5 tips for establishing sound financial habits during Ramadan
The month of Ramadan is a public reform station, every year its lights shine upon us, with its beautiful sublime teachings, so we have a truly wonderful opportunity to review our behaviors and in all aspects of our lives, including the financial and economic aspects, and to present them on balanced scales, which are the finest standards that humanity knows in this open age It can refine our personal concepts and advance our lives.
Unfortunately, most Muslim families increase their regular consumption in this holy month, and make it a month for extravagance and extravagance and squandering of money, even though the teachings of faith direct us to moderation in spending, especially in this blessed month, so we must first pay attention to the ideas that drive us to Exaggeration in extravagance during this month, especially, because they are ideas that do not support our beliefs, nor our budgets.
There are some measures that can help control spending behavior during the holy month of Ramadan.
How to make this holy month an opportunity to acquire some sound financial and consumer behaviors, and also be alert to those wrong behaviors, which we often do due to poor financial awareness, which cause waste of the financial energy of the individual, family and society, follow up with us, win some ideas, and save some money !
5 tips for establishing sound financial habits during Ramadan
1. Write a list of needs before going shopping.
A wise practical tool that will significantly reduce your waste of money for things you don’t need is to write a list of the things that you need, and that you only really need.
Putting this list is very important, as it enhances your financial awareness, as it makes you clearly and transparently distinguish between what you really need and what you can dispense with, and it also directs you while shopping directly to the shelves that you need to visit, and saves you time for random rotation in the market.
2- Not preparing large quantities of food that are more than the actual needs of the family.
According to reports, the highest household spending is on food, as it consumes more than 30% of the Omani family’s expenses, and therefore this aspect must be paid attention to, in order to control the exaggerated spending on food, as it is often a non-essential spending, and it can be dispensed with, and save its value.
Among the bad habits that waste a lot of the family’s budget in this aspect, is preparing large quantities of food that exceeds the actual need of the family, and it is noticed that this matter increases in the month of Ramadan.
Housewives must bear a special responsibility in this aspect. They must prepare meals that do not exceed the family’s need, because this burdens the family breadwinner, and children are accustomed to indifference to extravagance.
3- Not to exaggerate the establishment of banquets and feasts.
The blessed month of Ramadan is characterized by a wonderful social atmosphere, where people are encouraged to exchange family visits, and this is undoubtedly good, but on the condition that this is not a financial burden on the host family, and that it is not a waste of a long time of their time, and as the popular proverb says: a friend Lost = Shown Enemy!
These visits and banquets are not necessarily continuous almost daily throughout the month of Ramadan. Rather, they may be once or twice per week, depending on the financial level of the family, and according to their willingness to receive visits.
A friend also complained to me that he suffers from the lengthy Ramadan visits that some of his friends surprise him, using with him the policy of imposing a fait accompli! I answered him jokingly: Tell them that you prefer to honor you by visiting after the noon prayer, so that you can talk without chewing!
In order for the visits not to be interrupted due to the financial situation of the family, one of the solutions is to make the visits short, in terms of time, and in terms of the meal as well, as it is not necessary for (Al-Ramsa) to continue until late at night, and it is not necessary that the resolve be A rich dinner, but instead of that the invitation could be for (coffee), sweets and juices, for example, and this is not miserly, but rather consideration.
4- Store the rest of the food.
It happens a lot in the month of Ramadan that significant quantities of several types of food remain, and there is no big problem with that as long as we will not dispose of them in the garbage can, and one of the excellent solutions for this is to keep these foods in the refrigerator, so that we can serve them the next day. Modern refrigerators can preserve food well, and for long periods. There is another alternative to storing prepared food, which is to send it to the homes of neighbors, as a kind of friendly bond, or as a kind of charity that means a lot to poor families, and this is fully compatible with the generous heavenly directives, and here as well we do not forget workers with limited income, They deserve our appreciation and charity, especially in the month of love, goodness and giving.
Although the increase in spending during social events is a matter predominant for most families and the increasing demands of life also, but it must be commensurate with the budgetary restrictions allocated to them, and thus you can meet the requirements of the holy month without facing financial problems that may arise as a result of excessive spending and high prices. Associated with the month of Ramadan.
5- Saving time and money during Ramadan:
Financial planning for the month of Ramadan, this will contribute to maintaining your monthly budget without fluctuating during the month.
Most of us accumulate a lot of clothes, kitchen utensils, furniture and other things that we may not need throughout the year, so contact a charity and ask them to come to take these things and book your appointment at least a month before the advent of Ramadan, as arranging these items and redistributing them usually takes Lots of time and effort.
And for the holidays, try to plan your gift purchases ahead of time. Most of the companies selling consumer products are anticipating an increase in demand, which will lead to a significant increase in their prices.
Family expenses often increase during the month of Ramadan, which is the result of following wrong buying and spending behaviors related to the drinks and food that the family consumes during that month, as well as the Eid supplies of new clothes and furnishings for the home and everything related to bakery and sweets, without planning and focusing on the necessities, which It results in disruption of the family budget and thus financial exhaustion.
In the end, we have offered you 5 tips for establishing sound financial habits in the month of Ramadan that may help you control spending in the holy month of Ramadan, we hope that you have benefited from this article.