Setting aside a budget for self-love

In the last few months, the term self-love has often been seen on various social and even national media. According to several definitions, self-love is a process or decision taken to please oneself in order to create happiness in human life.

Then, what is the impact and influence of self-love on family financial planning? It is undeniable that one way to apply self-love is by purchasing or consuming goods and services.

So that these expenses don’t only bring happiness but also goodness, I want to link the purpose of the purchase with the motivation behind it. There are 3 things that generally underlie purchasing decisions in the family.

First, buy because of a dream. There are times when a family dreams of having a certain brand of vehicle or going to a certain exotic vacation destination. Thus, I suggest that this dream include in a financial plan and the strategy is carrie out by saving.

Second, buy because of investment. In contrast to investing in financial products, in terms of self-love I’m talking about investment as an expense made to upgrade yourself and your family.

For example, photography courses to improve skills, ballet courses for girls as future self-sufficiency, attending yoga classes to manage physical and mental health, and others.

Investment in yourself must follow by a balance budget in the financial plan. Ideally, this budget is a maximum of 10% of monthly income.

Third, buy because of prestige. The thing that is often echoe by consumerism is the happiness of owning a certain brand that can symbolize social status. There’s nothing wrong with purchasing because of prestige.

But are you sure you are willing to sacrifice financial freedom in the future just because of this? Every family has a different financial situation. I suggest, if you want to fulfill prestige, then fulfill it only with available cash, without debt assistance.

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