Changing to a ‘savings first’ mindset

Het, 27, is a team leader on a garment production line at the Mekong Fashion Garment Factory in Dong Nai Province in Vietnam. She has worked at the factory for six years and lives close by with her husband and four-year-old daughter.

Het used to take her monthly salary out in cash and pay her bills, such as electricity, leaving no money in her bank account. Since the training, she uses an e-wallet connected to her bank account to make all her transactions and leaves the rest in the account. If she needs to pay in cash, she takes out a small amount.

“[Financial Planning training] changed my mindset. Before the training, I was saving what was left over. Now it’s saving first. I used to have the habit of buying a lot of clothes and dresses for special occasions. Now I am more considered in my spending, and in the position of team leader, I help others decide what they are going to spend money on.

“Now I feel confident applying the financial management skills. After I receive the salary, my husband and I sit down and allocate money for expenses and saving.”

Having carefully planned her saving goals with her husband, Het plans to save over the next five years to buy a bigger house, and also for unexpected expenses. With a young child and elderly parents who may need hospital care, she is now confident that the family can pay for expenses in an emergency.