UM Surabaya Lecturer Shares Tips on Managing Finance for Salaries Under 3 Million

13 Jun
2023

Ilustrasi gambar (I-Stockphoto)

UM Surabaya Lecturer Shares Tips on Managing Finance for Salaries Under 3 Million

Managing money well is not easy for everyone, managing finances with a limited nominal certainly requires more commitment, especially for someone who has an income of less than 3 million.

Fatkur Huda, a lecturer in Islamic Economics at UM Surabaya, shared some tips that can be done so that someone can manage their finances, especially for those with an income of under 3 million.

According to Fatkur, the first thing to do is plan a monthly budget. One safe strategy for maintaining finances is to plan monthly spending based on predetermined records.

"Monthly spending is one of the financial planning items that must always be maintained consistently, that way we won't be careless in spending," said Fatkur Tuesday (13/6/23)

Second, record expenses. Financial bookkeeping is a safe way to control finances, so that someone understands each financial expenditure item for one month. Is it in accordance with our planning or is there excess spending in the post that should be suppressed.

Third, avoid using credit. In a salary position below 3 million, it would be nice to decide on things that risk adding to the financial burden. Like the use of credit cards or debt.

“This is intended so that our financial arrangements are more effective and can be maximized in meeting needs. What's more, when we decide to take on debt, of course we will bear a lot of loan or credit interest, so that it will make our financial planning uncertain," Fatkur added.

Fourth, evaluate regularly. Financial records are a reference for conducting periodic evaluations to see the extent of one's financial efficiency. Apart from that, this evaluation is a tool for personally monitoring financial health, which will later know which items are too big and find solutions to overcome them.

Fifth, build the right financial mindset. Having the right mindset towards money is very important, that money becomes a medium of exchange in every decision to fulfill one's needs and desires.

Fatkur also explained, in a book The Psychology of Money written by Morgan Housel, Gives the story of two different workers and treats money in a different way. The two people have high official backgrounds from a famous university and a junior high school graduate cleaning worker.

In the book, an official has a luxurious lifestyle and often wastes money on an unreasonable desire, until the end of his life in debt. Unlike the janitor, who always set aside his income, even though it was small, until the end of his life, he was able to save up to 8 million USD or the equivalent of 114.6 billion Rupiah.

"Mindset about money will influence a person's behavior in preparing for a better future," concluded Fatkur.

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