Struggling to Manage Finances Ahead of Eid? Take Note of the Following IPB University Lecturer Tips
Ahead of Eid, many people experience an increase in financial spending. To anticipate this, Dr Istiqlaliyah Muflikhati, a lecturer in Family and Consumer Sciences at IPB University provides a number of important steps related to good financial management.
She explained the need to make a budget plan with a priority scale, starting from the most important.
“The first step is to make a budget by identifying needs. Then sort them from primary to less important. For example, zakat fitrah, zakat mal, transportation and homecoming or friendship needs, to holiday allowances (THR) for families and Eid cakes,” she said.
After that, she continued, then prepare a list of secondary needs. For example, Eid clothes, home decoration or other pleasures such as recreation to entertainment venues with family. “The budget must of course consider the financial condition. Avoid debt as much as possible,” she said.
She also explained the best way to allocate THR so that it does not run out quickly for eid needs. “Every time we receive incoming money (income) including THR, it should be allocated for 3S, namely spending (consumption / shopping), saving (saving), and sharing (infaq / sharing),” explained Dr Istiqlaliyah.
“So, try not to spend it all. THR is used to increase the Eid shopping budget that has been planned. If you need to bring souvenirs, don’t overdo it,” she advised.
To save, you can also choose items that are on sale. However, he emphasized, do not be easily tempted by discounts on items that are not needed. “Keep in mind, prioritize fulfilling needs, not wants,” she said.
Dr Istiqlaliyah also explained some strategies to avoid impulsive spending when shopping for Eid needs, namely:
- Make an Eid budget and stick to it
- Shop with limited non-cash payments (account or e-wallet)
- If you enjoy online shopping, avoid excessive scrolling as it will increase impulse buying
- Reduce window shopping or looking at items in storefronts that will lead to impulsiveness
- If you really want to buy an item that is not on the list of needs (budget), do not check out immediately, but wait until tomorrow
- If there is a discount or promo, check again whether the item is on the list of needs
- Avoid emotional shopping, for example when hungry or stressed.
She reiterated, “Avoid debt and set aside funds for post-Eid. Don’t be confused after Lebaran because there is no savings.” (Lp) (IAAS/RMH)
