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3 Ways to Manage Your Money Effectively This Month of Ramadan

Ramadan is a time when Muslims are encouraged to be exceedingly generous and charitable, whether with family, friends, or complete strangers. It is also a time set aside to fast pray and spend time with family and friends. Because this period is characterized by alms giving, dining out and spending time with family and friends, in a bid to exert your generosity, people tend to overspend.

Ramadan often involves a raft of expenses that can leave you financially drained. However, this tale doesn’t have to be yours. Instead of having to spend excessively because of all the expenses Ramadan comes with, we have curated some tips to help you manage your money effectively and help this Ramadan be different while you indulge in all you want.

Simplicity is key

Ramadan upholds basic human values and simplicity. While planning for the month, keep your finances and your meals simple. Instead of organizing lavish Iftar banquets, break your fast at home with your loved ones. If the cost of the meals for your family and friends become a financial burden, you can ask your friends and family to bring a meal. This can serve as a good opportunity to bond over a variety of meals and also share recipes

Resist that temptation and stick to your budget

Make sure to stick to your budget created and factoring in your needs for the month of fasting while making purchases for the month and not to use it as an excuse to spend. If there are factors that lead to you spending more than you budgeted, make use of the finances allocated to your wiggle room(the monies kept aside to cover factors like inflation, price hike and the likes). Remember, the goal of budgeting is to track your finances, and not to spend and hope. There is the golden rule that says one should never go grocery shopping when they are hungry. This applies even more during Ramadan. When you’re fasting, the last thing you need is lots of food around you. Not only will high-calorie foods appear to be more appealing, but you will also find yourself buying more than what you need.

It’s a season of Rewards and Discounts, use them!

During Ramadan, the market is flooded with rewards and discounts. I mean, who doesn’t like discounts? You might come across Ramadan offers on clothes, accessories, toys, etc. Along with sales, you can also utilize your reward credit cards to make your purchases. Credit cards are a good way of saving money, especially during the festive season. Enjoy the discounts made available in this period and save money while at it. Also when shopping, be on the lookout for products that are promo deals and discounts, and maximize them. Don’t forget to buy foods in season, they usually are less pricey and help cut costs. You save a huge deal when you shop in bulk as well!

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