Only a few days separate us from Ramadan; almost every family is getting ready for the holy month. Ramadan is known to be the month of giving, warmth, and gatherings. It is also considered a time when people usually get carried away with the nature of fasting and tend to buy beyond what they can eat or drink or sometimes afford.
And with the sudden spike in prices that we’re currently witnessing, it’s important to avoid and even cut the unhealthy and unnecessary habits that we tend to do in Ramadan. We think it’s time we start acting upon the true teachings of Islam and try to curb our desires in Ramadan.
This Ramadan we would like to be more focused on frugality as well as spirituality regardless of our financial means and abilities. So we created a small list for you on how to start managing your finances before and during Ramadan, not only for your own good but for the benefit of your entire community, and consequently the society.
Keep Your Eyes Out for Sales
Ramadan is considered a profitable season for retailers, just like Christmas, New Year’s and Valentine’s Day. And you will most likely be their consuming victim who will buy anyway in preparation for lavish Iftars or huge family or friend gatherings.
So, this Ramadan, change the narrative and don’t let the market own your decisions. Shop from vendors who have sales and are certainly trustworthy. Also, try to make sure that you’re really the one that’s bargaining, not the other way round.
Create a Budget Planner and Stick To It
If you’re really looking forward to taking a step towards changing your spending habits this Ramadan, then planning is the best option. Try to create a list and write down all the things that you plan to buy or do and set a budget or at least an estimate for each and every item on the list. Make sure to include all family members in the plan.
Buy Only What You Need
Ramadan is all about experiencing the core and spirit of simplicity; it’s the perfect time to manage your finances if planned well. Before making any purchases for Ramadan, remember that any and all excess amounts are destined to go to waste while less fortunate others are in dire need, and this goes against the real essence of Ramadan as a spiritual and holy month.
Make Your Own Ramadan Home Decorations Instead of Buying
Family gatherings are the highlight of Ramadan, so instead of buying ready-made Ramadan home decorations, gather your family and engage in a light-hearted activity filled with love and positive vibes to make your own home decor.
Cook at Home Instead of Eating Out or Ordering In
We know it’s very tempting to have Iftar and Suhur at lavish restaurants and Ramadan tents, and it’s more than okay to go out or order in for the family several times during the month as long as you can afford it and it doesn’t affect your set budget. But try to cook more at home and try out new recipes with your family, it can be very cost-efficient and very fun to do.
Review Your Finances Regularly and Carry On With Your Saving Plan- If You Have One
Lastly, keeping an eye on and track of your earnings and expenses during Ramadan is the best way to stay prepared for rainy days and maintain your savings, or most importantly get ready for Eid Al-Fitr and its special plans and expenses.
To wrap it up, the world’s economy is giving almost everyone on the planet a hard time. So, it’s time to adopt healthier, more thoughtful, and smarter financial habits. After all, moderation is called for and healthy, both mentally and physically.
We wish you a happy, healthy, holy and soul-cleansing Ramadan.
