Financial Planning Based on Priority

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Financial Planning Illustration

UNAIR NEWS – Every family must have financial planning to manage expenses and revenue. As stated by Dr. Nurul Istifadah, SE, M.Si, lecturer of Development Economics, Universitas Airlangga, financial planning is the same as government budget planning.

Nurul explained, a financial planning from upstream to downstream is needed, from the present to the future. In managing expenses, she always applies integrated planning by writing down all the necessities, then adjusted to the potential income.

“All my necessities are written every month. But I don’t necessarily realize them all. It should be adjusted to potential revenue. If there is an excessive spending, then some necessities should be postponed, “explained Nurul.

According to Nurul, every family has different principles. For families who are rigid in management, they can use the method of envelopes. Where every budget needs set aside as needed. For example, envelopes for education, food, until sudden necessities.

The principle of prioritizing the necessities make spending always stable over time. In the month of Ramadan, Nurul admitted there is no increase in her expenses, there is even a  decline. This is due to stable consumption patterns. She does not make the month of Ramadan as a momentum to indulge all desires.

“In my family there is no takjil. As a typical day, my child breaks with milk or tea. We always depart from the teachings of the Prophet not to be excessive, “said Nurul.

In addition to managing the necessities, Nurul also teaches his family to set aside money for the future, such as child saving or investment. The investment she chose is land and apartments. In addition to high value, land and apartments have a potential revenue every month.

“There is no specific percentage to save, but to adjust the income alone,” he added.

Projected future necessities is also planned as early as possible, such as education insurance to health. This is really necessary, because life is dynamic, so preparation and planning are the best solution.

Nurul also said that the need of entertainment such as eating and vacation should be budgeted by adjusting the main needs.

“For example in this Eid Holiday like this, my family always go on holiday. However, we must know the budget limit. That is, do not make purchases for things that are not needed. And the role of mother has a big part in keeping the planning in accordance with the realization, “she concluded to UNAIR NEWS. (*)

Author: Siti Nur Umami

Editor: Binti Q. Masruroh

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