Lunar New Year is always the time when Vietnamese families have many big expenses during the year. From shopping for food, gifts, new clothes, travel expenses, cleaning, and home renovations need to be carefully calculated.
Ms. Nguyen Thi Thu - an office worker in Hanoi - shared: "Every Tet holiday, I usually spend about 30-40 million VND on all expenses, from buying gifts to lucky money. Last year, because I did not have a clear plan, I spent more than my budget and had to borrow money after Tet. This year, I decided to make a list of expenses from the beginning to avoid repeating the old situation."
Financial planning for Tet not only helps control spending but also ensures that money is used effectively.
This year, the heat of the Tet consumer market is even higher due to inflation and sharp increases in freight costs. According to a report from the Ministry of Industry and Trade, the prices of some essential food items such as pork, sticky rice and cooking oil have increased by 10.8% compared to the same period last year. This is the reason why experts recommend that consumers prioritize early shopping to avoid price escalation near Tet.
Mr. Le Van Hung - a personal finance expert in Hanoi - advised: "Start planning your personal finances by estimating your overall expenses. First, you need to clearly determine the amount of money you can spend, then divide it into specific spending categories such as gifts, lucky money, food and entertainment activities."
In addition to smart shopping, pay attention to other expenses such as home renovations or organizing Tet parties.
Mr. Le Van Hung said: "Instead of following luxury shopping trends, we should focus on truly meaningful values. For example, if our budget is limited, we can make Tet gifts ourselves or decorate our homes with reusable materials. This will both save costs and create a unique mark."
For those planning to return home or travel during Tet, travel and accommodation costs are also a factor to consider. Especially in the context of rising airfares, booking tickets early and looking for promotions are effective ways to save costs.
To have a prosperous Tet holiday while still ensuring financial stability, saving and preparing early is the key factor. “We can start saving from June or September every year by allocating a small portion of our monthly income to the Tet fund. This way, you will not be under financial pressure when Tet comes and have more time to choose products and services that fit your budget,” Mr. Hung shared.
Tet is not only an occasion for family reunion but also a time to look back on the past year and prepare for new plans. Therefore, instead of spending on impulse, you should make a smart financial plan so that Tet is truly a relaxing and meaningful time.
