How to Save on Fasting Month: Make a Budget Wisely!

How to save money in the month of fasting – In this month of Ramadan, of course, ideally those of us who are fasting have reduced expenses compared to other months. However, the reality is that many people say that their expenses during Ramadan actually increase. So, how do you save money in this fasting month? 

Even though daily eating and drinking are reduced, these expenses are replaced or even increased due to spending on shopping for Eid clothes, giving THR to relatives and increasing frequency of eating out because of breaking the fast together. So, how do you save your budget during the fasting month? Before that, you need to know the types of expenses that swell in the month of Ramadan.

Types of Expenses that Like to Increase in the Month of Ramadan

According to Ligwina Hananto, a well-known financial advisor, spending patterns during the month of Ramadan are influenced by the behavioral changes we experience. According to him, there are three types of expenses that change during the month of Ramadan, namely daily expenses, lifestyle, and social costs.

1. Daily Expenses

Daily expenses are routine needs that must be met every day. In this case, related to the month of Ramadan which requires Muslims to fast, the daily expenses that change are eating and drinking.

However, there was a change in attitude in shopping for food during the fasting month. Even though we don't eat lunch, many of us want to improve our quality and eat at dawn and iftar. Therefore, our expenses increase accumulatively.

2. Lifestyle

Still related to daily expenses, many of us want to improve the quality of eating at dawn and iftar. It can also be considered as a change in our lifestyle to become more expensive. 

Coupled with the many iftar events that we participate in. Starting from breaking fast with office friends, school reunions, close friends, relatives, and so on. This expenditure is higher than in other months.

3. Social Costs

The last type of expenditure is social costs. However, in contrast to the previous two types of expenditure, the increase in social costs is a positive thing.  

The social cost in this case is our tendency to give, give charity, and do charity during the fasting month. However, this phenomenon does not only occur to Muslims. Adherents of other religions also often have similar urges at certain times.

How to save money in the month of fasting

So, how to deal with bloated expenses in the month of fasting? There are some tips that you can follow, see below, yes!

1. Make a Ramadan Budget

Because Ramadan can be considered a special month in terms of unique financial expenses compared to other months, it's a good idea to make a special monthly budget to manage your finances during Ramadan.

In addition to basic needs such as paying for electricity, car or house installments, internet, emergency funds and savings, you also need to make a budget for sahur and iftar at home, breaking fast together, THR, giving charity, and shopping for Eid clothes.

Make a priority scale, such as prioritizing breaking fast with family or relatives compared to friends. Or prioritize giving alms compared to shopping for Eid clothes, determine these priorities according to your needs.

2. Prioritize Basic Needs

As previously mentioned, basic needs are still more important than breaking the fast together, having a high THR value, or shopping for Eid clothes. Keep your basic needs first and manage your wants after determining the basic expenses.

Thus, your basic needs but well met and your wants but can be obtained with a little adjustment.

3. Create a Sahur and Iftar Menu

The way to save in the next fasting month is to make a menu for sahur and iftar for a whole month. Indeed, you should have made it before entering the month of Ramadan. However, if it's too late, fear not. You can still make menus to save money during the rest of this fasting time.

Cooking at home and reducing iftar outside will really help you in keeping your Ramadan budget from swelling. If you are confused, you can look for menus for sahur and iftar on the internet.

Read also: Iftar Menu at Home: Stay Delicious and Nutritious

4. Record Your Expenses

By recording expenses, you will get a clear picture of your daily expenses. Then, if you see that there are overspending or overspending, you can adjust them the next day so that your budget doesn't expand at the end of the month. It is also necessary to remind you of your spending priorities.

5. Committed from the start

The last but perhaps the most important tip is to commit to a plan that has been drawn up from the start. Thus, your budget that has been determined from the start will be maintained and expenses during the month of Ramadan will not swell.

A few explanations about the types of expenses during Ramadan that tend to swell and tips for overcoming them. By understanding the problem and following the tips, hopefully you will have no difficulty in managing your finances during the fasting month.

Positive things such as the ability to manage adequate finances should also be taught to children. Well, Whiz has various features that will make it easier for you to provide financial education to your children!