their spending behavior and generate income effectively. The crispy tung mak production group is an example of a potentially viable supplementary income activity, but still lacks experience in management and marketing. Support from community leaders and government agencies is thus important for developing and sustaining this activity.