In the past few months, the term self-love is often seen in various social media and national media outlets. Based on several definitions, self-love is a process or a decision taken to please your own self in order to create happiness in an individual’s life. So, what are the impacts and influences of self-love in a family’s financial planning?
It can’t be denied that one of the ways to practice self-love is by buying a certain product or service that can create pleasure and make you happy. Not only that these spending only generate happiness, I would like to relate the buying objective with the motivation behind it. There are three things that generally underlie buying decisions in a household.
First, we buy because we dream of it. For instance, a family might dream of having a new vehicle of a certain brand or going to an exotic holiday destination. I suggest to include that dream and aspiration into financial planning and strategy by saving money.
Secondly, we buy to invest. Differing from investing in certain financial products, investing in self-love means spending money to upgrade yourself or your family. For instance, enrolling in a photography course to learn new skills, joining private ballet lessons for the daughter, or joining yoga classes to boost mental and physical health. Investing in yourself has to be followed by a balanced budget and financial strategy. Ideally, the maximum budget for this is 10% of your monthly income.
Thirdly, we buy out of pride. Consumerism tends to create an image that happiness is achieved when you own a certain product or brand, which symbolizes a social status. Nothing is wrong with this, but are you sure you want to let go of your future financial freedom because of this? Every family has their own financial situation. My recommendation is when you do want to buy something of its prestige, spend it with cash rather than credit.
After you have set the motivation behind your self-love spending, you can implement the below steps to allocate your budget for your self-love spending.
Live a Beautiful Life!
Written by: Prita Ghozie from ZAP Finance
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