My husband and I’s combined monthly income after taxes is around 90 million VND (US$3,668), but there are months when we can’t save a cent.
My husband and I are 29 years old, have been married for seven years, and have two sons who are in kindergarten. As engineers, our jobs provide us with valuable family time and have not been impacted by the Covid-19 pandemic.
Every month we allocate 15 million VND to our parents, 16 million VND for our children’s private school fees, and 2 million VND for utilities and management fees, with the rest going to savings, other expenses and loan repayments. As we had to repay our home loan, we normally save between 20 and 30 million VND per month, although sometimes unforeseen expenses like visiting our hometown or buying electronics depleted these savings.
Having recently paid off our VND1 billion home loan, becoming debt-free makes me consider better savings strategies, especially given our lack of financial expertise and lifestyle. We enjoy dining out and leisure activities, employ a part-time housekeeper, and are considering car purchases and educational choices for our children amid economic uncertainty.
Given our situation and the cost of living in Hanoi, how can we best manage our finances for our family of four?
Advice on how to balance saving, spending, and investing in assets like a car, as well as choosing between private and public education, would be greatly appreciated.
