The reason you don't have any savings

While studies show that Vietnamese people have the most frugal spirit in the world, you don't understand why you're almost 30 years old and still don't have a savings book.

Statistics show that not many Americans have more than $1,000 in savings. In contrast, Nielsen research shows that Vietnamese people have the highest savings spirit in the world, with 79% of respondents using their spare money to save. Many people, when reading this information, thought they were foreigners.

Never been in an emergency situation

Sometimes you wonder why you can't save money. Illustration: Tomas Slavicek

Many people cannot save money not because their salary is too low but simply because they do not understand the meaning of "emergency" money in times of emergency. According to financial experts, even if you are a modern person, know how to enjoy life and live for the present, you should still have a small amount of savings to prepare for emergencies such as illness, accident, disease or encounter some unexpected risks. If you have ever had an appendicitis attack and did not have money to go to the hospital or have surgery, you will understand this pain more than ever.

Similarly, if you are still supported by your parents, are willing to buy a car, or have your parents take care of all the big things in life, you will see no reason to save.

Only remember to save when you run out of money.

When they get their salary, people who know how to manage their finances always know to save online or set aside a small amount after deducting the expected expenses. On the contrary, you only remember to save when it comes to the end of the pay period. Usually when they run out of money, people will ask themselves and make many promises for the future, but when they have money, everything disappears very quickly.

Therefore, no matter how much or how little, set yourself a maximum monthly budget and then save a certain amount. If you are afraid of spending too much, you can use the current savings tool of banks, which allows you to deposit an amount of only 50,000 VND or more and deposit it anytime you want. Or another simple way is to ask a relative to keep it for you. This way, every time you want to withdraw money to buy something, you check your payment account and see that the balance is not much, so your spending will have to be adjusted accordingly.

Thinking saving is stingy

If you have this thought, this is probably the biggest mistake that prevents you from having your own savings book. Rich people often spend less and earn more. Because you do not want to be known as stingy, you always like to upgrade your gadgets. Instead of thinking about buying a new TV when it breaks, you always want to bring home a TV with the latest technology.

Believe that "money cannot be taken with you when you die"

This is a very true thought. However, the cost of burial is getting more and more expensive. In the US, the cost of funerals, including finding a resting place for a person, can be up to 10,000 USD. That means that if you do not have any savings, you have left a huge burden on your loved ones. Therefore, besides knowing how to enjoy life, you should also learn how to save.

According to VNE