Manage Your Holiday Bonus and Eid Incentives Wisely: IPB University Lecturer Shares the 3S Strategy
As Eid approaches, increased spending is often unavoidable. To help you manage your finances wisely, Dr Istiqlaliyah Muflikhati, a lecturer in Family and Consumer Sciences at IPB University, shares several financial management strategies that can be applied ahead of the holiday.
The first step is to create a budget plan based on priority levels. Budgeting begins by identifying all needs, then ranking them from the most important to the least urgent.
“The first step is to create a budget by identifying needs. Then, they are prioritized from the most important (primary) to the less important. For example, zakat fitrah, zakat mal, transportation and homecoming or social gathering needs, to holiday allowances (THR) for family and Eid cookies,” she explained.
After primary needs are met, then a list of secondary needs can be compiled, such as Eid clothes, home decorations, or recreational activities with the family. However, she emphasized that all planning must be adjusted to each individual’s financial condition.
“The budget must certainly take into account financial conditions. Avoid debt as much as possible,” she said.
Regarding the management of holiday allowances (THR), Dr Istiqlaliyah advised that the funds should not be immediately spent on shopping. She introduced the 3S principle in allocating income, including THR.
“Every time you receive money, including THR, it should be allocated to 3S, namely spending (consumption/shopping), saving (saving), and sharing (infaq/sharing),” she said.
She reminded people that THR should be used to supplement their planned shopping budget, not spent entirely. If they want to bring souvenirs when returning to their hometowns, they should do so within reasonable limits and not excessively.
To save money, people can take advantage of promotions or discounts. However, she reminded them not to be easily tempted by discounts on items that are not actually needed. “Keep in mind, prioritize fulfilling your needs, not your wants,” she said.
Furthermore, Dr Istiqlaliyah outlined several strategies to curb impulsive spending when shopping for Eid needs. These include creating and adhering to a budget, using cashless payment methods with set limits, and limiting the habit of scrolling while shopping online, as it can trigger impulsive purchases.
She also suggests reducing window shopping or browsing items without a plan, as this can lead to spontaneous purchases. If you feel the urge to buy something that is not on your list, it is best not to make the purchase immediately, but to postpone the decision until the next day.
In addition, whenever you find a promotion or discount, make sure that the item is actually on your list of necessities. She also reminded shoppers to avoid shopping when they are in an emotional state, such as when they are hungry or stressed, as this can affect their decision making.
As a closing point, she reiterates the importance of financial discipline. “Avoid debt and set aside funds for post-Eid. Don’t end up confused after Eid because you have no savings,” she concludes. (Lp) (IAAS/HLF)
