Smartly increasing income, how students can escape the worry of... running out of money

(Dan Tri) - According to Associate Professor Dr. Pham Tien Manh, Deputy Head of the Finance Department, Banking Academy, students should not look down on small amounts of money because it can help them escape the worry of "running out of money".

Fear of empty wallet, "hole" pocket

In recent days, Dan Tri has brought "shocking" stories about the spending levels of new students.

The journey to independence for many new students begins with financial shocks. From a 60,000 VND bowl of pho to spending 2 million VND in just one week, many have fallen into a spending trap.

Currently, the average living expenses of a student in Ho Chi Minh City range from 2-7 million VND/month, depending on where they live and spending habits.

The basic expenses usually revolve around tuition, accommodation, food, transportation and many other incidental expenses. For those who live with family or relatives, the burden is somewhat reduced, while students living far from home have to "weigh and measure" more.

Many students are broke because they don't know how to save money (Photo: Tuyet Luu).

Sharing the reason for "going broke", from her own experience, Pham Thuy Duong, beauty queen of tourism and environment, top 5 Miss Vietnam 2024 said, she has a principle in spending, which is 50-30-20.

Accordingly, 50% of income is used for essential needs such as studying, eating, and traveling; 30% is used for hobbies and personal needs to help life be more balanced and enjoyable; and the remaining 20% ​​is always used for saving or small investments, creating a reserve fund for the future.

“This formula will help you avoid being broke at the end of the month, and at the same time create a habit of planned spending,” Thuy Duong said.

However, the beauty said there are still some unforeseen expenses.

“As a public figure, I often care about my image so I have to spend a lot of money to invest in beauty. Every time like that, I have to review my spending rules to see where it is excessive and adjust,” the top 5 Miss Vietnam 2024 shared.

Le Gia Bao, a student of the Finance and Banking class K68, University of Economics (Hanoi University of Science and Technology), said that he started working part-time early. With the money his parents gave him, he did not have an "empty wallet and a hole in his pocket" at the end of the month like many students living far from home.

In particular, to manage his finances well, Gia Bao only spends on truly necessary needs.

Spend wisely and save to avoid "empty wallet" (Illustration: Minh Trang)

Don't leave your application with just two sheets of paper.

According to Gia Bao, when he receives his salary and other income, he will balance it for necessary expenses and save the rest.

With the same point of view, Thuy Duong believes that depending on income level and financial ability, each person has a suitable way of spending. If you have surplus finances, you can spend a little on socializing outside or eating out with friends. If your income is low, you should limit other outside expenses, instead, you can focus your finances on urgent needs first.

Mr. Pham Tien Manh also shared that for students, the urgent needs are food and study, so these two expenses will certainly take up the majority of their finances.

However, after graduating, your resume should not be limited to just two pieces of paper: your diploma and transcript. “You should go out into the world and gain experience,” this expert said.

The first lesson that Mr. Pham Tien Manh wants to send to students who want to master their finances is to increase their income intelligently, in which working part-time is a practical way to both increase finances and gain experience.

However, students should choose jobs related to their major, instead of just doing short-term jobs like driving a technology car, because it can affect their health and cause them to neglect their studies.

“Don’t look down on small amounts of money because people say that a small hole can sink a big ship. Students should form the habit of saving early. Just save a small amount every month, transfer it to a savings account or invest it safely and long-term to create the necessary reserve.

Finally, the most important thing is to invest in yourself. You should study, take courses, and improve your knowledge about finance and life skills. This is the way to create sustainable value, helping students to be confident and take control of their future,” Mr. Pham Tien Manh shared.

In particular, according to this financial expert, students should be careful of income "traps". Any invitation with huge profits such as "double your account in 3 months" or "become a millionaire overnight" is definitely a scam.

Source: https://dantri.com.vn/giao-duc/gia-tang-thu-nhap-thong-minh-cach-sinh-vien-thoat-noi-lo-chay-tui-20251002215724353.htm