Ahead of Eid, there are often various unexpected needs that must be met and it is not uncommon to make expenses even swell. Starting from buying gifts for relatives, gifts for the closest people, to giving Eid money for nephews. If you are not prepared carefully, you can actually be extravagant and be broke ahead of Eid, you know.
To overcome this, one of the most important things that must be considered is financial management during the month of Ramadan. This is done so that finances are maintained and needs can be met without being extravagant. So how do you keep your finances in the month of Ramadan stable without fear of being wasteful?
Check out how to manage Ramadan finances through the following article, come on!
Set Budget & Discipline
The first step you can take is to prepare a budget and be disciplined in doing it. The month of Ramadan is not a moment that comes unexpectedly, so you can prepare ahead of time. Make a list of needs and how much budget you have to prepare to fulfill them.
Quoting from Financial Planning Dubai, managing finances during Ramadan can be done by dividing it into three different expenditure items, namely needs, gifts, and desires. In this moment try to prioritize needs and giving. Only when the budget is left, spend on desires.
Try to Compare Prices
During Ramadan, Muslims often have to prepare a budget to buy Eid parcels for those closest to them. Purchases are not uncommon later can be large-scale compared to the usual days. Well, to get around it so it's not wasteful, you can try to research the price first before buying it.
This is done by comparing prices at several stores or supermarkets in order to get the best price that fits your budget. Don't hesitate to ask the difference between unit and wholesale prices before deciding to buy one.
Avoid Monthly Shopping at Once
Needs during Ramadan are usually at risk of swelling compared to normal days. Therefore, it is important to sort and choose which things are needed and what are not really needed. So that you can manage your finances according to your budget, try not to spend every month at once.
Compared to shopping for a lot of necessities at once, you can cut it into two shopping trips. Still quoted from the previous page, use the method to buy necessities during Ramadan for the first two weeks.
Then repeat it again in the next two weeks. Sometimes when shopping for a month at once, there are items that can be reduced in number or postponed in advance, you know.
Avoid being too extravagant for dishes
Fasting all day is not easy to do. Sometimes there is a desire to eat and drink delicious things when breaking the fast. Well, this one habit if done continuously can trigger wasteful behavior.
The tradition of eating well that some people do makes expenses even more swell. This also does require self-control so that the budget during Ramadan can be fulfilled.
Prepare Ramadan Savings Next Year
Apart from being able to do it during Ramadan, there are other ways to manage finances in this holy month by preparing in advance. Although not always the amount will be the same every year, expenses and needs in the month of Ramadan today can be a valuable experience and an illustration for next year.
Periodically, you can also prepare special savings to meet the needs of Ramadan in the coming year. Try to set aside a budget each month specifically for the upcoming Ramadan so that finances remain stable and needs are met. Good luck!