Lifehacks

Learn 3 ‘golden strategies’ in spending to save efficiently

Are you feeling like you're wasting money on your daily expenses and want to save but don't know how? Learn 3 'golden plan' ways to spend wisely and save effectively now.

Administrator

21 October, 2023

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Managing expenses has long been a concern for many people. The following article will present 3 spending formulas that Quynh Huong, a mother of two, has applied to her family’s expense management. And after applying them, she has found these formulas effective and wants to share them with everyone.

1Listing expenses and setting a weekly spending limit

Huong shared: “I usually set a spending goal on Sunday every week. On the Saturday before, I will prepare enough money for the next week. The expenses are recorded separately with the weekly spending amount.”

For Huong’s family, there are two separate and mandatory expenses, which are the children’s tuition and the monthly electricity bill. For tuition fees, she will prepare them in the first week of the month. For the electricity bill, it will be paid in the third week of the month.

In addition, she uses a tool to manage and track all of the family’s expenses, helping to control today’s expenses. If there are any excess expenses, she will compensate for them the next day.

Each week, the expenses range from 2 million to 3 million, averaging from 300,000 to 400,000 per day.

Furthermore, Huong also shares tips for saving money when going shopping: “I will look for products that have clear origins and suitable prices. For example, when buying meat, I choose clean meat, organic meat, wormwood meat, black pork, and choose the type of meat that is suitable for the family’s taste and budget.”

Listing expenses and setting a weekly spending limit

2Reducing healthcare expenses

With Huong’s formula for reducing healthcare expenses, it means that we need to take good care of ourselves to avoid spending on medical treatment. Huong has applied the following methods:

Take care of our health, wear appropriate clothing for the weather to prevent illness.
Eat healthy, diversified food with clear origins.
When the body shows signs of illness, use traditional remedies or self-care methods.
Allocate about 30 minutes to exercise or do physical activities at least 2 to 3 times a week.

Reducing healthcare expenses

3Saving money

You can determine the amount of leftover money for the week based on your family’s weekly expenses. Huong will save that extra money, even if it’s just for a week.

Saving money

It is hoped that through this article, you will learn more about expense management formulas. Apply them to your life to effectively manage your expenses.