Many people today face spending pressure when they have to worry about congratulatory gifts, costumes and travel expenses... in the weddings of relatives and friends due to lack of personal financial plans.
Faced with this reality, Ms. Nguyen Thi Thanh Hoa - financial advisor, FIDT Investment Consulting and Asset Management Joint Stock Company - gave advice to help each individual manage spending reasonably.
Proactively source financial resources for going to weddings early
Many people only start worrying about wedding money and incurred expenses when they have received wedding invitations, however, if there is no accumulation and preparation early, it will be very easy to be pressured when many consecutive expenses come in. Do not wait until receiving wedding invitations to worry about managing money.
Making a financial plan early ( 3-6 months away) will help each person be more proactive, avoiding having to borrow from relatives and friends.
Save first, spend later
Instead of waiting for surplus money to save, according to experts, each person should deduct 5-10% of their own income immediately upon receiving salary to put into the reserve fund.
This is an effective way to create financial discipline and ensure there is always a reserve for unexpected situations.
Keep in a cheerful mood when attending a wedding
When there is a clear spending plan, each person can accept the wedding invitation with a cheerful attitude, considering it an opportunity to connect, not a financial burden.
Identify your own consumption needs
Each person distinguishing between real needs and temporary desires, prioritizing essential consumption items will help spend reasonably, avoiding following trends, emotional spending or comparing with others.
Stay alert to consumer temptations
Faced with a series of advertisements and dense promotions from e-commerce platforms, each person setting a clear spending limit will partly help them stay awake before the temptation of shopping and maintain financial stability, especially before important weddings that require large spending.
