Financial Management During Ramadhan

Ramadhan is a month of blessings and like other occasions and festive, one of the important elements that we shouldn’t miss out is – financial management.

Let’s see some of financial management tips that you can apply during Ramadhan especially if you are a Muslim.

Plan Your Budget

As always, planning is an essential step in your financial management. It is not too late to start although you are already in the middle of Ramadhan. Know how much you have and what you wish to buy or willing to spend for this month. Then check how much it will cost. Compare your wish with your budget and manage them accordingly. Believe it or not, there are some parts that you really want but in fact you don’t really need it.

Save More

Fasting during Ramadhan not only gives positive results for your health but also helps you to save more. Logically you can save your budget for breakfast, lunch and other spending factors. It is a good idea to record how much you can save so you can see what you can afford for the incoming Eidul Fitri.

Control Your Spending

Of course our lifestyle and way of doing things including how we spend our money is different from other months however it is not a kind of permission to overuse your budget. Yes, you might find out that you wish a lot of things especially for the incoming Eidul Fitri but do remember your budget is limited so control your spending. Check back your plan and make sure you always ready with the emergency savings for any unforeseen circumstances.

Choose Products Wisely

Eidul Fitri which is a festival that comes after Ramadhan will costs a portion of your money where you will spend your budget to buy products such as new garments, foods, home decorations and etc. Choose the products that you want to buy wisely to avoid over spending of your money. Compare the prices as well as the quality of the products and choose the best options that you  can afford. When buying foods and breakfast, make sure that you only buy the one that you really need or you will waste your budget.

Hope this helps. Happy Ramadhan 2011 to all especially Muslim readers!