Master your wallet, build a stable life

People shop at CF Mart Supermarket (Doan Ket ward)

Spend Smart
Currently, nationwide, over 60% of people aged 18-35 do not have a clear spending plan, most of whom admit that they “spend as much as they can”. In the mountainous province of Lai Chau, where economic development conditions are still difficult, emotional spending habits can lead to long-term consequences: debt, lack of reserve funds or not being able to invest in the future (education, housing, insurance, etc.). Changing mindsets is not easy, but now many people have changed that, starting with their own wallets.
Tran Minh Phuong, living in Doan Ket ward, is not married and has a low income. However, Phuong divides his salary into 4 parts: living expenses (50%), long-term savings (20%), study and personal development (15%), and the rest is for unexpected expenses or contingencies. Although he is not rich, he always has a savings fund to be proactive with big plans such as: buying a car, learning more skills or helping his parents when needed.
“Many people my age still spend all their income each month, and then have to borrow money when they need it. I think being in control of your wallet is a prerequisite for being in control of your future,” Phuong added.
Or as with young man Phan A Cuong (Ta Leng commune): “I don’t feel too much financial pressure. Because, since graduating from college and starting work, I have maintained the habit of recording daily income and expenses, dividing income into clear categories: essential living expenses, long-term savings, reserves and investment for personal development.”
According to the way these young people talk, there are many ways to control your wallet. For example: don't spend money on impulse eating, don't chase after branded goods or "self-esteem" expenses. Instead, prioritize sustainable values: online English courses, invest in books, or simply save some money for health problems. Many of them also use personal finance management applications on their phones, track weekly spending and adjust accordingly to larger plans.

Family - where financial lessons begin
To avoid the situation of running out of money as soon as you receive your salary, each individual and family needs to learn how to control their finances. Knowing how to make a scientific spending plan - something that seems simple but is an important stepping stone for a more stable and secure life in the future.
Ms. Hoang Thi Hong Bien (primary school teacher in Tan Phong ward) shared: Planned spending is not only a personal habit, but also a financial strategy for the whole family. My family has 2 young children, while my income from teaching is stable, my husband is a freelancer with an irregular income. Ever since the birth of our first child, my husband and I have carefully calculated every expense: tuition, food, savings, and even a reserve fund for illness…”.
Every month, after receiving her salary, Ms. Bien puts 20% into her savings account. She also keeps a family budget, updates it regularly, and allocates the budget weekly for easy control. On holidays, New Year's Eve, or her children's birthdays, she plans ahead to avoid "overspending". In particular, she teaches her two young children to save from lucky money and study bonuses. "I want my children to understand that money is not easy to earn and knowing how to spend money properly will help make life much less stressful," Ms. Bien added.
According to financial experts, the important thing in personal financial management is not to save money in an extreme way, but to be able to spend money reasonably and on the right target. Especially for young people or young families, building a budget, even if it is small, is the first step towards a financially secure life, reducing stress and being proactive in the face of unexpected changes such as: epidemics, unemployment, natural disasters, etc.
Currently, mass organizations in the province are also actively promoting and sharing financial management skills for members. Through specialized activities and seminars on personal finance, they are gradually helping people from urban to rural areas change their perspective on money: spending not only for today, but also to protect tomorrow.
Mastering your wallet is not far away. It is a journey that starts with small changes in living habits: planning before spending, recording daily expenses, saying no to unnecessary borrowing, for a better future. This is not only a life skill lesson, but also a foundation for people to be more confident in their journey to escape poverty and become rich sustainably.

Source: https://baolaichau.vn/xa-hoi/lam-chu-vi-tien-xay-dung-cuoc-song-on-dinh-866172