10 Tips for Managing Finances During Eid, Want to Know?

10 Tips for Managing Finances During Eid, Want to Know?

Tips for managing finances during Eid – Eid al-Fitr or Eid al-Fitr is the moment that Muslims around the world have been waiting for. This is because when Eid arrives, Muslims celebrate their victory in the hope of becoming a better human being after the holy month of Ramadan.

Towards Eid, many preparations are made by Muslims, such as the tradition of buying Eid clothes, making Eid cakes, visiting relatives, and preparing THR money (holiday allowance). So, without realizing it all of course requires a budget that is not small, yes.

Especially if it is not accompanied by good and correct financial management. Wow, maybe the moment of Eid is not the thing you've been waiting for, but the moment you are afraid of. So, so that things like that don't happen, take a look, come on, tips on managing your finances during Eid so that your pockets don't break fast!

Read also: What Is Financial Risk? Let's Prevent it

10 Tips for Managing Finances During Eid

1. Manage Expenditures Carefully

10 Tips for Managing Finances During Eid, Want to Know?

It is very important that you make a financial plan long ago. The goal is of course to maintain financial conditions, both during Eid and after Eid. You have to be careful in managing your finances, OK? Preferably, prepare expenses with an adequate amount. 

Then, make sure to come back to buy only the things you need, OK? So, if necessary, you can also make a shopping or expense list. By making a list, you can focus more on shopping according to your needs. After that, don't forget to record all expenses so that they can be your financial evaluation, OK?

You can try these tips, yes, so that during Eid or after you avoid a deficit (shortage of budget).

2. Making Priority Scale

To make a priority scale list, you need to look at the previous year's Eid expenses. So, when you look at last year's Eid expenses, surely you will find a lot of secondary expenses, even tertiary ones. Eits, no need to regret, just make an evaluation for this year's or next Eid expenses, okay!

So, to make a priority list, you need to determine what needs you need during Eid. You have to be careful in determining your primary, secondary, or tertiary needs. Buy or meet primary needs first and leave unnecessary ones as much as possible.

The important thing that you have to instill in yourself is don't let the people around you influence your decisions. Everyone has different financial priorities. Always set the priorities that you have made. Don't be easily swayed by other people's decisions, OK?

Don't forget to determine between needs and wants, OK?

3. Make Bookkeeping

Not only applies to business, bookkeeping is also important for your finances, you know. The goal is of course to know the flow of expenditure and income. Record all expenses and income, starting from shopping for necessities, such as cakes, Eid clothes, and others.

Approaching Eid, many products offer discounts and promos. So, you need to be aware of this because buying all discount items is the same as draining your finances. Moreover, just because of a momentary desire. So, as mentioned earlier, in order for you to prioritize your primary needs, you have to make bookkeeping.

Come on, try to make it!

4. Don't be tempted by discounts

Yup! As already mentioned, don't be easily tempted by discounts or other Eid promos. Discounts are indeed very attractive, but you have to look at the priority scale. You need to be careful when accepting discount offers.

Instead of being able to shop cheaply, it turns out to be wasteful if the goods you buy are not a necessity. Tips for not being easily tempted are when you want to buy something, convince yourself by asking again, do you really need this item or not?

Beyond that, discounts can be a benefit for you to save more, you know. For example, you keep shopping according to your list of needs but look for discounted prices. That way, you can use the extra money for other things.

It's not something that's difficult, really, to do that than you have to regret later.

5. Shop as needed

10 Tips for Managing Finances During Eid, Want to Know?

For some people, Eid al-Fitr is a "crazy" moment to shop. Many of them do this because they think that the Eid al-Fitr moment only exists once a year. However, that's not entirely true, is it?

The best way to avoid this is to double check the budget that you have set. Is the need really needed or ruled out?

6. Prioritize Alms

10 Tips for Managing Finances During Eid, Want to Know?

If you get THR, also prioritize giving alms, OK? Don't let your obligations in this holy month of Ramadan be missed as Muslims.

You can use THR to give alms, especially now that there are many ways to give alms, both financially online and be offline after the pandemic ends. By giving charity, you can add to your blessings on Eid. You will also be happy to be able to share happiness with the people around you.

7. Use THR Wisely

Use your THR funds wisely, OK? Even though there are many temptations, at least THR can be used for things related to other people. For example, using THR to pay zakat (alms), household assistants, or giving money to relatives when visiting friends.

Apart from that, you can also use THR to save money!

8. Create an Emergency Fund

It is undeniable that Eid al-Fitr is very close to spending a lot of money. In addition to the needs for our family, we also sometimes need funds to gather with our extended family. However, don't spend all your money on Eid.

You still have to set aside an emergency fund for post-Idul Fitri living needs, OK? It's better if you use THR wisely as explained above, especially for an emergency fund.

You can also set aside an emergency fund for Eid too, you know. For example, when you are going home there are things you don't want outside of expenses, such as car damage. To fix it, of course, it doesn't take a small amount of money. That way, you can also use this emergency fund for that!

9. invest

10 Tips for Managing Finances During Eid, Want to Know?

Set aside your THR money to save or invest. By saving or investing, at least your money is safe and doesn't just run out on things that don't really matter. Currently, there are many financial platforms or applications that can help you save or invest. So, don't worry, OK?

Look for the right platform, see the features, choose features that are easy to use. Then, take your pick too customer service ready when you need it.

One of the platforms and features that you can use is Whiz Smart Saver. Whiz Smart Saver is here as a solution to achieve your financial goals. With interest of 6,75%, Whiz Smart Saver not only keeps your funds safe, but also provides optimal growth potential. Don't let your THR money just pass you by, but take advantage of the opportunity to achieve financial stability with Whiz Smart Saver!

10. Study Finance

Learning about finance will be very important for the Eid day later. Actually, not only for Eid but also useful for your daily life. 

By having good financial knowledge, your income will be safe, not just used for things that are not important.

You can learn finance by practicing using financial applications. One of them, the Whiz financial application There, you can learn to manage your finances and income. 

So, with the practice that you often do, you will get used to it and be wiser in managing your finances, especially managing your incoming THR.

Read also: 7 Examples of Simple Living, The Key to a Happier Life

So, those are the tips! So that your Eid goes smoothly and you don't have to think about running out of THR money, Whizmin has a solution!

The solution is to use the Whiz financial application Use the Whiz financial application. will help you control all income and expenses. You can also set aside Eid expenses using this application. 

Without making manual financial records. You can see approximately how much and what your THR is used for. Interesting, right?

Also take advantage of the Whiz Smart Saver feature to save your money. Get high interest 6,75%. What are you waiting for.