What do young people spend the most on each month?

Besides essential expenses, young people allocate a significant portion of their budget to personal needs. So, what do young people spend the most on each month?

Women prioritize spending on cosmetics and fashion.

Answering the question of what young people spend the most money on each month, Le Tuyet Sang Sang, a student at Ho Chi Minh City University of Technology, said that her biggest expense, besides basic living expenses (food, accommodation, transportation, and tuition), is cosmetics and fashion. "Each month, I usually spend about 500,000 to 1 million VND on these hobbies," the student said, adding that she currently relies mainly on her family for financial support and hasn't yet developed a specific spending plan.

Similarly, Do Minh Thu, a student at Van Lang University, said that most of her expenses beyond essential needs are spent on online shopping, mainly clothes and cosmetics. According to Thu, thanks to taking advantage of promotions and discount codes, online shopping helps her save money. Each month, she spends about 1-2 million VND on these items and considers this not a large expense compared to her financial capabilities.

"I have a part-time job with a pretty decent salary to help cover my tuition and living expenses, and I spend any extra on my personal needs and hobbies," Thu said.

Cosmetics are a significant expense this month, in addition to essential needs.

PHOTO: MAI CAT

Meanwhile, Nguyen Tuong Vy, a student at Gia Dinh University, usually prioritizes allocating her budget to both shopping and entertainment after deducting fixed expenses such as food, accommodation, tuition, and transportation. Shopping mainly focuses on cosmetics and fashion, while entertainment includes concert tickets or other events. On average, Vy spends about 500,000 to 1 million VND per month on shopping and about 1 million VND on entertainment. According to the student, this total expenditure only accounts for about one-third of her personal finances, so it remains largely manageable.

"However, there were a few times when I overspent on shopping or went to see a great movie, and that month I ended up short of money, had to ask my parents for more, and got scolded," Vy said.

From the perspective of a working professional, Pham Ngoc Van (25 years old, a statistics employee at an insurance company, residing in Tan Son Hoa Ward, Ho Chi Minh City) said that besides living expenses, her biggest spending is on cosmetics, and she allocates a significant portion of her budget to social events such as meeting friends, weddings, housewarming parties, and baby showers. These expenses account for about 5-7% of her income, equivalent to about 1 million VND per month. "To avoid financial shortages, I divide my income into fixed funds, and for any unexpected expenses, I use my savings from previous months to cover them," Van said.

Men tend to spend more on technology.

For Nguyen Van Long, a student at Ho Chi Minh City University of Technology, the most significant expense besides living costs is technology equipment for studying, such as laptops, tablets, and headphones. Because his finances depend on his family, Long only buys these items when absolutely necessary. The student says he always clearly allocates his money for food, transportation, living expenses, and savings at the beginning of each month to avoid running out of money.

"I always keep a notebook to record my monthly expenses, dividing them into fixed categories and setting aside savings from the beginning. If there are unexpected expenses this month, I'll use the money from the previous month's savings. If it's enough for the month's expenses, I won't use the savings," Long said.

Technology gadgets often attract men.

PHOTO: MAI CAT

Meanwhile, Huynh Ngoc Duy, a student at Ho Chi Minh City University of Technology and Education, prioritizes spending on sports , small tech gadgets, and some study supplies. According to Duy, the stressful study schedule makes investing in physical activities essential to improve health and reduce stress. This expenditure amounts to a few hundred thousand to less than one million VND per month.

"I also have a habit of dividing my money into specific categories like essential living expenses and shopping to control spending more effectively. But sometimes I can't balance it because I overspend on my favorite tech gadgets, so that month I have to freeload and borrow money from friends," Duy said.

Meanwhile, Pham Dai The (25 years old, residing in Thanh My Tay Ward, Ho Chi Minh City) said that besides essential needs, he spends a lot on social activities and meeting friends and colleagues. Each month, his expenses for social relationships usually range from 1.5 to 2 million VND. "To balance my finances, I prioritize allocating a fixed amount to my savings account as soon as I receive my salary, then adjust the remaining expenses according to actual circumstances. Even so, there are months when I spend all my savings, falling short due to parties and gatherings with friends," The said.

How can we manage our finances effectively through spending?

Dr. Nguyen Tri Hieu, a financial expert and founder and director of the Institute for Research and Development of Global Financial and Real Estate Markets (Phuong Liet Ward, Hanoi ), observes that many young people today have limited personal financial management skills. Many aged 18-25 have the mentality of "I'm young, I have plenty of time," so they spend whatever they earn without much thought to long-term planning. Many students are still dependent on their families but lack a sound spending plan, while the cost of living is constantly rising, leading them to frequently face financial shortages.

"What I rarely see in young people is financial planning for the next one, three, or five years. Many people lack clear financial goals, so they are always in a state of income-expense imbalance," Mr. Hieu said.

According to Mr. Hieu, common mistakes among young people include overspending on food, socializing, and entertainment, and failing to prepare for unforeseen circumstances such as illness or accidents. When spending is uncontrolled, young people easily find themselves in a situation where they have plenty of money at the beginning of the month but are broke at the end. To manage finances effectively, each person needs to develop a long-term plan, control expenses, and maintain a saving habit. "A reserve fund is a 'safety shield' that helps cope with unexpected events and avoid financial crisis when difficulties arise," Mr. Hieu said.

Sharing the same view, financial expert Lam Minh Chanh, founder of WikiMoney financial AI (residing in Saigon Ward, Ho Chi Minh City), suggests that instead of spending first and then saving the rest, you should immediately allocate at least 20% of your income to a savings fund upon receiving your salary. Divide 50% for essential needs and the remaining 30% for desired expenses.

"Saving before spending is the foundation for building financial security and moving towards long-term financial independence," Mr. Chanh said.

Source: https://thanhnien.vn/nguoi-tre-chi-tieu-gi-nhieu-nhat-trong-thang-185260531175312561.htm