Budgeting during Ramadan

Managing Family Finances: 5 Budgeting Tips During Ramadan

Budgeting during Ramadan – When Ramadan arrives, it's not just the heart that needs purification, but your wallet also needs to be well-managed. Facing this blessed month, managing finances properly becomes the key to ensuring a smooth and financially burden-free sacred period. 

Especially during Ramadan, the prices of essential needs tend to soar unexpectedly. Therefore, it's crucial to be able to manage finances effectively.

Let's explore five budgeting tips during Ramadan that are not only easy to implement but can also help you go through the fasting month more peacefully in financial terms.

Also Read: 3 Discussions about Finances that must be Discussed with Your Partner

5 Budgeting Tips During Ramadan, A Must-Try

1. Plan Iftar and Suhoor Menus

The first thing to do is to start planning well-thought-out iftar (breaking the fast) and suhoor (pre-dawn meal) menus. Don't fall into the desire to always serve luxurious dishes every day. 

Create a menu list, estimate the cost of ingredients, and set a suitable budget. This way, you can control your family's expenses during the month of Ramadan.

2. Set a Spending Limit for Eid Hampers

The tradition of giving gifts or hampers during Eid al-Fitr might be inevitable. To keep your finances under control, set a spending limit for these gifts. You can look for special Ramadan promotions or discounts to get special gifts without inflating your budget.

3. Prioritize Charity and Zakat

Budgeting during Ramadan

Don't forget acts of charity during this sacred month. Allocate a certain amount for charity and zakat as part of your monthly budget. This will not only help those in need but also help maintain a financial balance and bring blessings to your family.

4. Reduce Entertainment Expenses

Budgeting during Ramadan

During Ramadan, cut down on unnecessary entertainment expenses. Avoid dining out for iftar every day or going to the cinema. 

Instead, use the time to get closer to your family and engage in more spiritually meaningful activities.

5. Record Daily Expenses

One effective way to manage finances during Ramadan is to record daily expenses. Make a note every time you spend money, whether it's for monthly groceries, dining out, or other needs. By keeping track of expenses, you can easily see and control your budget.

Also Read: Tips for choosing reliable deposit interest rates

Happy Ramadan, Whizmates! By implementing the above 5 budgeting tips, may this sacred month not only bring spiritual blessings but also financial blessings to you.

In addition to applying the above tips, you can also try Whiz Smart Saver. Smart Saver is Whiz's deposit solution that offers high-interest rates of up to 6.75%. 

With Smart Saver, your savings will grow faster, providing financial security, and offering maximum profit potential. So, let's start investing in your future now!