What changes should we make during these times of financial hardship?

The Covid-19 pandemic has delivered a severe blow to the economy. The inflation rate continues to rise, driving up the cost of living, because most goods in Laos are imported. With unemployment also skyrocketing, Vientiane Times asked for opinions on how we should adapt to these difficult circumstances. 

Ms Xeun Vilayvoe, a businesswoman in Luang Prabang province: In times of crisis like this, we don’t have much choice when our income is decreasing. 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 installments. In these difficult times, it’s very tough to be paying off debts because that will result in other problems.
 
Ms Lom, a resident of Xaythany district, Vientiane: 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 Taddao Xayyachack, an employee in Vientiane province: I really don’t know what I can do 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. I have heard of many businesses that had to close or lay off a lot of employees. We should do everything we can to cut spending and save money. I would like to see more meetings, training sessions and study taking place online so that face-to-face interaction is reduced. This would also cut the cost and time involved in travel.
 
Ms Vanthong Keobandith, a resident of Vientiane: We are living in times that are greatly different from our usual way of life. In my view, a lot of the weddings and parties that take place today are unnecessarily lavish. I’ve seen some people throwing big parties, but they racked up debts that placed a big strain on their families. In some cases, debt problems led to divorce. I think people need to reassess their values, especially during new normal times. This will ensure that everyone can live happily and ride out the economic crisis. 

By Lamphone Pasanthong
   (Latest Update February 16, 2021)