Increase your savings account may sound simple at first glance, but in reality it can be challenging!

H. (from District 8-Hochiminh city-Vietnam) – after graduating from university – has worked for 5 years with a monthly income of 30 million VND. H. determined to save a few million VND each month. However, when the salary comes in, H. uses the money to buy a new iPhone or a cool black Airblade scooter!

Then, H. works continuously, even working overtime, waiting for the next salary payment to afford these purchases. H. imagines her friends will be impressed if she owns a fancy car and a high-end phone.

H. thinks she has efficient income from her job, so why not? She told herself.  So, H. gets caught up in a cycle of waiting for the next salary to indulge in buying one thing after another.

After 3 years, H. realizes she has not saved any money because she’s been chasing a long list of things she wants to buy!

Now, let’s address the question: What should you prioritize in your expenses when your monthly income is limited? How should you spend your money so you don’t regret buying something?

Are you struggling in the cycle of eagerly waiting for your salary at the beginning of the month and then waiting for your salary again at the end because you’re running out of money?

Do you feel overwhelmed as you work hard but can’t set aside money for savings?
Here is a surprising way to increase your savings, highly recommended by personal finance experts!

It is:

INSTEAD OF LOOKING AT THINGS YOU WANT TO BUY IN TERMS OF THEIR PRICE (USUAL NUMBERS), CHANGE YOUR PERSPECTIVE BY CONVERTING THEM INTO THE WORKING HOURS IT WOULD TAKE FOR YOU TO AFFORD THEM!

increase your savings account

It may sound simple, but it is very effective in helping you save money.

Returning to H.’s story, H.’s monthly income is 30 million VND. In one month, H. works about 22 days. If we convert it to hourly wages, H. earns approximately 170,455 VND per hour of work.

Take a look at the table below:

Monthly Income – VND Day’s Earnings Hourly Earnings
            30,000,000                    1,363,636                     170,455

Now, 1 hour of H.’s work corresponds to 170,455 VND. If H. wants to upgrade their phone to an iPhone 14 (costing around 35 million VND), it will take H. 205 hours or 26 days of work!

To get her beloved phone, H. would exchange it with her working hours. If that were the case, H. might consider saving her valuable time, taking time to rest, and finding other job opportunities to increase her income instead of upgrading her phone. This way, she could save more instead of spending on such purchases.

Because the painful truth is that TIME IN EVERYONE’S LIFE IS LIMITED!

Here is a conversion table for common items in H.’s working hours:

Item Desired Price – VND Converted to Working Hours Converted to Working Days Converted to Working Years
New Clothes                  2,000,000 12 hours 1 day
Anti-Aging Skincare                  3,000,000 18 hours 2.2 days
Dining Table                  5,000,000 29 hours 3.7 days
English Language Course                  7,000,000 41 hours 5.1 days
Wall Picture                  8,000,000 47 hours 5.9 days
Laptop                25,000,000 147 hours 18.3 days
Car          1,500,000,000 8,800 hours 1,100 days 4.2 years
An Apartment          3,000,000,000 17,600 hours 2,200 days 8.3 years

So, for significant expenses like cars or apartments, with H.’s income, she would have to work for more than 4 to over 8 years without any other spending and work diligently to afford them. If H.’s demands are higher (higher prices for homes/cars), the working time will increase accordingly!

If someone else’s monthly income is around 15 million VND, they would have to work twice as long to afford the abovementioned things.

Have you made your choices about what you want to buy? You’ll automatically find yourself saving more with this conversion method. This simple method will make you more cautious in your spending decisions and help you identify what you truly need rather than what you want now.

However, when buying assets like houses, apartments, or land, there is an increase amount of money due to the price difference each year. This is an investment that brings long-term profits.

To buy something big, to have extra money for investment, you must forgo spending on non-essential items and save money to be able to purchase larger things and accumulate assets to ensure financial security for the future.

(Read more: Parents with 3 children save 50% of their income with a minimalist lifestyle
Or: Tired of having too many furniture at home? Try a minimalist lifestyle!)

It is best to distinguish what is essential to prioritize and what can be skipped.

Furthermore, consider the benefits of your purchases: if things provide long-term benefits even though they cost a significant amount (like expenses for your children’s education, useful courses, life-changing experiences, etc.), these are investments that bring infinite value to yourself.

That’s why many people are willing to spend much on their children’s education.


Or other profitable investments that you find opportunities for in the long term, and those are worth the expense.

Wishing you always make smart spending choices and increase your savings and personal investment!

It is because you deserve it!