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.
Next, after determining the motivation behind spending on self-love that will be carried out, then you can take steps to set a budget for spending self-love like this.
Determine the necessary self-love expenses.
There are 3 things that can allocate for budgeting self-love. Me time is like watching your favorite Korean drama, buying a book, or just traveling. It could also be shopping time to your favorite boutique or online shopping. Finally, pampering time, such as buying skincare, going to salons, spas, or even working out at your favorite fitness center. So which of the three is most important to you and your family?
Allocate the ideal budget from the monthly salary.
It’s a good idea to set a self-love budget from the start. The recommended ideal percentage for shopping for personal needs is 5% to 10% of regular monthly income. So, if there is a budget allocation of Rp. 1 million per month for personal expenses, then the family should receive a regular income of Rp. 10 million per month.
This allocation does not mean that it has to be spent every month.
You can also collect it in advance to spend at a later date. I suggest having spending funds for personal needs in a separate account which I often refer to as a “playing account”.
Take advantage of discount facilities and other discounts.
With the same amount of funds, you may get more or higher quality products. This is possible if you are good at taking advantage of discount or cashback facilities. Don’t forget to become a member of the loyalty program, so that points can use as additional discounts at a later date.
Pay everything with cash.
Paying cash with the help of a debit card, e-wallet or cash would be better than having debt. Try not to use online loans for self-love expenses. Love yourself and use things. Not the other way around.
Live a Beautiful Life!