The preparation and consumption of one’s food is governed by choices, attitudes, behavior, and beliefs. In De La Salle University, a school surrounded by a variety of restaurants, students make these food choices every day. Understanding how these food decisions are made is noteworthy, as this paper seeks to comprehend the students’ budgeting and eating out behavior through the use of Fishbein and Ajzen’s Theory of Reasoned Action. The underlying variables of the budgeting and eating out behavior of students are used to explain the pattern of correlations within a set of observed variables. Through an administered survey and data analysis generated by the Statistical Package for sciences (SPSS) software, a factor analysis confirms the expected variables. Considering the following set of observed variables (such as meal planning, budget constraints, proximity, and enjoyment in eating out, attitudes towards eating out, beliefs, and evaluations), behavioral intent and actual behavior of students are described. Results of the study confirm that students do socioeconomic planning for eating out, delicious taste is an underlying variable of beliefs and evaluations, budgeting is an underlying variable of behavioral intent, and bringing baon and budgeting are underlying variables of actual behavior.