How are you managing to budget in these difficult times?

The fallout from the Covid-19 pandemic, the spiralling price of fuel, and the depreciation of the kip are driving up the cost of everything we buy. Rising oil prices are also driving up costs, further increasing the price of goods that depend on fuel for their production or transport. With unemployment also skyrocketing, Vientiane Times asked for opinions on how we might adapt to these challenging circumstances.

 

Ms Noy, an employee in Champassak province: I really don’t know what I can do personally to adapt. I only know that we should hang on to our jobs at all costs because there’s an increased risk of unemployment these days. We should do everything we can to cut spending and save money. We should make sound plans for managing our money because, without a budget, it’s extremely easy to run short of money because there’s a greater chance you will overspend. If you say yes to too many unnecessary outlays, you might be disappointed with what you’ve managed to save, if anything. In order to combat this, take the time to make a budget.
 
Ms Taengkham, an employee in Naxaithong district, Vientiane: In times of crisis like this, and when our incomes are decreasing, we don’t have much choice. The most important thing is to carefully assess our income and expenditure, cut down on unnecessary spending, and try to earn additional income in other ways. And we should try to minimise our debts and avoid having to pay for things in installments. In these difficult times, it’s very tough to be paying off debts, because that will just result in other problems.
 
Mr Phonvilay Phanthavong, a government official in Savannakhet province: The cost of living is rising much faster than our incomes. Almost everything we use is imported and prices are greatly influenced by exchange rates. So we should adapt to the principles of a sufficiency economy because this can be used as a guideline for general behaviour. We should not be extravagant and should spend within our means, in ways that are responsible. Most importantly, we should avoid anything that involves gambling, because that is a real money swallower.

Ms Bounthan Phounsavath, a resident of Vientiane: We are all struggling these days, as almost everything we do is related to money, and the rocky economic situation isn’t helping matters. I think we should get rid of any unnecessary spending habits and not buy trendy things like mobile phones or other electronic devices. We can no longer spend as we like in ways that are unsuitable, especially as so many devices and appliances are very expensive. Reducing unnecessary expenses and earning more is the best way to tackle the situation.
Ms Phuangsone Nanthavong, a resident of Huaphan provine: We are living in times that are greatly different from our usual way of life. I think that before we spend we need to calculate our net income and the amount of money left after we deduct expenses. If we have any money left over, we can use it for fun and entertainment, but only up to a certain amount. Before we make any big purchases, we should make sure it doesn’t interfere with anything else that’s planned. This will ensure that everyone can live happily and ride out the economic crisis.

By Lamphone Pasanthong
(Latest Update May 9, 2022)